Used commercial truck financing

Discussion in 'Trucks and Trailers' started by TPS, Dec 27, 2008.

  1. TPS

    TPS LawnSite Senior Member
    from NJ
    Messages: 363

    Anyone have any good sources or suggestions for financing a used commercial truck? Not sure if theres banks that specialize in commercial or not. So just looking for suggestions before shoppping my local banks. Thanks in advance.
  2. JB1

    JB1 LawnSite Fanatic
    Messages: 5,904

    I would try your local bank.
  3. AI Inc

    AI Inc LawnSite Fanatic
    Messages: 27,061

    I bought a used ford from a dealer a few weeks ago. They set me up with a local credit union as it was a lower rate then ford credit wanted.
  4. Az Gardener

    Az Gardener LawnSite Gold Member
    Messages: 3,899

    I would suggest a credit union too. They usually have commercial loan divisions but thy don't advertise much and to be honest I have found the people to be inexperienced on the vehicle side of things. It certainly is not a easy as walking into a dealership where they handle everything in a couple of hours but well worth the time invested.

    That is how I have purchased my last 2 vehicles and I have saved a bundle. Low rates and no sales tax here in AZ when buying from a private party. They let you purchase up to 5-yr old vehicles and they loan up to 80% of blue book. I got pre qualified for an amount then went shopping. My last rig was a 04 Fuso cab over dump truck with about 30-K miles for 20-K out the door, it was a diesel too. Check credit unions.
  5. TPS

    TPS LawnSite Senior Member
    from NJ
    Messages: 363

    Thanks for all the tips. I'll look into a credit union and see what they have to offer. Thanks again.

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