Truck financing is a joke!!!

[brycey2004]

Today i got approved for buying my 1st truck, truck: 2004 Freightliner $25000, down payment $4600, 36 monthly payments of $1150, LOL!!!
do the math, you could get a better rate from a loan shark, so as you guessed i laughed and said no!! i have a great credit history, score 750+ no bad stuff on the report, good work history, own my home, and all that good stuff, so what the F--K is wrong with these people, anyway gonna finance another way, im posting this so if anyone is thinking about financing a used truck, expect these kind of rates, unless someone here knows better, i would sure like to know?
Rich
im pissed!!!

[catalinaflyer]

I'd be pissed too, but I have to ask, was this one of those scams that takes out two page adds in the trucking publications? I'm asking because there has to be some hitch, your quoting a 53.63% interest rate and I've never heard of that type of interest on any loan.

[Snowman7]

I would ask for a breakdown of the figures. Something doesnt sound right. Even at 25% the pmt would be $900 for 36 mos. Figuring 7.5% sales tax. Use this calculator.

Auto Loan Calculator at Edmunds.com

[brycey2004]

no this lender was recommended to me, this is my only quote so far, he said the rate was 27% with a built in breakdown package and insurance top up, to cover the difference between insurance payout if truck totaled and actual loan amount, i said how come its so hi, my credit is good, he said it has nothing to do with credit, its me being a 1st time o/o, anyway it all sounds like bs to me, ive never had any problems with getting credit on cars/motorcycles or mortgage, so now i want to buy a truck to make money, and they want to bend me over!! i guess ill top up my mortgage and go that route, i figure a $25000 truck should cost no more than $400 a month over 5 years or $650 over 3 years, $1150 is taking the -----
Rich

[brycey2004]

yep just did the math should be $913, still to much, %27

[b00m]

On first time financing they try to ripp you off no matter what.I have a friend that financed 8-9 trucks and now he qualified for 0 down on a brand new cascadia.His first truck ,he said, was pretty big on interest something like 17 %.That's what happened to me to when i financed a part for this truck.Luckily it wasn't a lot of money.Next time i will use a business loan from a local credit union ,having been 2 years in business.Local credit unions seem a little more relaxed on financing compared to the sharks that advertise boldly everywhere they can.

[brycey2004]

yeah your not kidding, actually the loan would have been for $23000 -$4600 dp, these people are pricing themselves out of the market

[brycey2004]

i just emailed the loan guy cause i dont understand his quote, here is what i make it. the loan would have been for $23000 -$4600 dp = $18400 over 36 months @ %27 = $619.72
Rich

[Scottt]

Today i got approved for buying my 1st truck, truck: 2004 Freightliner $25000, down payment $4600, 36 monthly payments of $1150, LOL!!!
do the math, you could get a better rate from a loan shark, so as you guessed i laughed and said no!! i have a great credit history, score 750+ no bad stuff on the report, good work history, own my home, and all that good stuff, so what the F--K is wrong with these people, anyway gonna finance another way, im posting this so if anyone is thinking about financing a used truck, expect these kind of rates, unless someone here knows better, i would sure like to know?
Rich
im pissed!!!

So why are you not talking to your local bank or credit union where you do your banking.

I talked to my bank last week about buying a second truck and was quoted 0 down and 7 1/4% interest. Payment of $1085 for 3 years on $35,000

[catalinaflyer]

If I were you I would take that $4600 along with a business plan to my local banker and talk to him. Not one of those Big Name banks but a local bank that is run by the president right there in the bank and see what they have to say. I can with 99.99% certainty tell you that my local bank would jump on it. You have an established track record with payments on big ticket items; house, car etc. Finance it for 2 to 3 years. All that "extra" crap that you were quoted is cash in that mans pocket. He's gambling that you won't break down and won't burn the truck down or if you do your so confused about the extra money your paying him each month that you use your own insurance and money to fix it. It smells like a really bad scam to me. You need to be in absolute control of every penny, not paying blindly into an escrow or whatever they want to call it. It's not the big ticket items that sink a business, it's all the $1.99 stuff that no one thinks about that adds up and all the sudden there's no cash. Don't let anyone other than you the business owner handle the money, keep track of every single penny.

[heavyhaulerss]

So why are you not talking to your local bank or credit union where you do your banking?


that is my ? too. I bank at my local credit union. now this may only apply to me, but I have sat down with folks at my credit union who are always asking if I need to borrow any money. one option was a heloc. for 3.25 % to use all the money any way I want. since my home is paid for I could get 100 % of it's value or if it was not paid for then 100 % of the equity in it. but still at 3.25 % the whole process would take 48 hours. I said thanks, but no thanks. maybe some day. but now I dont need any money. at least once every 3-4 weeks I am asked if I want to sit down & get some money. I think that because they see & know by my transactions, that I am an investor along with being a truck driver may be the reason they offer me the money. you should be able to get a much better rate.

[brycey2004]

yep your right!! ill go searching tomorrow, just trying to make an honest living here, i cant get a company driver job, i live in florida, just got back from Iraq, which companies wont accept as part of my driving history, i remember the old days, you want a job, you go see the boss, sit down tell him what you have been doing, what you can do, and you either get the job or you dont, now you got all the HR BS, can you tell im a little pissed off!! the Iraq thing, many people think we go drive there just for the money, which works out at $25 an hour!! and thats partly true off course, but at my age 45 i cant go in the Army or reserve, so like others i thought it would be my way of doing something over there to help out, and when i get back it goes against me getting an OTR job, whats up with that, anyway ill be over the pissed off thing in the morning, lol
Rich
http://www.youtube.com/watch?v=5WQDmcx2p04

[Heavy Duty]

no this lender was recommended to me, this is my only quote so far, he said the rate was 27% with a built in breakdown package and insurance top up, to cover the difference between insurance payout if truck totaled and actual loan amount, i said how come its so hi, my credit is good, he said it has nothing to do with credit, its me being a 1st time o/o, anyway it all sounds like bs to me, ive never had any problems with getting credit on cars/motorcycles or mortgage, so now i want to buy a truck to make money, and they want to bend me over!! i guess ill top up my mortgage and go that route, i figure a $25000 truck should cost no more than $400 a month over 5 years or $650 over 3 years, $1150 is taking the -----
Rich

You never had trouble financing before because you had a job and income, now you want to borrow to buy a job with a very high failure rate. Work is slow, rates are in the toliet, don't risk your home. Keep shopping.

[brycey2004]

will do, it crazy how quickly this country has gone downhill!! still i believe it will get better, its up to us the workers to do it, you cant count on the government, its the many that make a great country not the few who try and run it!!!

[mike3fan]

Today i got approved for buying my 1st truck, truck: 2004 Freightliner $25000, down payment $4600, 36 monthly payments of $1150, LOL!!!
do the math, you could get a better rate from a loan shark, so as you guessed i laughed and said no!! i have a great credit history, score 750+ no bad stuff on the report, good work history, own my home, and all that good stuff, so what the F--K is wrong with these people, anyway gonna finance another way, im posting this so if anyone is thinking about financing a used truck, expect these kind of rates, unless someone here knows better, i would sure like to know?
Rich
im pissed!!!

Whats your plan when you get this truck anyhow? Lease on to someone? Own Authority? Both seem like risky propositions right now. I don't think you will get many different answers from companies when it comes to leasing on as far as work history and such. And with your own authority out of FL I wouldn't think would be great right now either but I have no clue. Whats the plan?

[GMAN]

You may be able to qualify for a business line of credit to buy your truck. I had a bank to tell me that they didn't do truck loans but they would give me a commercial loan or line of credit and use the truck as collateral. It is only a matter of semantics but I got what I wanted and they didn't make a truck loan.

[brycey2004]

well, i am leasing on to crst malone, flatbed division, ll do that to get my feet wet, then see how the freight goes, if it seems positive ill get my own authority, ive been working on this for a few years, but work so far has been good in working abroad, now im back at a bad time its kinda difficult off course, but i figure with a low truck payment, and the fact i can do most maintenance work myself, i can do ok, yeah florida sucks for this work but i can work out of atlanta if need be, you know everything we buy/build etc is delivered on a truck, so if you play your cards right i think you can get through these times...

[brycey2004]

Hi Gman
ive been with my bank 10 years ill start there, i payed most of my mortgage off with the money i made from iraq, but thats left me with not allot of cash flow, so thats why i need a loan, so bank or house re-finance, i just feel if you cant get work then create it, ill take a chance, wont be the 1st time!!

[GMAN]

CRST Malone is a good company. I am sure you will do well with them. They have a good freight base and have been around for a long time. It is usually difficult to get your first truck financed. If you run out of Atlanta you could run for Debbie. She has an office next door to the Petro. She has a lot of freight around Georgia.

[brycey2004]

well that would be fine, ive already been approved with CRST just hope i can get the loan on the strength of that and my credit score, the recruiter i spoke with was a nice guy, and when i explained my last couple of years work being abroad, he worked with me, not like some of the other companies i applied to, so so far im happy with them, ill stay out otr for long periods im not worried about home time, im used to that, gotta get the business going