I need financing. Million mile truck.

Discussion in 'Trucker Taxes and Truck Financing' started by Freedomtrucking, Dec 16, 2015.

  1. Freedomtrucking

    Freedomtrucking Bobtail Member

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    Nov 8, 2011
    Southeastern, wi
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    I'm looking for financing for a 2007 kenworth t600. It has 1,003,500 miles. Purchase price is $26,500. I have down payment money. 680, 660 credit scores. Cdl since 2000. I don't own a home. I rent. Financing is for a new startup business. I'm looking to get this truck financed. I can't go thru a local bank. Let me know if there's anything else you'd like to know. Any help would be appreciated.
     
    blairandgretchen Thanks this.
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  3. Bakerman

    Bakerman Road Train Member

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    Jan 27, 2013
    Phoenix, AZ
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    Save some more money and pay cash

    I don't think you can find a reputable source to finance the truck with 1,000,000 miles on it
     
  4. DUNE-T

    DUNE-T Road Train Member

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    Detroit, MI
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    Yeah, nobody will finance that. Better get 1.4 million pre egr with overhaul and bunch of other repairs done for like 15-18k
     
  5. Freedomtrucking

    Freedomtrucking Bobtail Member

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    Nov 8, 2011
    Southeastern, wi
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    Thanks guys. I'm having a hell of a time finding financing for it. Appreciate your input.
     
  6. strollinruss

    strollinruss Road Train Member

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    Go to a small town bank. All they will want is 20%down.
     
    ramblingman and Freedomtrucking Thank this.
  7. TruckerPete1990

    TruckerPete1990 Road Train Member

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    i dont think its a good time to buy a truck:/ Rate's are down fuel is cheap and its winter time.. Its hard for me right now as its winter time and my truck didnt wanna stay on the road for 2-3months. Im just now starting to get back up on my feet:/
     
    gentleroger and blairandgretchen Thank this.
  8. Pool6710

    Pool6710 Medium Load Member

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    Aug 10, 2014
    Minnesnowta
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    Roadrite mn in St. Cloud minnesota is a buy here pay here. It's not a bad option, it's a lease to buy. Bought two trucks from them already and I'd do it again.
     
    tazman74 and Freedomtrucking Thank this.
  9. blairandgretchen

    blairandgretchen Road Train Member

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    Dec 9, 2011
    South west Missouri
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    Agreed. Paid 12,5 for 2001 T2000 with 963,000 miles last December. They're around, save your cash and start right.
     
    Cottonmouth85 and Freedomtrucking Thank this.
  10. Freddy57

    Freddy57 Road Train Member

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    Mount Vernon, MO
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    You could probably get a loan through Prosper.com and finance it that way, they loan money for business purposes. It's an unsecured loan so they won't be holding your title.
     
    Junkyarddog5958 Thanks this.
  11. gentleroger

    gentleroger Road Train Member

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    For an amount that small you could look at peer to peer lending like prosper.com, lendingclub.com etc.

    However were I going to buy a truck I would be waiting until March. Listening to IC and OO moan about rates and hearing company drivers sitting makes me think.that come March used truck inventory will be relatively high. It will also give you another three months to AGGRESSIVELY save - I'm talking $3,000 a month so when you do borrow it's under $20k and you still have a cash reserve.
    I'd also rethink what you're purchasing. A 2007 anything with a million miles is a big roll.of the dice. Look for a used glider. I found a couple last spring that had me itching to.spend money but decided to invest differently.
     
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