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77Highboy
Joined: 06 Mar 2006
Posts: 101
Location: Idaho
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| Posted: Sat Apr 01, 2006 6:57 pm Post subject: How long can Class 8 trucks be financed? |
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| What is the normal term of financing for tractors? 24, 36, 48, 60 months? |
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Windwalker
Joined: 22 Oct 2005
Posts: 2769
Location: Holiday, FL
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| Posted: Sat Apr 01, 2006 7:06 pm Post subject: |
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| Depends on, new or used, and the sale price. My loan gets paid off in 42 months, total. Currently have less than two years to go. If your truck costs you $12,000 I would expect the duration of the loan to be no more than one year. New truck it would be five years. |
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GMAN
Joined: 13 Feb 2005
Posts: 9282
Location: Tennessee
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| Posted: Sun Apr 02, 2006 8:15 am Post subject: |
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| It depends on the age of the truck, your credit and lender. Most trucks will be financed for no more than 60 months. You can get financing with a commercial or business loan for as long as 10 years. I would say the majority will be around 36 or 48 months. You can sometimes get a lower interest rate for a shorter term loan. New trucks can usually get a lower interest rate than used. 8) |
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tbaarr
Joined: 30 Mar 2006
Posts: 126
Location: near fargo
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| Posted: Mon Apr 03, 2006 11:24 pm Post subject: financing |
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a straight lease for 3 years on a 120k rig will cost you
2k-2500 a month
save yer down payment and lease
that way yer only stuck for 3 years if owner opt aint right for you
plus a lease is a straight sch c write off
no depreciation and recapture crud
and you simply give the truck back in 3 years
just make sure you make your contract for 360k miles if not 400k
but if financing is your main goal cause you got to buy
pay your bills each month with a credit card
those bills you pay cash for now
bank the cash
and pay the card off at months end in full
you will raise your credit score 50-100 points in 6 months to a year
mines at 750
850 is the max
mines at 750 cause i got 2
3.9 interest balance transfer loans for 15k each
i make 15% on that money thanks to my pet stock
strum ruger
so i just pay off the minimum
i like my redhawk too
once you hit 700 credit score
the banks will treat you like donald trump |
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GMAN
Joined: 13 Feb 2005
Posts: 9282
Location: Tennessee
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| Posted: Thu Apr 06, 2006 5:50 am Post subject: |
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| Tbaarr, are you saying that you got 2 - 3.9% loans or a loan for 23.9%? The way you post makes it difficult to follow. Are you having a problem with your computer where you cannot post the way everyone else does? I am not trying to start something here, but it is like you speak with broken sentences. :? |
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Crackaces
Joined: 29 Mar 2005
Posts: 1343
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| Posted: Sat Apr 08, 2006 7:39 am Post subject: |
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GMAN wrote: Tbaarr, are you saying that you got 2 - 3.9% loans or a loan for 23.9%? The way you post makes it difficult to follow. Are you having a problem with your computer where you cannot post the way everyone else does? I am not trying to start something here, but it is like you speak with broken sentences. :?
I am seeing this more as a cult craze of Sun Tzu. Read Art of War and it is written like this .. so I guess it is brilliant to write in this prose ../
Of course the idea of communication is not to try and obstificate so the reader is challenged to understand some noble tidbit, but to express as easily as possible an idea that can be understood and expounded upon.
But I am not one to talk .. :P |
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Crackaces
Joined: 29 Mar 2005
Posts: 1343
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| Posted: Sat Apr 08, 2006 7:45 am Post subject: |
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Quote:
once you hit 700 credit score
the banks will treat you like donald trump
Hmmm The really good rates do not start until 760. At 700 you will be more likely to get a loan and will not pay excessive interest rates to borrow money -- but in researching this my bank would extend me a business loan secured by collateral at 5 points above prime with a credit score of above 760. A standard commercial truck loan for a used truck was 14%.APR 20% down. |
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shahan
Joined: 24 Apr 2005
Posts: 210
Location: baltimore, md
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| Posted: Sat Apr 08, 2006 9:32 am Post subject: |
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Yea his typing
makes me
want to have
a seizure
reading it.
I would like to check my credit score but I hear if you check it - it can put an inquiry on your report and lenders might deny you if you have too many inquiries. Is this true? |
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freebird
Joined: 16 Jul 2003
Posts: 1097
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| Posted: Sat Apr 08, 2006 9:38 am Post subject: |
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GMAN wrote: Tbaarr, are you saying that you got 2 - 3.9% loans or a loan for 23.9%? The way you post makes it difficult to follow. Are you having a problem with your computer where you cannot post the way everyone else does? I am not trying to start something here, but it is like you speak with broken sentences. :?
I'm with you GMAN>
The guy claims one year experience -company driver- now also is an expert on financing a truck??
Add to the fact that he is trying to collect past money owed!
I quit reading his posts shortly after he started and others asked him to conform to common posting etiquette.
I'm thinking if he's a driver, he's one of those blow hards that irritates others while trying to eat a meal, while telling of all his adventures! |
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quito12
Joined: 23 Feb 2006
Posts: 92
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| Posted: Sat Apr 08, 2006 4:25 pm Post subject: |
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shahan wrote: Yea his typing
makes me
want to have
a seizure
reading it.
I would like to check my credit score but I hear if you check it - it can put an inquiry on your report and lenders might deny you if you have too many inquiries. Is this true?
No this is not true at all. Well let me clarify that. It is not true if you check your own credit. Go here https://www.annualcreditreport.com/cra/index.jsp[url] and you can get your credit report for free. On each site they will charge you like $5 dollars if you want your score too. [/url] |
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77Highboy
Joined: 06 Mar 2006
Posts: 101
Location: Idaho
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| Posted: Sat Apr 08, 2006 5:55 pm Post subject: |
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| Even if you have inquiries themselves it is not all that bad as long as you open an account with the appropiate inquiry. If you have alot of inquiries and alot of denied credit then it looks bad. |
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tbaarr
Joined: 30 Mar 2006
Posts: 126
Location: near fargo
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| Posted: Thu Nov 02, 2006 12:36 am Post subject: my loans |
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yes i said two 3.9% loans not one loan at 23.9% as you believe
i also have 11k out at 1.9% yes 1.9%
and 13k out at 5.9%
sorry guys i went to work
and have been pushing hard for 6 months
to make up for the month i was off
pay is great and as one of you regulars state
it is like a marriage
as for how i got those loans
its simple
i charged my bills
and kept transfering balances to low interest life of the loan
balance transfer offers
and then invested my cash
as for great loans i get em still with only a 680 score
do to my high debt ratio its dropped below 700
but i still got a no money down 5% loan on my 1999 venture van my wife wanted
good luck on the road guys and gals
i hit it tomorrow for 3 weeks |
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SteveBooth
Joined: 18 May 2005
Posts: 3501
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| Posted: Thu Nov 02, 2006 1:01 am Post subject: |
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| When you type in your messages, don't use the "Enter" key. The window your typing in will wrap you lines automatically. |
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Rev.Vassago
Joined: 04 Apr 2006
Posts: 5159
Location: Green Bay, WI
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| Posted: Thu Nov 02, 2006 6:12 am Post subject: Re: my loans |
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tbaarr wrote: Yes, I said two 3.9% loans; not one loan at 23.9% as you believe. I also have 11k out at 1.9%,- yes 1.9%, and 13k out at 5%.
Sorry guys, I went to work and have been pushing hard for 6 months to make up for the month i was off. Pay is great and as one of you regulars state it is like a marriage. As for how i got those loans, its simple. I charged my bills and kept transfering balances to low interest life of the loan. (I used) Balance transfer offers and then invested my cash.
As for great loans I get em still with only a 680 score - due to my high debt ratio its dropped below 700, but I still got a no money down 5% loan on my 1999 venture van my wife wanted.
Good luck on the road guys and gals. I hit it tomorrow for 3 weeks.
There - is that better?
As far as what was said in all that jibberish, he is really delusional. He is paying one loan off with another, and needs to push hard for 6 months to make up for one month. :roll:
He is living on borrowed money, and one major breakdown, and his house of cards will tumble.
Owning a truck IS NOT like a marriage - it is a business. Nothing more, nothing less. BEING IN DEBT UP TO YOUR EARS is like a marriage - once you are in, there is no way out (without losing your shirt). |
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thejunkman
Joined: 01 Nov 2006
Posts: 80
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| Posted: Thu Nov 02, 2006 6:50 am Post subject: |
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Those low transfer interest rates are only good for 6 months or so. Does that mean every 6 months you get a new credit card to keep that low rate?
I cant see how that looks good to a bank when you keep moving around debt.
I am familiar with the game, and have a close friend doing the same, yes you can do what your saying, however it eventually caught up to him, because his total possible debt ratio (available credit) was very very high, and he was then turned down when he wanted to buy a house, and couldnt on a credit card, and even though his score was high-he had to much available credit out there, and was denied by numerous banks.
Just be carefull. |
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