Whats a good interest rate for used truck?

Discussion in 'Trucks and Trailers' started by shovelracer, Jan 14, 2008.

  1. shovelracer

    shovelracer LawnSite Silver Member
    Posts: 2,009

    I found a beautiful used dump with low miles and Im seriously thinking about it. Havent driven it yet so not 100% on it. Anyways what are the typical going rates for used commercial trucks. Id probably finance around 30K. I have impeccable credit and can easily show repayment ability. Any suggestions as to a good company, who to stay away from, etc is appreciated. Thanks
     
  2. AtoZ

    AtoZ LawnSite Member
    Posts: 107

    Go to your local bank or credit union. I just financed a new dump truck at my local credit union for $43,000. The rate was 6.35% @ 72 months. That's assuming good to excellent credit. 0% down due to enough equity.
     
  3. grassmanak

    grassmanak LawnSite Senior Member
    Posts: 792

    you can get as good as 1.9% at some dealers
     
  4. Az Gardener

    Az Gardener LawnSite Gold Member
    Posts: 3,899

    I got a similar deal at my credit union. I had to contact the commercial loan dept though because of the size of the truck. It was a 06 UD cab over 14" dump bed with pull tarp, less than 5-K miles 32-K I paid the T & L.

    The 1.9 type rates is for new only I believe.
     
  5. AtoZ

    AtoZ LawnSite Member
    Posts: 107

    To get low interest financing you have to give up any rebates that may be involved from the manufacturer for your particular model year. Do the math and see which is better - low interest rate or a fixed rate from your bank... I have the low interest rate on two vehicles and a fixed rate from my credit union on two other vehicles.
     
  6. ZX12R

    ZX12R LawnSite Senior Member
    Posts: 787

    I think credit unions have the best rates.Mine is offering 6.0 % for 72 months on a new vehicle. Used vehicle rates are listed below.

    2006........6.0`% up to 66 months
    2005........6.5 % up to 66 months
    2004........7.5 % up to 60 months
     
  7. shovelracer

    shovelracer LawnSite Silver Member
    Posts: 2,009

    Yeah 1% either way doesnt really make the deal. Paying 6% new or 7% used doesnt make the new look very good. The last vehicle I bought was at 0.1% for 60. Kinda hard to go from that to 6%. Thanks for the advice.
     

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