Truck Financing Questions ?

Discussion in 'Trucker Taxes and Truck Financing' started by MartyCAG, Jun 6, 2007.

  1. Moshfists

    Moshfists Bobtail Member

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    Jan 11, 2012
    Denver, CO
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    Is there a way that I can get financing for a truck with a good credit score (812) and a decent credit history? I'm not a home owner and I have no or very little money for a down payment at this time. I was thinking of leasing a truck through the company that I currently drive for, but I did the math and I would end up paying around 80k for a 50k truck, not to mention the lack of credit reporting, etc.. I don't believe that's a good way to start a new business.
     
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  3. Big Hat

    Big Hat Bobtail Member

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    Sep 15, 2012
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    Have you done the math on financing? Nobody does this for free. 100% down payment is always best. Work your butt off, save as much as you can and don't spend anything. It will work. Do you want to know who it doesn't work for? The guy that buys a new pick-up and motorcycle and boobs for his wife and a boat and atv and snowmobile and an addition to the house. Only he doesn't BUY this stuff, he finances it. Then when things slow down and he has all these payments he can't buy a radiator hose for his truck. The truck comes first. I don't care what you have to do without at home. The truck makes the money. Make a plan and stick to it. Write and re-write your plan every day. Nobody ever got anywhere without persistence and sacrifice.
     
    rollin coal, Roknric and Jerzy Thank this.
  4. CommanderUsmc

    CommanderUsmc Light Load Member

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    Aug 14, 2012
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    Okay.. first off thank you for your assistance. My question is this. I have poor credit (thanks ex-wife) but exellent income from my retirement from the Marine Corps. Because of this, If I chose to get into a 3 year lease on a new truck, would I be able to make extra payments from my retirement income to pay off the lease early? I would be prepared to take 50% of my trucking salary and pay down the lease. Will there be a pre-payment penalty fee? Or do you know if any companies will let you just flat out finance a truck through them with them (the company) as a co-signer if I put down lets say 20 to 30%?? Any advice would be nice. Thanks you for your time.
     
  5. NurseNunez

    NurseNunez Bobtail Member

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    Sep 18, 2012
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    Hello,

    My husband is an O\O for Swift. I would like to know how hard is it to get another loan to pay Swift off and get the truck and my husband away from them? He is always gone... As expected. So I'm here asking the questions. Please anyone who can give me any kind of information will help. Niether one of us have good credit. I have lots of student loans. He is just older than I am and lived alot more. I'm not sure what the contract says. Are there any lenders that will lend him the money to pay the truck off? Does Swift have a mess load of limitations to pay the truck off?

    Thanks,

    Adrienne
     
  6. mothertrucker17

    mothertrucker17 Bobtail Member

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    May 20, 2012
    Salida, Colorado
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    Hello, somewhat in the same boat looking for advice on another loan from same bank for a 2nd tractor and trailer to build our business. Still about 18 g's in debt from first. Will profit about 20% more putting a driver in a 2nd truck. Looking for a used tractor at about 25-35000$ level. Our accountant said go for it but I'm a little apprehensive about getting more in debt in our 1st year in the industry. We have great credit. Definitely gave leasing a thought. Any advice?
     
  7. Taino

    Taino Light Load Member

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    Aug 18, 2009
    Central, FL
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    @ NurseNunez
    The best thing I would do is one check around some lenders, Refi your home if you two own one or look over his contract and see what will happen if he walks away from it?

    Also how many more yrs/months he has left?

    It sucks being away from home.!
     
  8. Taino

    Taino Light Load Member

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    Aug 18, 2009
    Central, FL
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    @ mothertrucker

    If you are thinking about getting a rig. Buy one away from a company! This way your making a lower payment a week compared to the companies high payment!

    I know people who are leased with a company that are paying 650. wk for the rig! Where as if you go and get financed for a [30-35k] rig, you will be looking at maybe [give or take] 800.00 month payment.
     
  9. anunodisooo1

    anunodisooo1 Bobtail Member

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    Feb 23, 2012
    dallas,tx
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    Hello Marty, I've been trying to get a truck and I've exhausted all my funds so I don't have a down payment, and I am really thinking about going with prime, and I read your thread about how you feel about leasing, but I don't know what else to do, do you have any advice that can help. I talked to Arrow truck sales in Dallas,tx off of irving blvd and they have a 2005 freightliner, 500k miles for $34,950 and wants 20% down. good or bad?


    thanks Jesse
     
  10. ellemae626

    ellemae626 Bobtail Member

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    Nov 29, 2012
    LA
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    I want to lease a flatbed trailer but alot of companies dont lease to O/O. I was looking for some that do to call. I am new to trucking business.. thanks
     
  11. FreedomTruck

    FreedomTruck Bobtail Member

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    Jan 3, 2013
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    With Marty apparently going silent, I would love to help answer some questions. I'm an F&I manager at a dealer in Washington and would be happy to give you guys (and gals) some tips for what I'm seeing Finance Companies asking for when it comes to leases or loans! I'll keep my eye on this thread.

    Mike
     
    chimbotano Thanks this.
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