Current Interest Rates

A number of factors come into play when it comes to interest rates and financing class 8 equipment. Not all banks or credit unions will lend on class 8 equipment. Most will want to see a credit score of at least 650. You will usually need to be above 700 in order to get a decent rate. Some won't even look at anything less than 650. If you can pay cash in a few months and not have to deal with lenders then I would suggest waiting. If you can get financing with your current score, terms will not be very favorable. You can save the interest payments and put that money toward a trailer. It is usually easier to finance new equipment than older. Interest rates are also normally lower on new equipment and the term can be longer on new. If you pay cash for your truck you could always rent a trailer until you save enough to pay for one. If you plan to lease to a carrier, you could just pull one of their trailers.