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ripp_jr
Joined: 25 Jul 2007
Posts: 58
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| Posted: Fri Mar 28, 2008 9:36 pm Post subject: best place to get a truck finaced |
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| hello a buddie of mine asked me where the best and easiest place to get a truck financed at was i told im i didnt no but i would ask you guys. as far as i no he has got a medium credit score told him about how hard it is out here but hes tired of driving for a company and you no how truck drivers dreams are any advice i can give him would be apprcated thanks :? |
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thebaldeagle655
Joined: 27 Dec 2006
Posts: 294
Location: Wichita Falls, Tx
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| Posted: Fri Mar 28, 2008 9:43 pm Post subject: |
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The first place I would try would be his personal BANK where he has been a customer for a number of years. They know him, know his ability to pay, and will be able to work with him better than someone that has never seen him before. Oh, you say, he doesn't have a bank, probably means the credit won't go to well with someone that he hasn't dealt with before either :)
If buying from a dealer, the dealers usually have their own finance companies. You will pay a premium on interest though! |
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nsxman2001
Joined: 16 Nov 2005
Posts: 172
Location: Mount Vernon, NY
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| Posted: Fri Mar 28, 2008 10:18 pm Post subject: |
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Tell Him to try OOIDA but it will be very difficult if he does not have credit history. Trucking is very a risky business
Good Luck! |
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rgordon212
Joined: 07 Feb 2007
Posts: 14
Location: NW Indiana
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| Posted: Fri Mar 28, 2008 11:34 pm Post subject: |
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| I went thru my personal bank and they just financed my truck as a automobile. I got a 6.5% intrest rate which allowed me to pay off the truck in 2 years instaed of the 5 it would have taken thru the dealer at 18% which is the average going rate on Class 8 equipment. |
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BanditsCousin
Joined: 05 Jun 2004
Posts: 3337
Location: Chicago, IL
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| Posted: Fri Mar 28, 2008 11:56 pm Post subject: |
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TransAdvantage
They can put almost anyone behind the wheel in something more than jus a burned out Freightliner. United owns them. |
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heavyhaulerss
Joined: 29 Jan 2007
Posts: 587
Location: north alabama
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| Posted: Sat Mar 29, 2008 11:19 pm Post subject: |
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| the way the economy is now & the credit crunch from all the forclosures.. it may not be as easy as you think to get a loan on a truck. a lot of people have taken loans on their homes to finance their truck. but like i say.. due to the credit crunch that option is not as avaiable as it once was. also expect all interest on anything that is not fixed to spike high real, real soon. especially credit cards.. |
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SoCal79
Joined: 26 Jan 2006
Posts: 124
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| Posted: Mon Mar 31, 2008 5:18 pm Post subject: |
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| Mercury capital 1-888-463-7227 good rates and got me financed with little problems, but it was before the crunch. Ask for Barry! |
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BanditsCousin
Joined: 05 Jun 2004
Posts: 3337
Location: Chicago, IL
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| Posted: Tue Apr 01, 2008 6:53 am Post subject: |
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I got my truck with no problems and 20% down. Of course, my Dad financed his truck through them, has accounts, CD's, etc in there. He knows the president on a first name basis 8)
Establish a good relationship with your bank. Lots of creditors are much stricter than they were 6-12 months ago (according to my banker) to finance a truck, let alone a used one. |
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