Is there any "online" options to truck financing?

Discussion in 'Trucker Taxes and Truck Financing' started by Blackducati750, Nov 12, 2010.

  1. Blackducati750

    Blackducati750 Light Load Member

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    Mar 11, 2009
    Bushkill,PA
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    I've searched Google for the last 45 minutes with no luck. I'm looking into buying my 1st truck. The dealer said interest rates are "around 10%."

    I was hoping to find a few companies online that offer commercial truck financing, and check rates against each company.

    NO-LUCK!!! NOTHING!!!!

    Can people currently financing their truck tell me what company they're using, what interest rate they got, and, the company website so I can check 'em out?

    Thanks Everyone!!!
     
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  3. Blackducati750

    Blackducati750 Light Load Member

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    Mar 11, 2009
    Bushkill,PA
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    Nope. All of them want you to buy THEIR truck. Others are actually auto loan websites thinking you want to buy a "commercial pick-up truck."
     
  4. Nootherids

    Nootherids Light Load Member

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    Oct 28, 2010
    Woodbridge, VA
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    Just call people and be polite and ask them about their inventory. I have found that most people I have talked to are actually very friendly and helpful in giving mini-lessons about pretty much everything over the phone.

    Just ask them for the contact information on a few of the lenders that they refer to and call them yourself.

    But do remember that this is not anything like an auto loan. This is a commercial vehicle and it falls under commercial financing rates. 10% seems to be the general average. I have heard as much as 20+% for some people and thought that was ridiculous. Well it turns out that it was! After calling around more I have gotten rate ballparks more in the 8-14% ranges, depending on down pmt, credit hist, and length of loan. Get off the internet and go at it old school like back when people use to actually have to work for their research.

    And this is me talking while it's 3am and I'm still on the computer researching about everything and nothing. lol :biggrin_25523:
     
  5. Blackducati750

    Blackducati750 Light Load Member

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    Mar 11, 2009
    Bushkill,PA
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    I'm looking for a finance company that has nothing to do with the dealer I plan to purchase the truck at.

    Lord knows what kind of "kick backs" the dealer gets.

    There must be a company out there that offers better rates than "the norm."

    If Geico and Progressive wrote commercial truck loans, I'd be all set.

    Know what I mean?
     
  6. Roadhound

    Roadhound Light Load Member

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    Tennessee
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    Try OOIDA. They are doing financing on trucks and trailers.
     
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  7. Blackducati750

    Blackducati750 Light Load Member

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    Mar 11, 2009
    Bushkill,PA
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    Thanks! Do you think I should "test" the dealer and see if they also recommend trying OOIDA?
     
  8. Blackducati750

    Blackducati750 Light Load Member

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    Mar 11, 2009
    Bushkill,PA
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    Just read this in the financing section of the OOIDA website:


    Our lenders require 3+ years owner-operator experience



    So I guess I'm stuck using whoever the dealer recommends....:biggrin_25521:
     
  9. Nootherids

    Nootherids Light Load Member

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    Oct 28, 2010
    Woodbridge, VA
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    There really aren't as much "kick-backs" as you might think there are. If the dealer PUSHES you into using one specific lender then year I would wonder. But in general, they just want their money and they have a few lenders they have referred to in the past so they just refer again. They are not financiers and are not in the business of going around to find out who will lend you the money to pay them.

    No need to be cynical. Just go to your local bank you've always banked with. Then go with other options you'll find online, like the ones linked to the sites that sell equipment. And if not, just try to go with what the dealer says. What's the difference going to be...1-2%??? If they're getting a kick-back then who cares, you got your loan and your equipment. Worry about the percentage when you have 2-3 years and are in a position to negotiate.

    BTW...many companies consider you as being an o/o for previous years IF you were getting paid as a 1099. So if you have your taxes filed as self-employed they will look at that history as being an owner operator.
     
  10. Bent Wrench

    Bent Wrench Medium Load Member

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    Aug 11, 2009
    Cornholio, OR
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    I had a dealer tell me there was no deals on truck financing and to expect to pay 25~30% because it is a business loan. He said to bite the bullet and pay it off early.


    That did not sit right with me.
     
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