Truck Financing Questions ?

My bank won't touch a truck loan. Too high risk they say. And no it's not just me!!!!

Funny thing is that a few years ago they would have given me $50k on a signature but not with a truck for colateral. is it just me or does that not make one lick of sense??? It's just there policy they said, no commercial truck loans

 

YES!! Make it sticky. Finally some good advice from some one who ACTUALLY KNOWS what they are talking about.
CAG has helped several of my friends get in newer trucks and some to get started.
And, Welcome to the forum Marty.

CBT

 

Interesting,thanks for getting on this forum,as a former three time truck owner op,that's great info for folks interested. I'm getting close to retirement on a company truck now,too old to try anymore.

 

I just bought a 2007 Columbia from OKC Freightliner. $99,999.99 with $15,000 down I got 8% APR for 6 years @ $1,500 a month payments. If I had $20,000 down I could have got 7% APR. But I'll take what I could get. How did I do this? I got the financing part done first with my Credit Union, then went shopping. Most people get in trouble by doing the reverse. The CU wanted my previous years tax returns to verify gross income and cash flow. I was a lease operator for the previous year, that allowed the CU to see what my income position was for what I wanted to do. Based on that, (and if I did the same) then they could figure what the future would be like, hence the loan. There is no way they would write a check to OKC Freightliner for $85,000 without some idea of what my 'business plan' was or how effective it was. That is why I 'leased' a truck for 16 months: to build up credibility in my ability to run a business (both for myself as well as my bank). I leased a truck with Prime (saved $200 a week) and received a $5,000 bonus a lease completion. That is where I got my down payment and my history of successfull business operation. All expenses were shown on my tax statement and it gave the bank a good idea that I knew what I was doing (that plus my $15,000). Anyway, this is what I did and my advice is to get the $ done first, then go shopping. Otherwise, you are a dealers dream...

 

Allegience Credit Union OKC.

 

How would you rate your experience with them?