New truck

Discussion in 'Car Hauler and Auto Carrier Trucking Forum' started by Kawinige01, Oct 6, 2019.

  1. Kawinige01

    Kawinige01 Medium Load Member

    677
    753
    May 30, 2016
    South Fla
    0
    Zero down on a new stinger in todays market would you do it? Yes or no and why
     
  2. Hammer166

    Hammer166 Crusty Information Officer

    5,076
    15,626
    Aug 18, 2007
    ~8600+' and loving it!
    0
    In new cars, yes. Even as ugly as this summer has been, still making decent money.
    The trajectory of used isn't as promising, unless you're in a market off the traffic lanes. The idiots are doing their best to get rates below van freight in any of the high-traffic lanes.
     
  3. Kawinige01

    Kawinige01 Medium Load Member

    677
    753
    May 30, 2016
    South Fla
    0
    Well new cars was the plan. If it was you would you lease on or go independent chasing the money??
     
  4. REO6205

    REO6205 Trucker Forum STAFF Staff Member

    5,220
    16,922
    Feb 15, 2014
    California
    0
    O down? In other words you're financing the total amount? Interest payments from the very start?
    That's some expensive money.
     
    brian991219, stwik and Hammer166 Thank this.
  5. Hammer166

    Hammer166 Crusty Information Officer

    5,076
    15,626
    Aug 18, 2007
    ~8600+' and loving it!
    0
    Myself, I'm just not good at sales. And that's what chasing the money is, is selling yourself.
    I'm content to let the carrier worry about all the paperwork hassles too.
     
  6. Kawinige01

    Kawinige01 Medium Load Member

    677
    753
    May 30, 2016
    South Fla
    0
    0 down is an option. 7% interest
     
  7. Bill O’lading

    Bill O’lading Light Load Member

    61
    61
    Aug 11, 2019
    0
    zero down would be ok with the right finance terms like a low interest amortized loan around 7 years to help keep the payments down. I have my own authority so I would definitely stay independent. No way would I spend that kind of money on equipment and put someone else's name on the side of my truck. I would become a company driver before leasing on.
     
    Tropsnart and Kawinige01 Thank this.
  8. Kawinige01

    Kawinige01 Medium Load Member

    677
    753
    May 30, 2016
    South Fla
    0
    It's either a 6 or 7 year term. Can you request an amortized loan?
     
  9. Tropsnart

    Tropsnart Medium Load Member

    695
    1,094
    Jun 8, 2015
    Pavilion New York
    0
    Banks and credit unions will consider giving simple interest loans where you pay the same to principal and interest each month. That's better if you don't want to be upside down for as long putting zero down.
    In my personal experience, that is the way to go if it's possible. Watch out for ridiculous prepayment penalties on any kind of loan. Most will require a % of the balance as a penalty if you decide to sell for whatever reason.
    All of the zero down loans I've seen were front loaded where you pay the interest at a higher percentage of the payments up front and then your payments cover more and more principal as you go farther out. Either way good luck!
    99 percent will tell you what they think you should do but only you know how much you're willing to sacrifice to make either situation work.
     
    Hammer166 and Kawinige01 Thank this.
  10. Bill O’lading

    Bill O’lading Light Load Member

    61
    61
    Aug 11, 2019
    0
    I would definitely ask.
     
    Kawinige01 Thanks this.
  • Draft saved Draft deleted