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How long can Class 8 trucks be financed?
What is the normal term of financing for tractors? 24, 36, 48, 60 months?
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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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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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financing
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 |
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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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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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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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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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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my loans
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 |
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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Re: my loans
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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). |
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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I would be surprised if the free credit reports have the same depth of information that the full credit reports from the credit agencies have. And you need to make sure that you check ALL THREE agencies- you may have things reported to one and not the other two- Swift does that to some of their defaulted lease operators. They report it to Exerian or Transunion but not to Equifax- so you may not even find out about it for years. Also- the good rates usually start around 750 plus... But if you are over 700 that is still very good in the eyes of lenders. They will look at the whole deal, though. If you have 30-day-lates that are OLD, they won't look as bad as recent ones. And a 30-day-late on a mortgage is the kiss of death. Very bad. Always pay your mortgage on time! If you have a good relationship with a local bank you may find that you will do much better than if you go to a big financial institution- they know you and know your character. Which, if you have bad character, will play against you. A local bank may give you a small business line of credit rather than an installment loan (the typical truck loan) which will be a lower credit rate for an indefinite period. That is only good if you have the discipline to make regular payments. And if you get a loan through a truck dealer, you need to know that dealerships will often tack on anywhere from 1/2 percent to several percentage points to your loan if you get it through them- they won't tell you about it either. That's the part I don't like- they should disclose that information to you. If you don't have the money to put a good downpayment down and also have a safety account, don't buy a truck. What will you do if you get hurt or sick? What will you do if you have a family emergency? Your payments don't stop when they become inconvenient. If you don't have the money, stay as a company driver and save. If you can't save money as a company driver how do you think you will be able to save as an owner operator? Sorry for the rant- it's kind of a free flow thought process on my part. This is a decent article for tips on buying a truck: Buying a Truck I'm sure www.ooida.com has some tips too. |
Its a financial high wire act, but you can "rate surf" the teaser rates on credit cards. In theory if you can keep on top of it you can come out ahead versus getting a regular commercial loan with good credit.
I have a friend who did something similar until he had something like $40k in borrowing capacity. He then did a munch of balance transfers FROM one card that had no fee for cash advances to create a positive balance. He than funds a stock brokerage account with this $40k. Depending on the stocks you buy you can have up to 50% margin in a brokerage account; presto! He is now up to $80 of OPM. Unfortunately the stocks he choose tanked and the whole thing came crashing down. I would never play rate surf roulette myself, but it can be done if you have a extreme tolerance for risk. |
My father is a mortgage broker, and I worked for him for a couple of years. Maybe I can shed a little light on this. One of the WORST things you can do to your credit score is to open a bunch of revolving credit lines and the quickly max them out with balance transfers. The ratio between your available credit and your current balance is very important to your credit score. Paying bills with credit cards until they are maxed out and opening new cards every few months and transferring balances to max out the new account is credit suicide. The best way to manage credit cards if possible is to pay the balance in full every month. You do want to use the cards as long periods of inactivity is bad also, but this would be preferrable to carrying a large balance close to the limit.
The age of your accounts is also a major determining factor in your score. If you are constantly opening new accounts and have the inquiries that would be required to open them you will see a drop in your score. The types of loans are also important. If you have lots of revolving (credit card) accounts and accounts from finance companies like Household finance etc. and no mortgage and other "stability" type loans you will be viewed as a higher risk borrower. Your time on the job and length of time at your residence also have a large impact on your score. If you move around alot and change jobs constantly you will have a mediocre score even if you pay your bills on time. If you always want to keep your score above 750 (this is the magic number) remember mortgages are good, credit cards are bad, and stay at your job. |
I read an article recently that discussed debt. In the article, it stated that mortgage loans can usually help you but credit cards can hurt your score. If you have credit cards, it is usually good to keep them at or below 25% of the credit limit. Frankly, I like the idea of having as little debt as possible. If you are constantly moving debt from one card to another, you are courting disaster. It is only a matter of time before your house comes crumbling down. The best thing anyone can do is reduce your debt as quickly as possible.
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I pull my credit report every year and at one point about 5 years ago it was close to 790. This year I checked and it was down to 700 and nothing had happened that I could see that caused this. I made an official request to the credit reporting agency and got a standard form letter telling me different causes. I've had 3 credit cards forever and the limits keep going up. My Capitol One went from 10k limit to 27k limit over a period of 2 years. The total cash I could get on all 3 cards hit a limit that raised a flag that I could potentially go into big debt at a moments notice so my credit score was lowered. I guess there is a fine line to maintaining a high rating and many things effect it. Never gave this one a second thought.
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Steve, the available credit on revolving accounts should be kept to a low percentage of your yearly income reported on your credit report. You can change this ratio by requesting that the credit card companies lower your limits to a comfortable range. Make sure that the reduction is reported by the credit card company as requested by consumer not as an action taken by credit card company due to slow pay.
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Yes, I thought about it but I think I'm past the point of wanting to buy another house or any big ticket item other than a new car.
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Time on your job has nothing to do with your FICO score.
There is tons of free info on how your score is calculated. The major factors are age of accounts, payments on time and staying well below your limit. |
Re: financing
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not a house of cards loser
its 100k in my stock account where i make 15-30%
the reason i push hard is i am stuck out for 3 weeks at a time so i make it worthwhile plus it enables me not to pull money from my brokerage account as for you not liking the way i post too bad so sad your problem not mine if i stop working the loans can all be paid off if i cant make the montly payments and if you ask chase manhatten bank and bank of america they use to offer life of the loan balance transfers all mine are life of the loan you guys are wrong again as usual bank of america still offers a variable life of the loan transfer that sits at 8.75 thats below the 10 points that brokers charge for margin money |
ref stocks on borrowed money
you guys may want to google my screename
you will see that have given free stock advice and credit card advice for almost 10 years i retired at age 39 but got remarried at 41 and have 2 new baby girls as an investor alone , the cost of health insurance premiums and deductables is 10k a year by driving truck it costs me 3k for premiums and 1k total deductable this is a no brainer ref stocks i only play dow 30 like cat and ibm here is the proof where i posted my picks and my predictions for public view http://news.messages.yahoo.com/bbs?a...456&mid=145128 http://news.messages.yahoo.com/bbs?a...456&mid=145539 http://news.messages.yahoo.com/bbs?a...456&mid=147846 |
Re: ref stocks on borrowed money
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can't type a complete sentence if your life depended on it. :roll: |
not cant just dont care to
i dont give a crud about your ivory tower
sentence structure bull that you hold so near and dear you probably are still a bush supporter too i type as i choose if you dont like it dont read it |
Re: not cant just dont care to
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can't type a sentence and like to brag about how great their business skills are and tell others to look up their "accomplishments" on the internet are either 1. liars or 2. con artists which are you |
reply to rev fool
neither you loser
unlike a loser like you i help people for fun and for free something truely alien to the republican likes of you all you probably think of is whats in it for me all you can conentrate on is my freedom to not type my posts as you seem to think you have the right to demand me to do you amuse me with your lame attacks you remove all doubt as to your childish level of thinking the topic here is finance a truck i gave an example that works and you cant stand it because it explores an idea that involves thinking of the box again a concept alien to you keep replying and attacking my posts as lies or my posting style its the only thing republicans like you can do when you are faced with unrefutable facts i said it before i will say it again if you cant stand the way i post dont read em do the world a favor and dont reply if your childlike mentality can do so ya 6 year old child |
Re: reply to rev fool
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dejanh
congrats on your success
the reason you will pay 100 is you are choosing to keep the rig if you give it back you probably wont i would suggest you look at the residual value vs like trucks as you may be able to buy something cheaper example i leased a chev blazer in 2000 and retured it in 2003 the reason why was simple the residual buy back was 18k on a blazer with 35997 on it the open market price on 3 local blazers with 24-26k on them was 13-15k this was a no brainer big trucks cost more but have similar financial lives as far as loss of value good luck i have met very few owner opts who make more then the 50k i will make as a company driver this year i make 4500 a month now |
Re: reply to rev fool
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Financial advice from a company driver - always a winner. :roll: |
Re: reply to rev fool
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Re: reply to rev fool
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Re: reply to rev fool
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I don't want to be "edited" nor dee-vorse-ed this close to Thanksgivin' doncha kno' !!!! |
[quote="Crackaces"]
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Dude, you need to change your bank. When they were offering ZERO percent financing on autos, the big three automakers used a cutoff of a 720 FICO score. Better yet, get a home equity line of credit at 7% (or whatever) and write the interest expense off as a tax deduction, which is perfectly legitimate. -- ct |
Re: ref stocks on borrowed money
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Free advice on stocks is worth about what you pay for it. -- ct |
Re: reply to rev fool
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I think what Mr. Shakespeare wanted to say initially was something along the lines of "because it involves thinking outside the box", however, since he hasn't discovered the magic of the spell check, much less learned how to write a coherent sentence, it came out badly. If I wanted to read disjointed bullshit messages in phucking haiku I'd go to the truckstop and read the weird ass stuff on the walls of the toilet stalls in the men's room thank you very much -- ct |
I've got a feeling tbaarr never played sport's in high school.
Just one of those people who never learned to get along much less the benefit's of teamwork.... Either that or his fav movie is Nell (Jodie Foster) she had her own language too.... I wonder what it would be like to talk to this guy in person?????? Be good, Jim |
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