I am looking at getting financing on a 99 to 02 Truck, and was looking for advice on where would be a good place to look.

I was going to keep my 85 FLT Daycab, but it has started using 1 gal per 600 miles, and afraid it might be going downhill too fast to help it any.

Rebuild is out of the question, as it is a 1985 350 BCC that has been rebuilt 4 times, and talked with the guy who had it before me, and he told me it always used oil ever after the rebuild. Anyway I want more HP for hauling logs.

Talked to my Bank and they gave me a ton of paperwork to fill out and bring back, and told me it would be a SBL and interest would be 6%- 10% according to my credit rating. (Not a problem)

The reason I do not have cash to pay for this is in the year that I have had my Truck, it has been a cash cow:

New rears, new drive shaft, yoke pinon gears etc.... new brakes and drums, new wheel seals, ac reworked, new tires all around, etc......................... . Now granted I could have bought newer to start with, but was not sure this was for me, and didn't want to get way in without making sure I wanted to do this for a living. Which I do now for sure.

Any advice and suggestions would be greatly appreciated.

 

OOIDA offers financing on trucks 2000 or newer, at least that's what they told me a few months ago.

 

www.truckandtrailerfinancing.com

Ask for Howie. Tell him John told you to call.

 

Have you considered getting a new or newer engine to drop in your truck? You have already spend a lot of money in rebuilding things. Your truck would be in pretty good shape with a new or newer bigger engine. Brand new engines are a bit pricey, depending on the brand, but you can often find good engines in salvage yards. Just something else to consider. I assume when you say SBL that you are talking about a small business loan? That can be a good way to go, but could take some time to get through all the paperwork maize. There are very few banks who make truck loans. GE Capital, Navistar, Chrysler (Mercedes) Credit, Paccar are a few of the major players. You don't have to purchase one of their trucks for them to finance one for you. There are also some leasing companies who work with owner operators. Rates tend to be a little higher than with conventional financing. Kennesaw Leasing is one company. I have no idea about their rates. Another is Tennessee Commercial Lending(?) I know of one carrier who has used Sun Trust Bank. It sounds to me as though your bank is willing to work with you. If you go through your bank and get a commercial loan, you will probably pay a lower interest rate.

 

If you want to check into a new engine you can look here. I never did business with them but I'm going to call this week for some parts.

 

http://mer-cap.com/index.html

This guy has done a good job for me. He was able to go 60 months on a 95 Pete only Bank statements showing cash flow were needed. What I have been doing is transfering money between three accounts so it helps make my deposits look high on paper getting me a lower rate. It is agonizing trying to decide between jumping into a payment or pouring more cash into the old one,I am in the same boat.

 

i`m all for keep good running older trucks but it seems from your posts that this truck is nothing but a money pit. don`t put an engine in it!

 

Not sure of your cash situation but I just called my credit union 2 days ago and they said anything under 50k was a consumer loan. Over 50k was a small business loan. My payments with 10% down would be around 800/month. I thought that was a managable payment. Especially for me who would just be starting out.

 

I would talk to another banker.
I went to my bank(American National) and was treated just like an auto loan except I had to write out on a sheet a few things about who I was leasing on to etc..and the intrest was higher.
Go the loan with 0 down,8.9%

Jon

 

Here are some companies:

RDS Finance -Truck financing company

4 Lease Help - Leasing company

Commercial Truck Leasing - Prudential Leasing

These companies usually do older trucks, hope this helps.