Used truck Financing

Discussion in 'Trucks and Trailers' started by AWJ Services, Aug 30, 2013.

  1. AWJ Services

    AWJ Services LawnSite Platinum Member
    from Ga
    Posts: 4,276

    On trucks older than 5 years what kind of rates are you getting with med duty and heavy duty trucks?
     
  2. jwilkes

    jwilkes LawnSite Member
    Posts: 14

    I just bought a 2000 Sterling tandem dump and got 5%
     
  3. AWJ Services

    AWJ Services LawnSite Platinum Member
    from Ga
    Posts: 4,276

    Who was that with?
     
  4. AWJ Services

    AWJ Services LawnSite Platinum Member
    from Ga
    Posts: 4,276

    Why was this moved. I am not interested in normal truck finacing or normal trailers. Med duty and Heavy duty trucks are much harder too finace than a F250 and I posted it where I can get a response from people who have trucks like I amd trying too get.
     
  5. Mowingman

    Mowingman LawnSite Platinum Member
    from Texas
    Posts: 4,663

    I have found that on these bigger trucks, trailers, and const. equipment, your best financing is usually going to be with your local bank. The bank where you have your business accounts located. They are the ones most familiar with your operations, finances, and credit worthiness. My loan officer looks at each of my requests, and then somehow, comes up with the rate and loan length he will let me have.
    With an existing banking relationship, they know you best, and, usually want to keep you coming to them, not going somewhere else for loans.
    Rates will vary a lot year to year. The age of the equipment should have little effect on the loan, if you can explain how it is to be used and how long of a remaining life the machine/truck, has. I have gotten loans from a high of 8.5%, down to 4.4% on older equipment and big trucks, all from my local bank.
     
  6. AWJ Services

    AWJ Services LawnSite Platinum Member
    from Ga
    Posts: 4,276

    Due too the massive amount of bank failures in Ga due too defaulted property loans Banks here are tough too deal with.
     
  7. AI Inc

    AI Inc LawnSite Fanatic
    Posts: 25,308

    I typicly finance used trucks thru a credit union . Usualy get around 5%
     
  8. Mowingman

    Mowingman LawnSite Platinum Member
    from Texas
    Posts: 4,663

    We had many bank failures here too. however, if you have a good relationship with one of your local banks, those kind of problems are generally overlooked. They know you, and, they know how you handle your business.
     
  9. AI Inc

    AI Inc LawnSite Fanatic
    Posts: 25,308

    If they ask you how financialy stable you are tell em " Im good , how bout you guys"
     
  10. AWJ Services

    AWJ Services LawnSite Platinum Member
    from Ga
    Posts: 4,276

    Don't you think I have already asked them? They will not touch it. Been with them since 1993 and probably had over 400k worth of loans with them paid off over the years. They failed and where bought out. Same people work there but policy changed.
     

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