Financing

Discussion in 'Ask An Owner Operator' started by TruckerVinny, Nov 21, 2018.

  1. TruckerVinny

    TruckerVinny Medium Load Member

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  3. I glide 47

    I glide 47 Road Train Member

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    Never heard of any of them
     
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  4. TruckerVinny

    TruckerVinny Medium Load Member

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    I think those are for troubled credit folks.
    Has anyone had luck with local banks?
    I am looking for a starting point for purchasing an older truck, 2006-2009. I have decent credit but no experience buying a CMV.
     
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  5. Rideandrepair

    Rideandrepair Road Train Member

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    I talked to Dostal didn’t like what I heard. Very high interest rates.Along with about 5 others. All actual rates were 16- 27%. I Can’t remember names probably 2 or 3 of the others on list. I distinctly remember Calfund. What a joke they are. The surfer dude talked so vaguely claiming 10% Loan. However when I ran his numbers ( payment amount) it was over 25% . When challenged He accused Me of not being very good at Math.I told him I had bought 2 Semis 1 Trailer 4 houses and a bunch of cars over 25 yrs.He said he would email me the amortization schedule. He never did, as the jig was up.It was rediculous.I use Bankrate. Com. Auto loan calculator filling in blanks till matching payment amounts. Numbers don’t Lie Lenders do. Beware and check their numbers.I can’t find the name of the lender I used.The loan itself is with Hitachi. They have been a breeze also.If interested I have # inTruck will forward it on Friday. It was a real deal 10 or 11 % simple interest no pre payment penalty no hidden fees or other bs. By choice I put 0 down Loan was Exactly as presented. Only honest Lender I could find 3 yrs ago for a used Trailer. The article is more of an advertisement IMO. I basically called all the ads in Trucking magazines.I found my loan through Knoxville Trailer sales. Although my deal with them fell apart , the lender followed up and called Me just about when I was about to give up looking. He put the loan together fast. I can’t say enough. They deserve a reference.
     
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  6. TruckerVinny

    TruckerVinny Medium Load Member

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    I appreciate your words and time. I'm an experienced purchaser and understand amortization so I agree fully with the lenders lying sentiment. I'm looking for recommendations of responsible lenders that will work with a professional on my end. Thanks!
     
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  7. Rideandrepair

    Rideandrepair Road Train Member

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    Just have to call around. I’ve financed with Chase Bank in 1996 @ 6%. Again in 2000. Then for a while they stopped doing Truck loans. I believe they offered Me a New product maybe a Lease structured Loan? a few years back.Ive been dealing with Credit Unions as much as possible since they have become more accommodating lately. I still can’t find the Loan Officer I dealt with last phone #
     
  8. Gdog66223

    Gdog66223 Road Train Member

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    sometimes good credit doesn't help. EXPERIENCE helps. You walk into your local bank with a business plan and a decent credit score You could make them give you just about what you wanted. Why buy a truck? The middle man makes all the money. The new thing to do is go get your brokers license and set at home, book freight and make Larry do all the work.
     
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  9. Rideandrepair

    Rideandrepair Road Train Member

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    Found it! Company was Williamette Financial out of Beaverton Oregon. Very good. Only decent Lender I found after dealing with all the Clowns advertising in Truckpaper etc. Guy I dealt with was Mark Farnario phone # 503-639-6171. XT 104. Very upfront and honest. Smooth process decent “ real “ rates. This Guy is Good
     
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  10. danny23tx

    danny23tx Road Train Member

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    Arrow truck sales hooked me up with a lender , Hitachi capital owns the loan . Rates not to great but at the time I had minimal industry experience. There are options for everyone, good luck.
     
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  11. Rideandrepair

    Rideandrepair Road Train Member

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    Same here Hitachi
     
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