Credit union finance

Discussion in 'Ask An Owner Operator' started by snowwy, Aug 23, 2019.

  1. snowwy

    snowwy Road Train Member

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    Anybody done it for their rig?

    How?
     
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  3. johnnyman1099

    johnnyman1099 Medium Load Member

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    As far as I can tell, most local banks will not finance commercial vehicles. I have only seen this done with a line of credit on home equity. This way, they dont care what you buy.
     
  4. Rideandrepair

    Rideandrepair Road Train Member

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    Chase Bank is currently doing Truck loans,
     
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  5. RustyBolt

    RustyBolt Road Train Member

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    I've financed 2 trucks through a credit union. Mine were/are financed through the University of Illinois Credit Union. And I wasn't a member. Nor was I ever a student there. You just have to work in Champaign and have proof of solid income. For me it was a signed agreement with the company in Champaign I was leasing on with.

    With my current truck, I didn't live or work in Illinois. Let alone in Champaign. But, getting the first loan made me a member. So, the working in Champaign stipulation was no longer in effect.

    So, the trick is getting your foot in the door.
     
  6. Opendeckin

    Opendeckin Medium Load Member

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    Here in the Mid West the small banks have no issue financing trucks at very reasonable rates. I've financed two twenty year old trucks at under 6% with my local bank. They're used to high risk equipment lending as their primary customer base is agribusiness. A new combine or section of farmland makes a 200k custom Peterbilt look like chump change.
     
  7. snowwy

    snowwy Road Train Member

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    I have 2 credit unions.

    The one I use requires a business account with some type of credit rating.
    I can do a unsecured loan. I would assume that my credit line is already part of that unsecured loan though. I'd rather not use it for the purchase. I'd rather keep it open for breakdowns and what not.

    I haven't talked to the other one yet. I just opened up a credit card with them and they've been bugging me to refi my car.

    I researched Chase credit card. They seem to cater to elite.
    And I"m trying to steer away from banks and keep strictly with credit unions.
    Banks play games and come with higher interest. Cost more money to do business as a customer.

    I had to do applications with the credit unions for the credit cards and car refi. The one I don't use keep the application for 30 days. The one I DO use. Keeps my application for 90 days.
     
    Last edited: Aug 24, 2019
  8. Midwest Trucker

    Midwest Trucker Road Train Member

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    Like OpenDeckin said the small town Midwest banks are great IMO. I’m getting 4.99% currently on fixed loans. Back before rates went up some I got 3.99 believe it or not and they love me.
     
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  9. snowwy

    snowwy Road Train Member

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    Both my credit unions approved me on the unsecured loans. $10g each.

    So there's one option open.

    I'll have to look in to these midwest banks at some point in the future. My car is getting refi'd for a low interest but the truck probably won't happen till it get's established.
     
  10. dumptruck89

    dumptruck89 Light Load Member

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    What I ran into in MA, is state chartered credit unions can't touch trucks. Federally chartered credit unions have the ability to finance the transportation industry.
     
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  11. snowwy

    snowwy Road Train Member

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    How do you find that out?
     
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