Request for Best Bank / Credit Union For Truck Loan

Discussion in 'Trucker Taxes and Truck Financing' started by TowNHaul, Sep 27, 2021.

  1. TowNHaul

    TowNHaul Bobtail Member

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    Sep 11, 2021
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    Hello,

    I see a bunch of information on various companies posted who finance new drivers / do purchase-lease agreements. However I don't see any posts on any banks or credit unions that do commercial truck loans. Can anyone share the following? -

    1. Banks / Credit unions that you used for New truck purchases
    2. What were the interest rates that you secured for your deal
    3. Did you apply as personal or business

    Thank You
     
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  3. Carolina Dreamer

    Carolina Dreamer Light Load Member

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    Jul 30, 2020
    Summerville, SC
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    Good luck, financing is a minefield in this industry. If you are interested in Business bank products and customer reviews I recommend checking out myfico.com forums.
     
  4. Short Fuse EOD

    Short Fuse EOD Road Train Member

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    New truck paccar financial personal 5%, new reefer trailer BMO commercial loan 8%
     
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  5. pittscotrucking

    pittscotrucking Bobtail Member

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    Dec 12, 2021
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    I went direct through my credit union for 5%
     
  6. Harman2000

    Harman2000 Bobtail Member

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    Dec 21, 2021
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    Avoid big banks. Recommend first citizens bank
     
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  7. jgarciajr40

    jgarciajr40 Medium Load Member

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    Jun 18, 2016
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    Suncoast credit union starts at 3% 72 months.
     
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  8. Short Fuse EOD

    Short Fuse EOD Road Train Member

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    That’s pretty good for commercial equipment.
     
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  9. jgarciajr40

    jgarciajr40 Medium Load Member

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    Jun 18, 2016
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    It honestly is. I didn’t believe them so I inquired just to verify.

    If I remember correctly there’s a limit in what they’ll buy. Suncoast won’t buy some crazy 400-thousand peterbilt classic.

    they buy a cascadia, pro star, 579, etc…
     
  10. TowNHaul

    TowNHaul Bobtail Member

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    Sep 11, 2021
    0

    Thanks all for a reply - just following up and wanted to bump the thread. Suncoast & First Citizens although good recommendations, unfortunately only work with companies in their state. If anyone else has any other bank or credit union they've worked with - would appreciate any information you can share.

    Thank You
     
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