Down Payment

Discussion in 'Trucker Taxes and Truck Financing' started by BigCTrucking, May 26, 2021.

  1. BigCTrucking

    BigCTrucking Bobtail Member

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    May 26, 2021
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    First time OO I’m looking at a nice Mack Truck with about 600,000 miles dealer is asking 38.9k how much should I put down? Could I get this truck financed with no money down? What should I look for in this truck?
     
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  3. CAPTransport

    CAPTransport Light Load Member

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    May 7, 2021
    Fayetteville, NC
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    The simple answer is most commercial truck financing companies will want 30-40% down for first time O/Os. Your local bank may require less depending on your credit and relationship with them.

    Second, why would you want no money down so you can instantly be in an upside down loan with depreciation of the vehicle? I would put at least a year or more worth of depreciation down so if I can't cut it, I can at least sell the truck and pay off the entirety of the loan.
     
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  4. baha

    baha Road Train Member

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    Jul 25, 2013
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    What year is the the truck with 600,000 mi. on it, any truck you are looking to buy should go to get it run on a Dino. at any place but the sales lot where you are looking at and have a yearly insp. done also, then you can make a offer - the cost of repairs they find?
     
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