For all you owners out there...

[themagicoen]

Where is a good place to get a loan for a truck? I put together a good plan, used my 1st 6 months numbers - which we all know is probably the lowest you'll ever make and had profitablilty showing even with a $2,000 + truck payment. But every bank I goto say they won't do rolling stock or some other lame excuse. I don't want to do a trac lease or auto loan cause I can't get more than the cost of the truck and the intrest is ussally much much higher. I knew someone who bought a truck w/ dealer finacing and paid $2500/month - I went to usbank and for the same amount in a business loan it was only $1800, same terms just less payment. Any ideas?

 

[davekc]

The variance in rates and monthly payments have alot to do with what type of loan it is. Your time in the business and credit score are going to be the biggest issues with regards to approval and interest rate amounts. Check several dealers for whom they use for financing. Additionally, OOIDA would be a good source if local finance or banks won't finance you.
Make sure you fully understand your loan and exactly how it works.


Davekc
owner
22 years
PantherII
EO moderator

 

[ATeam]

Could you elaborate on your words, "I put together a good plan..."? I'm asking because what you mean by a good plan and what people who make loans mean by a good plan may be two different things.

After finding dealer rates and terms to be obscene, Diane and I looked around and got our truck loan through a credit union. The loan officer told us they receive numerous calls from people seeking truck loans, and that truck loans are almost never made. She said we got a loan because of the good plan we submitted.

A good business plan can open doors that would otherwise be closed. Of course, credit score and finances are also considered. If you are in good shape that way, upgrading your written plan may get you where you want to be.

EO has been slowly developing a series of business planning articles to assist expediters. While we have a way to go before some sample plans will be available, the articles written so far may be of interest.

See:

http://www.expeditersonline.com/artman/publish/business-planning-expediters.html

 

[darkunicorn]

Hino has Toyota finance as low as 5.25% I had to pay a little more because I don't own a house etc but my payments are under 2,000 bairly but under :d
others will disagree with me but give Bob Rizzo a call at Churney's tell him I sent you and I know he'll do his best to take care of you!

Alvin

 

[Broompilot]

5.25 is way under what the market is currently charging, but my congrats.

If when entering this business, do your very best to get to know your bank branch manager. Everytime your in town, find an excuse to go in there and talk about what you love about this business. Let the banker know you have a great attitude about this industry and your future. Your branch Manager is YOUR BUSINESS PARTNER, treat them and theri time with respect, but make sure they stay put. I found this to be very aggrivating in the past., its like what run was that last Wednesday?

Got the PICTURE? Posotive attitude + the fact you are current on your bills, is gona go a very long way when she/he goes to bat for you when you decide to buy your first, second or what ever truck.

I had great credit, a long term relationship with my business bank and personal bank. When I decided to enter this business, I was told NO, even with enough $ to pay cash in my ehcking account they wanted TIME IN THE INDUSTRY. This was one very dissipointing blow to
my self esteem. Pacar came thru in about 5 minutes, now I have the banks calling me now that I still have the attude, expierence and history to pay off a truck loan.

When you do not need the $ everyone wants to give it to you, when you are asking well enough said.

When deciding to come into this business nothings gona happen fast unless its a cut rate loan that your gona wish you had'nt. This takes time, one must prove themself and build a Track Record. Just like getting runs, think your first run is ever gona be from NH to CO or further? Baby steps build a reputation and it will grow larger than you dreamed possible, but you must pay your dues first.

 

[whitewolf53]

>The variance in rates and monthly payments have alot to do
>with what type of loan it is. Your time in the business and
>credit score are going to be the biggest issues with regards
>to approval and interest rate amounts. Check several dealers
>for whom they use for financing. Additionally, OOIDA would
>be a good source if local finance or banks won't finance
>you.
>Make sure you fully understand your loan and exactly how it
>works.
>
>
>Davekc
>owner
>22 years
>PantherII
>EO moderator

Davekc:
Are you saying that OOIDA will finance you if the banks won't????

Mike
Whitewolf 53

HERE LIZARD LIZARD LIZARD


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