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Loan at 25%?

Discussion in 'Ask An Owner Operator' started by 8-j, Jan 23, 2014.

Page 1 of 4
  1. Jan 23, 2014 #1
    8-j

    8-j Light Load Member

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    Mar 6, 2013
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    Company I'm with will sell me a truck that's been with their fleet for 4+ years at 25% interest. I'll get 72% of freight working for them if I do this option. Not sure how much the truck costs exactly - and I cringe at the thought of owning a fleet truck at all, knowing how those trucks tend to get treated.

    But I'm curious - do you think that kind of arrangement is better than going lease purchase or just plain lease with another fleet?

    I'll try and get more specific information if I can.
     
    8-j, Jan 23, 2014
    8-j, Jan 23, 2014
    #1
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  3. Jan 23, 2014 #2
    milskired

    milskired Road Train Member

    3,829
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    Plainfield, IL
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    25%? Really? That is a joke!
     
    milskired, Jan 23, 2014
    milskired, Jan 23, 2014
    #2
  4. Jan 23, 2014 #3
    spyder7723

    spyder7723 Road Train Member

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    Financing from the company you pull for. How is this different from a lease purchase?
     
    spyder7723, Jan 23, 2014
    spyder7723, Jan 23, 2014
    #3
  5. Jan 23, 2014 #4
    281ric

    281ric Road Train Member

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    can you say OUCH
    can you get financing some other way?
     
    281ric, Jan 23, 2014
    281ric, Jan 23, 2014
    #4
  7. Jan 23, 2014 #5
    ironpony

    ironpony Road Train Member

    17,502
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    Ask my GPS...
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    I'd take door no. 3, and have your head examined! That's nuts!
     
    ironpony, Jan 23, 2014
    ironpony, Jan 23, 2014
    #5
    HalpinUout and not4hire Thank this.
  8. Jan 23, 2014 #6
    8thnote

    8thnote Road Train Member

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    Aug 12, 2013
    Chattanooga, TN
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    The fact that they won't tell you the actual price of the truck should be a huge red flag. They see you coming my friend.
     
    8thnote, Jan 23, 2014
    8thnote, Jan 23, 2014
    #6
    not4hire and chalupa Thank this.
  9. Jan 23, 2014 #7
    Lone Ranger 13

    Lone Ranger 13 Road Train Member

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    Sep 27, 2012
    Asheville, NC
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    Interest rates have been low for years.. 25 percent is terrible. Plus they probably have a high price on the truck. Bad deal.
     
    Lone Ranger 13, Jan 23, 2014
    Lone Ranger 13, Jan 23, 2014
    #7
  10. Jan 24, 2014 #8
    mickey melon

    mickey melon Medium Load Member

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    Aug 23, 2013
    Chicago,Il
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    DON'T YOU DARE!!!!

    That is a cryin shame...25% interest? and you dont even know yet what the price of the truck is....

    fORGET ABOUT IT.......


    I swear these carriers think they can take complete advantage of drivers...........Your best Bet is Find a good,quality truck for sale by owner or at a repituable dealer, Get qualified ata much lower rate (Maybe 8% for used)

    Then.....Lease it on to a well established-financially strong carrier with a contract thats fair for BOTH parties (You and carrier)
     
    mickey melon, Jan 24, 2014
    mickey melon, Jan 24, 2014
    #8
    281ric, milskired and dog-c Thank this.
  11. Jan 24, 2014 #9
    Cetane+

    Cetane+ Road Train Member

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    Sep 29, 2013
    Albany, NY
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    Sign me up! I will take 2 (two). I will drive one while the other is getting fueled up.
     
    Cetane+, Jan 24, 2014
    Cetane+, Jan 24, 2014
    #9
  12. Jan 24, 2014 #10
    snowwy

    snowwy Road Train Member

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    at 4 years old. the price would probably be in the 90's. depending on what brand.

    but ditto on all the above posts.
     
    snowwy, Jan 24, 2014
    snowwy, Jan 24, 2014
    #10
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