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msesatx

hows it going gentlemen,
after researching I've decided to pursue the sellers 2010 international prostar initially reccomended by in2trux! Well, long story short I'm in need of a solid finance/loan company to fund a new owner operator. Where I[/size] bank, they do not offer equipment loans just large personal loans under 20k. Luckily I found a couple loan companies as a back up plan but face higher interest rates (which would be incorporated with budgeting to make sure it's worth the load). I will pursue it worst case scenario because I fell in love with the truck! lol I have established above average credit and have a reserve for the initial costs. Any recommendations/ advice would be greatly appreciated!

Mrkentee

(10-12-2016 )mmmm Wrote: hows it going gentlemen,
after researching I've decided to pursue the sellers 2010 international prostar initially reccomended by in2trux! Well, long story short I'm in need of a solid finance/loan company to fund a new owner operator. Where I[/size] bank, they do not offer equipment loans just large personal loans under 20k. Luckily I found a couple loan companies as a back up plan but face higher interest rates (which would be incorporated with budgeting to make sure it's worth the load). I will pursue it worst case scenario because I fell in love with the truck! lol I have established above average credit and have a reserve for the initial costs. Any recommendations/ advice would be greatly appreciated!

Expect high interest on your first truck. Usually dealers have people they use. Mine tried GE Capital first, but the rate was too high. So he tried Bank of the Ozarks in Little Rock and they were better. The more you can put down, the better.
When I have two years of tax returns, I can refinance for a much lower rate from another bank.
If it's a private sale I guess you have to shop around. Somebody here can probably give you a website or something.

msesatx

(10-12-2016 )Mrkentee Wrote:
(10-12-2016 )mmmm Wrote: hows it going gentlemen,
after researching I've decided to pursue the sellers 2010 international prostar initially reccomended by in2trux! Well, long story short I'm in need of a solid finance/loan company to fund a new owner operator. Where I[/size] bank, they do not offer equipment loans just large personal loans under 20k. Luckily I found a couple loan companies as a back up plan but face higher interest rates (which would be incorporated with budgeting to make sure it's worth the load). I will pursue it worst case scenario because I fell in love with the truck! lol I have established above average credit and have a reserve for the initial costs. Any recommendations/ advice would be greatly appreciated!

Expect high interest on your first truck. Usually dealers have people they use. Mine tried GE Capital first, but the rate was too high. So he tried Bank of the Ozarks in Little Rock and they were better. The more you can put down, the better.
When I have two years of tax returns, I can refinance for a much lower rate from another bank.
If it's a private sale I guess you have to shop around. Somebody here can probably give you a website or something.

thanks!
Yeah it's just coming down to the best interest rate, and the amount on a down payment. very doable, Just have to find it!

Rex012

When I was buying my truck the dealer was giving me a loan on 10 percent on a 3 year term so I took it to Wellsfargo and they gave me 7.5 on a 5 year loan. The payment went down like 400 bucks I believe. Shop around like I did it pays to wait it out if the deals aren't right

Rex012

(10-13-2016 )Rex012 Wrote: When I was buying my truck the dealer was giving me a loan on 10 percent on a 3 year term so I took it to Wellsfargo and they gave me 7.5 on a 5 year loan. The payment went down like 400 bucks I believe. Shop around like I did it pays to wait it out if the deals aren't right

I should add that another thing that plays a roll is your credit my credit is in the high 700 s so that helped if your credit isn't good but you have a solid work history go with lone mountain they have very competitive prices and don't really do a credit check.

Rawze

It does not matter what you do, you will need a few thousand bucks (more like an extra $5,000 or so) up front to get things fixed up, etc. and to cover your costs while getting things going. If it is a loan you are taking to buy a truck, -- get extra money to get started with!. If you end up not needing it, any money not spent can go right back on the principle within the first month and nothing is lost by doing this.

I have met a lot of drivers in the past that have really nothing much to their name after buying a truck,.. then end up in a world of hurt and struggle trying to get things going after. There is always that down-time and those little things that eat you up and make it hard to get started without some capitol to get you going.

Just some words of wisdom.

hhow55

Check with credit union's, i know of some in my area who do truck loan's.