Today i got approved for buying my 1st truck, truck: 2004 Freightliner $25000, down payment $4600, 36 monthly payments of $1150, LOL!!!
do the math, you could get a better rate from a loan shark, so as you guessed i laughed and said no!! i have a great credit history, score 750+ no bad stuff on the report, good work history, own my home, and all that good stuff, so what the F--K is wrong with these people, anyway gonna finance another way, im posting this so if anyone is thinking about financing a used truck, expect these kind of rates, unless someone here knows better, i would sure like to know?
Rich
im pissed!!!

 

I'd be pissed too, but I have to ask, was this one of those scams that takes out two page adds in the trucking publications? I'm asking because there has to be some hitch, your quoting a 53.63% interest rate and I've never heard of that type of interest on any loan.

 

I would ask for a breakdown of the figures. Something doesnt sound right. Even at 25% the pmt would be $900 for 36 mos. Figuring 7.5% sales tax. Use this calculator.

Auto Loan Calculator at Edmunds.com

 

no this lender was recommended to me, this is my only quote so far, he said the rate was 27% with a built in breakdown package and insurance top up, to cover the difference between insurance payout if truck totaled and actual loan amount, i said how come its so hi, my credit is good, he said it has nothing to do with credit, its me being a 1st time o/o, anyway it all sounds like bs to me, ive never had any problems with getting credit on cars/motorcycles or mortgage, so now i want to buy a truck to make money, and they want to bend me over!! i guess ill top up my mortgage and go that route, i figure a $25000 truck should cost no more than $400 a month over 5 years or $650 over 3 years, $1150 is taking the -----
Rich

 

yep just did the math should be $913, still to much, %27

 

On first time financing they try to ripp you off no matter what.I have a friend that financed 8-9 trucks and now he qualified for 0 down on a brand new cascadia.His first truck ,he said, was pretty big on interest something like 17 %.That's what happened to me to when i financed a part for this truck.Luckily it wasn't a lot of money.Next time i will use a business loan from a local credit union ,having been 2 years in business.Local credit unions seem a little more relaxed on financing compared to the sharks that advertise boldly everywhere they can.

 

yeah your not kidding, actually the loan would have been for $23000 -$4600 dp, these people are pricing themselves out of the market

 

i just emailed the loan guy cause i dont understand his quote, here is what i make it. the loan would have been for $23000 -$4600 dp = $18400 over 36 months @ %27 = $619.72
Rich

 

So why are you not talking to your local bank or credit union where you do your banking.

I talked to my bank last week about buying a second truck and was quoted 0 down and 7 1/4% interest. Payment of $1085 for 3 years on $35,000

 

If I were you I would take that $4600 along with a business plan to my local banker and talk to him. Not one of those Big Name banks but a local bank that is run by the president right there in the bank and see what they have to say. I can with 99.99% certainty tell you that my local bank would jump on it. You have an established track record with payments on big ticket items; house, car etc. Finance it for 2 to 3 years. All that "extra" crap that you were quoted is cash in that mans pocket. He's gambling that you won't break down and won't burn the truck down or if you do your so confused about the extra money your paying him each month that you use your own insurance and money to fix it. It smells like a really bad scam to me. You need to be in absolute control of every penny, not paying blindly into an escrow or whatever they want to call it. It's not the big ticket items that sink a business, it's all the $1.99 stuff that no one thinks about that adds up and all the sudden there's no cash. Don't let anyone other than you the business owner handle the money, keep track of every single penny.