financing with a 2 year old business

Discussion in 'Trucker Taxes and Truck Financing' started by peabody747, Feb 2, 2022.

  1. peabody747

    peabody747 Light Load Member

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    Jan 1, 2022
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    Dealer wants 40 percent down on a 65k truck cause business only 2 years old. Owner probably has about 20 percent ready to go.
    I've seen this site called CAG financing, they say any credit and can do 20 percent down has anyone dealt with a place like this or something similar to attain a loan outside of dealer?
    I'm curious as to what there interests rates our and terms thxs
     
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  3. T.Rucker

    T.Rucker Medium Load Member

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    Jul 31, 2015
    Here and there…
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    40% seems a little steep…wonder what the interest is?
    I financed my truck through my bank. Brand new business but took my personal credit score into consideration. 20% down at 4.5% interest…
     
    peabody747 Thanks this.
  4. noworrez

    noworrez Light Load Member

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    Aug 6, 2020
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    This sounds like a buy here pay here, the 40% down covers their cost so no risk and the rest is profit. If your business is generating a profit, 2 years in business and your personal credit isn't crap, you should be able to do a lot better.
     
    GYPSY65 Thanks this.
  5. Judge

    Judge Road Train Member

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    When I bought a 3 year old truck a couple years ago it was 10% down...
    Freightliner dealer in Memphis.
     
    baha Thanks this.
  6. Alexander suero

    Alexander suero Light Load Member

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    Nov 17, 2018
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    Check out the interest they are expensive.
     
  7. Alexander suero

    Alexander suero Light Load Member

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    Nov 17, 2018
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    They have a huge interest. 20+ if you fimance 5 years thats almost 75%over the cost. Be careful. Rates are bad now
     
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