Interest Rates

Discussion in 'Trucker Taxes and Truck Financing' started by BoyWander, Nov 1, 2016.

  1. 59MackB61

    59MackB61 Light Load Member

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    I also went to a local independent bank they would loan 80% with 20% cash down I said how am I going to do that since its c an auction and he said I could put my other trucks up and get a line of credit against them. That made no sense to me put 100K up for 20k no thanks. I rates was 6% with my trucks up and 8% on 80% of 20k
     
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  2. stayinback

    stayinback Road Train Member

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    My thinking is if I were to buy a NEW class 8 truck..The Last place im going for funding is through a Dealers Lenders...To Me, Anything Over 6-7% With Perfect Credit is Wrong..And those Dealers seem to be in Cahootz with their Lenders.....I See Guys in their 50's With Perfect Credit and Longevity Get stuck with 10-12% From a Dealer-SCREW THAT NOISE.

    I'll go to my bank who lends commercially-small business for a 2.9% Loan on $250k If I chose to do something like that.
     
  3. stayinback

    stayinback Road Train Member

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    chicago,il
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    That can't be Legal..........Good Grief, Good thing you got financed now..Cause once things pick-up You wouldn't have been selected for a loan.
     
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  4. Gunner75

    Gunner75 Road Train Member

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    Jackson Center Ohio
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    My father in law was also backing me as he's on the local farm board and has several accounts in that bank amounting to over $2 million in cash with another $1 million in hard assets. I decided against it because I was still new to trucking. Now I won't even consider it until the spring after this election. Even then i think I'll wait to see what kind of inheritance I might be getting in a few years.
     
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  5. x1Heavy

    x1Heavy Road Train Member

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    White County, Arkansas
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    You would be surprised to see what some banks consider prohibited. Change banks.

    Credit scores 580 to 640 is subprime and prime. The bottom of the barrel. No one gets credit worth a #### with those scores. When you get above 640 you begin to be flooded with credit offers. At 720 you can walk into a dealership and buy a car on the spot. Maybe 7% interest. Anything above 760 is better than 97% of the entire US Population and you will get the very best. At that point you can buy whatever you want on the planet without too many questions.

    Mine was destroyed under Obama due to the economics, we sold our home and took some hits to the teeth to ensure that we remain solvent with a little money each month rather than try to endure ever rising costs each month to all levels of the Government from the town to the county and the state and federal taxes that were becoming truly parasitic. Medical insurance that turned into a Obama care monster was the first to be cut from our budget because 600 dollar fine is way cheaper than a freaking 10,000 policy.

    You will find the banks are no longer loaning any money that does not immedaitely create a cash cow for them. So if John Q Schlub needs 3000 dollars for tires or whatever right now he will likely get a line of credit at 24% to start to get the tires.

    Or... if you are truly daring, you pretend to go to college. Gather tens of thousands in federal loans, audit the classes on the 4th day you attend them just before the final demand comes from the cashier's office for payment. If you got dropped, that's ok the money is in your control at home preferably cash.

    The downside is simple you will be paying uncle sam back. If you examine any college with a new freshman opening, you will see the money from Uncle sam go into a flood of new and new used cars that fill the lot in the school from students who deliberatey overborrow to buy cars.
     
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  6. KANSAS TRANSIT

    KANSAS TRANSIT Road Train Member

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    His "bankers" name is Vinny, and he carries a baseball bat.
     
  7. 59MackB61

    59MackB61 Light Load Member

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    "You would be surprised to see what some banks consider prohibited. Change banks."

    I was pissed as I am a long standing customer with the bank. In 2008 I borrowed 25k through my business and bought a dump truck they put a lein on it and it was paid back asap. It was just like buying a car.

    In fact I bought a 2016 Suburban through them in July at 1.99%
     
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  8. kaptainkhaos

    kaptainkhaos Bobtail Member

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    Oct 8, 2014
    Chetek, WI
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    I took what I could get with terrible credit. 18.99 is nowhere near ideal, but better than what finance companies were offering. Then again, I only have an 11 month note on mine.
     
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  9. x1Heavy

    x1Heavy Road Train Member

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    White County, Arkansas
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    My credit is ####. I used to have a almost 750 and spouse was close to 800. In those days it was valuable then to have what with massive 5 figure expenses we incurred constantly on that stupid house and probates. We sunk about 150K into that rebuilding of the home top to bottom over 16 years (You can never get this money back...) and sold it for 50 to get out of it and pay uncle sam's school bill of 45K before it really destroyed us.

    Don't get me started on all those poor students who are now deliquent and Daddy O wants to forgive and excuse them from pay anything at all. Makes me feel really stupid paying uncle sam off. But Im a good boy.
     
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  10. Ridgeline

    Ridgeline Road Train Member

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    Michigan
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    If you are financing for 11 months, then that's about right IF you intend to refinance out of the loan as fast as you can. Once established with some record of paying your bills on time and a profit, I think getting it down to less than 10% would be doable.

    I had to get a bridge (hard money) loan and the interest rate for the entire loan was at 25% while it is not intended to be used for more than a month or two until other financing was arranged, the interest was high because it was all inclusive for more than the purchase of the vehicle and the short term of the loan.
     
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