Looking for exp o/o info for financing

Discussion in 'Trucker Taxes and Truck Financing' started by snowman82, May 4, 2013.

  1. leaseman

    leaseman Bobtail Member

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    Sep 28, 2009
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    The three most common ways to deal with this are:
    1) buying from a dealer that carriers their own paper
    2) putting up additional collateral or have a large down payment
    3) talking to credit unions.

    These all have their pros and cons. Buying from a dealer is okay but your limited to their inventory. Putting up collateral or large down is good because you can buy from any dealer or private party (like what we do). The down side is it's expensive. Credit unions will be the best option as you will get a lower rate and you can buy from anywhere. Downside is, although they are flexible, they still do look at credit. Good luck with it.
     
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  3. pawpaw1

    pawpaw1 Medium Load Member

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    Sep 9, 2011
    Dallas,Ga.
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    Just curious if snowman82 got his deal done. I had a suggestion , but if he's already got the deal done , it would be wasted.
     
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  4. snowman82

    snowman82 Bobtail Member

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    May 4, 2013
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    no haven't got it done just yet any info would be appreciated
     
  5. Dr_Fandango44

    Dr_Fandango44 Road Train Member

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    Everybody will look at your credit score, that's a given and as the trucking industry has a poor reputation for credit worthiness then the financial institutions are going to want a significant down payment too. As much as 20%
    i personally financed thru my CU at 20% plus 6.7% int rate over 4 yrs.
    its an easy trap to go and buy from a dealer who will tote the note but the interest rates can be deemed as Loan shark Guido loans. If you can't swing it now it would be best to build up your credit and save til you can. Build a strong relationship with your bank. Too much interest will kill you.
    Arrow will charge you around 12-20% int? that's what they told me and he didn't even check my credit.
    Needless to say I won't be dealing with Arrow anytime soon. And if you plan to be an O/O and old timer truck salesman advised me to get into a new rig ASAP. I think that was sound advice which I'm working on, BUT that's not realistic for many folks.
    good luck
     
  6. FreeBird Rick

    FreeBird Rick Bobtail Member

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    Dec 16, 2011
    Appleton, Wi
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    If you can put together 5k to put down, call Dave Strand at Wholesale truck and finance. They have inventory online at www.wtftrucks.com they are real straight shooters.

    Good luck,
    FreeBird Rick
     
  7. Lucar

    Lucar Road Train Member

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    Aug 22, 2012
    Texas
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    I got financed at trucknation.net out of texas. Not even arrow coukd get me in. Good luck
     
  8. Computertrucker

    Computertrucker Light Load Member

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    Sep 7, 2013
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    Man.. Hate to be the bearer of bad news for you. But if your a first time buyer be ready to out a lot down. 10 to 15% minimal. Unless your credit is really good. That's just the way of the business. A lot of risk financing first time owner ops.

    right now I am dealing with the exact opposit. GEcapital just approved me for 100% financing on a brand new truck. I just don't know if I want the payment, and having 2nd thoughts. I do have international speccing me a2 different builds on a lonestar. Will see how that turns out.

    this will be my first NEW truck. If I go thru with it.
     
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  9. snowman82

    snowman82 Bobtail Member

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    May 4, 2013
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    Lonestar beautiful truck man. Good luck on your choice and my best wishes go out to you.thanks for the info
     
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