Purchasing a truck...interested in the term ( how long )

That truck looks nice to me personally. But 55? Thats the rub. Without really getting into it and exam its history in paperwork that should be with it and a DOT inspection etc. I would not say buy this or something else.

Certainly not new. They are overpriced due to the excessive technology and so on in them. Being exempt has it's benefits. No BS Regen problems in the middle of winter wyoming among others.

I definately would see about that 55K, but again it will have to put that thing under a microscopic exam. Back the early 90's I purchased a midroof freightliner for 41 that had a big kitty and a rockwell 9 in it nice tractor out of a field of 30. For reasons way beyond the scope of this topic that particular adventure was cut short. It would have been a 4 year payoff with a company involved in escrow and so forth out of whatever revenue at that time expected to be between 1.45 and 1.60. Break even would be around 1.22 So the left over income for me after truck payment and fuel and everything else would have been pretty good for the day. Maybe as high as 2.50 a mile flatbed if I had gone that route.

 

I would ask for the Paperwork on the rebuild. There is a big difference if it had a Cat Platinum rebuild or if it the O/O just threw a cylinder kit in it over the weekend.

 

A wise man on here stated that a truck should buy a house, never use a house to buy a truck.

Wish you the best of luck.

However, from any sort of decent lender's perspective, or a business accounting look; you're undercapitalized and making a dangerous stretch.

Is there any way to work another year and save the cash?

A loan on used equipment, especially from the type of lender that looks at things like this, will strangle you and wind up costing far more than the value of the loan or the truck.

 

@Mrmrmike talk to Paul in the finance dept where that truck is located. He is a pretty straight forward guy. Im dealing with him and Keegan (sales) there on 3 different trucks. Paul can get them financed for you.

 

I am looking for a 2006 also, my concern is where could I find loads with that 2006. I heard that many brokers are looking for at least 5 years old truck to give it a load. Is that true?

 

Not true at all. Sometimes a less than 10 yr old or newer Trailer is required ( dry van) for paper, auto parts, and a few picky Shippers. Old Truck, no problem. Isn’t ever mentioned.

 

A banker friend of mine told me the industry standard for trucking loans is 80 percent of loans have troubles. Thats everything from missed payments and having to restructure to hiring the repo man to find it.
Not saying you're going to fail just remember the odds while you're looking for financing and setting up a payment plan.

 

Wow. That high? I figured it would be somewhat high but not 80%