I'm looking to refinance the 2018 FL Cascadia I have to lower the monthly payments. It's a SFI lease that i've been paying on since October '17 at a rate of $858 a week. The current payoff is $72K. I'm looking to hopefully lower it down to roughly $1K to $1500 a month versus the $4-5K a month current. I don't work for Schneider though. I currently work for Mercer. I have good credit and no current debts besides a normal amount on a small credit card which I pay on. At most, I can down pay $2k, but I'd rather zero at the moment because savings are low since I just dropped $4200 on maintenance out of pocket. I have a Letter of Credit and a Payoff Letter.
So, who do y'all recommend I should be talking to?
Refinacing a currently leased truck
Discussion in 'Trucker Taxes and Truck Financing' started by Singular_Lupus, Apr 29, 2020.
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I don't know what rate you have at Schneider but they may be cheaper.
The other thing is, at the moment your truck isn't worth $72K.
Here's a real life example-
I just ground Inland KW down on a truck, and the best they will do is 7% interest.
It should be 3%.
That's with epic credit, and plenty of coin in the bank.
I would definitely suggest you try your bank.
If you don't have a business account already, start one.G13Tomcat and Rideandrepair Thank this. -
I don’t know how long a term you can find. Being a 2018, is an advantage. It’s going to have to be at least 60 mos. Never know what each Bank has funds available for right now. I did almost exactly what you’re trying to do, in 2001, on a 99 Truck. Paid 72k, and refinanced it one year later, at Chase Bank. Shortly thereafter, they stopped all Truck loans for a few years. Then came back with a closed end lease program. Just never know what you’ll come up with. Better hurry and call around. I’m expecting financing to tighten up, as repos start rolling in.
Dave_in_AZ Thanks this. -
I'm just going off the Payoff Letter.
Current mileage on the truck is 260K-ish.
I've talked to a bank i've had an auto loan with before and they won't go over $57K
I'm a sole proprietor. Do banks allow a S/P to open business accounts?Rideandrepair Thanks this. -
Dave_in_AZ Thanks this.
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Rideandrepair Thanks this.
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I’m getting calls and emails from the usual suspects. Ascension and others. Be very careful dealing with these 3 rd party Lenders. They will approve you, and claim a low rate. Usually a lease structured loan, with first and last pymts. due at closing. $1.00 buyouts etc. I Use an auto loan calculator on Bankrate.com. Put their pymt #s in and play around with the % rate till the #s match up. Then you’ll see the real % rate. Usually over 20%. You may be able to find a deal, that’s not best, but can help, lower pymts. and with the ability to pay it off early, essentially lowering your real % rate. Watch for pre payment penalties, and other hidden fees. Might still be of help, but you need to understand exactly what it’s costing vs. current costs.
alds Thanks this. -
SFI won't be able to refinance until the current lease is ended.
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alds and Scooter HBG Thank this.
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