pay 4 truck

[sloride49]

hello im going to buy a used 2007 westernstar.would like to finance but only finance company that would talk wants me to pay 16%interest. question should i just pay cash i have the money. but leaves back account real low. also should i llc this venture. been driving 32 years never owned a truck before. to younge retire thanks for feed back

[poster]

Have you asked around about financing at a lower rate with a large, or very large down payment?

[firebird_1252]

i'm dealing with wheaton financial right now. seem really good to work with. they're looking for $3400 down on a $27k truck and payments will be around 737 a month. i dont think its terrible for a first truck purchase.

[Bigmon]

I would see what the payment would be at 16% and how much it would be for lets say 10%. On short loans it's not that much a difference. It's always best not to leave yourself cash poor. If you get rolling and making money you can always pay it off early. In the meantime, you have cash on hand for problems.

[Orangetxguy]

I would see what the payment would be at 16% and how much it would be for lets say 10%. On short loans it's not that much a difference. It's always best not to leave yourself cash poor. If you get rolling and making money you can always pay it off early. In the meantime, you have cash on hand for problems.

On a used truck, I don't think there is much chance of seeing an interest rate under 13.75%, even with excellent credit. Maybe from his personal bank....but not from a truck finance company.

my 2.5 cents

[Mackman]

On a used truck, I don't think there is much chance of seeing an interest rate under 13.75%, even with excellent credit. Maybe from his personal bank....but not from a truck finance company.

my 2.5 cents

bought my 2006 mack with 10% down and the oldman co-sign for me and im at 9.99%

[sloride49]

thanks for input guys.i m just going to buy out right. has new rubber only 312.000 miles hope it holds up fo a while. detriot 10 speed in it. im just going to stay down south not very many hills along the gulf.

[xcarsalesman]

rates suck down south!

[firebird_1252]

i dont know if you bought the truck yet but, i know of a frieghtliner thats real cheap (considering) 196k on it. $38k its a ex leased ryder truck. the miles is real truck is real nice. call brian 6312934449. i just bought my truck off him and he's great to deal with. tell him its about the blue columbia. tell him rob sent you. oh and its a 05, 515 detroit, 10 speed all aluminum wheels full farings

[GMAN]

Most people pay a much higher interest rate for their first truck. They consider you a higher risk, even with good credit, if you have never financed a truck. I prefer paying cash. If you go ahead with buying for cash I would make a commitment to replace your cash as quickly as possible. It will save you a lot of money in interest when you pay cash.

[firebird_1252]

true gman. my interest rate is 15.3% i dont think its terrible for my first truck.

[sloride49]

thanks again guys for input,i m buying 2007 313000 miles on it new tires .western star 455 detriot.they wanted 43 000 got down to 39000 . interest rate finance company wanted 16% interest. i was going to put down 20,000. after done i could not see paying 6500 back in interest over 3 years for use of their money. so im just paying cash.i think im going to haul pigs off port in mobile .be home every other night just my life style

[Mackman]

well after i got my truck on the road for the frist 2 weeks i had less then 2k in my bank. I really bought my truck on a shoe string. But it all worked out. Good luck. Once you buy your own truck you will ask your self way you waited so long. I could never go back to being a company driver.

BTW are you leasing to a company??

[GMAN]

true gman. my interest rate is 15.3% i dont think its terrible for my first truck.

I have heard of some being charged over 19% for their first truck. These lenders really rape you on interest starting out. On the other hand, there is a very high failure rate from first time buyers. Once you pay one truck off and keep payments up it will be easier to finance your next truck. My preference would be to save the money and pay cash. It does save a lot of interest money.

[crb]

I wouldn't borrow money at 15% especially not that much money! Is save up andd pay cash or get a decent rate period end.