How did you finance your truck?

Discussion in 'Ask An Owner Operator' started by MJ_POST, Sep 20, 2023.

  1. MJ_POST

    MJ_POST Bobtail Member

    Sep 20, 2023
    Just wondering how you guys financed your trucks. Did you get a traditional loan or capital lease? What kind interest rate did you get? How much did you have to put into a down-payment?
    pumpkinishere Thanks this.
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  3. Hayfieldmn

    Hayfieldmn Light Load Member

    Sep 10, 2016
    Local bank loan, I think rate was around 4%, 40k down. Quarterly payments, 7 year note, payed off in 4.5 years. New truck.
  4. 201

    201 Road Train Member

    Apr 16, 2014
    high plains colorado
    Go with your home bank or credit union. This was 20 years ago, but not much has changed. I went to 5 lending institutions that specialized in truck loans, nobody would talk to me being my 1st truck. Just for the heck of it, I asked my then bank, who never did truck loans, but I had enough good credit and references, they gave me an 18 month loan on a used truck. The big difference is, with your bank, you aren't just a number, and if things get rough, and they will, your bank will be much more lenient than say "Freightliner Credit Services",,
    77fib77, Opendeckin, Oxbow and 4 others Thank this.
  5. Long FLD

    Long FLD Road Train Member

    Mar 4, 2015
    All 4 of my trucks have been financed through my local bank that I’ve had an account at since high school. Interest rates have always been 5 to 5.5. Now they’re being bought by another small bank in the area so I’m not sure how that’s going to affect things and I’m not truck shopping so I don’t know what the interest would be now.

    My first truck back in the day was zero down but it was cheap. Paid it off fast and then borrowed against it again to rebuild it. Technically I bought my second truck outright but used it as collateral on a loan for some property because there’s less paperwork involved going that route. Third truck I put $30k down on a $115k truck on a 4 year note. Current truck was $40k down on a new truck on a 4 year note.
  6. runningman0661

    runningman0661 Road Train Member

    Mar 5, 2009
    Clover, South Carolina
    Good luck getting an affordable loan right now from any credible lender without impeccable credit and about 30% down. Have you seen the Auction lots lately? Trucks are being turned in or repossessed at an alarming rate.
    Vampire and Siinman Thank this.
  7. Knightcrawler

    Knightcrawler Medium Load Member

    Apr 10, 2017
    Mpls, Mn
    As most of the above. Walked into my bank, said this is what I want to do, can I do it? (didnt hurt that I had enough cash in the bank to write a check for it had I wanted to). 5k down (on the first truck) 73k for the truck. Traded it in a year and a half later for a new Western Star (160k, 0 down other than the trade in).
    Siinman Thanks this.
  8. Siinman

    Siinman Road Train Member

    Mar 5, 2017
    Kansas City, MO.
    First truck was 15K down and used. Second truck New with 5K down. Got it before the increase in prices on new trucks.. First was financed through Daimler, second was with Volvo.
  9. Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

    May 28, 2009
    Rancho Mirage, Ca.
    My last truck I leased from Navistar in 2006. Just like a car lease. Can't remember the upfront payment, I think it was the first month lease payment. Under 2 grand a month. And a $1 dollar buyout after year 5. Brand new truck.
    Vampire and Rideandrepair Thank this.
  10. KrumpledTed

    KrumpledTed Medium Load Member

    May 6, 2022
    Local bank. Traditional loan.
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