truck downpayment
- Thread starter truckwife
- Start date
Perhaps I am missing something here,but I seen no reason as too why putting a down payment on a truck would prevent you from using it right away.
Remember the larger the down payment,the smaller the monthly payment, I would also advise you in the beginning to try to get 1-2 payments ahead of schedule, that way you will never get late charges or if you have a bad month for whatever reason you don't have to worry about missing a payment..
Remember the larger the down payment,the smaller the monthly payment, I would also advise you in the beginning to try to get 1-2 payments ahead of schedule, that way you will never get late charges or if you have a bad month for whatever reason you don't have to worry about missing a payment..
G
guest
Guest
this is a question for frank in the Tax forum. I'd suspect most dealers will want about 10% down but....
The days of financing a commercial truck with no down payment are history. You will need at least 10% - but be prepared for 20% or higher, depending on your credit.
Lawrence,
Expediters Online.com
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Lawrence,
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As with anything, if the down payment is lower, expect to pay higher interest. And as Lawrence mentioned, finding one with a low down payment are almost non existent. There are a few selling no or very low downpayment, but they are selling a 70,000 truck for 85,000.
Really do your homework and understand exactly what you are buying and what you are really paying. This is a place where alot of mistakes can happen.
Be careful
Davekc
Really do your homework and understand exactly what you are buying and what you are really paying. This is a place where alot of mistakes can happen.
Be careful
Davekc
forgot to mention; make sure you clearly understand what kind of loan you are signing. You want one that each payment contains a portion of principal with your interest per payment. Some dealers will have loans that are all interest on the front end of your loan. The truck will be two years old and you will owe considerably more than it would be worth, because you haven't touched the principal. If the dealer can't provide this type of loan, I would obtain financing from another source.
Davekc
Davekc
Doggie Daddy
Veteran Expediter
hmmmmmm, it says that the attachment has been deleted. hmmmmmmm. DD.
Doggie Daddy,
Nobody removed the file attached. It was incorrectly uploaded.
http://www.freespeechradio.net/signspube.jpg
Lawrence,
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Nobody removed the file attached. It was incorrectly uploaded.
http://www.freespeechradio.net/signspube.jpg
Lawrence,
Expediters Online.com
Change is inevitable, except from a vending machine
-----------------------------------------
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Truckwife,
Your statement "We've heard that its best to buy a new truck"
This will depend on the person giving you advice. Most salesmen will push this advice.
My advice would be to find someone looking to hire drivers, and drive their truck for 6 months. Your expeditor education will be a lot cheaper doing it that way, because you will learn whether you are compatable with this business, compatable with each other in an enclosed space, the things you dislike/like about the setup of the truck you drive, what dealers can offer good prices on trucks you want and so on.
When you finish your time as drivers, come back here and look at the used trucks and save your nestegg for that rainy day we all get.
Vernon in C2197
Your statement "We've heard that its best to buy a new truck"
This will depend on the person giving you advice. Most salesmen will push this advice.
My advice would be to find someone looking to hire drivers, and drive their truck for 6 months. Your expeditor education will be a lot cheaper doing it that way, because you will learn whether you are compatable with this business, compatable with each other in an enclosed space, the things you dislike/like about the setup of the truck you drive, what dealers can offer good prices on trucks you want and so on.
When you finish your time as drivers, come back here and look at the used trucks and save your nestegg for that rainy day we all get.
Vernon in C2197
>That attachment is interesting, kinda wonder how it got
>there? Can the EO team let me know when it was added, my
>post WAS modified and not by me(no one here has my
>password)I will be checking on this end anyway.
Ok, I did some poking around and this is what I found.
1. When you made your post, the "attachment field" that is on the bottom of every page when you respond to a post or make a new post - was filled with data.
2. If you accidentally put data in this field - it will appear that an attachment was attempted. Look I have done it in my post here as well.
Your Password is totally secure and there is no appearance that your post was modified.
I hope this answers your question. Thanks for being apart of EO!
Lawrence,
Expediters Online.com
Change is inevitable, except from a vending machine
-----------------------------------------
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>there? Can the EO team let me know when it was added, my
>post WAS modified and not by me(no one here has my
>password)I will be checking on this end anyway.
Ok, I did some poking around and this is what I found.
1. When you made your post, the "attachment field" that is on the bottom of every page when you respond to a post or make a new post - was filled with data.
2. If you accidentally put data in this field - it will appear that an attachment was attempted. Look I have done it in my post here as well.
Your Password is totally secure and there is no appearance that your post was modified.
I hope this answers your question. Thanks for being apart of EO!
Lawrence,
Expediters Online.com
Change is inevitable, except from a vending machine
-----------------------------------------
Thanks For Visiting EO!
http://www.expeditersonline.com/hotnews/sterling_eo_forum.jpg
Please Help Us Get The Word
Out About Expediters Online.com!
-----------------------------------------
O.K., I eat crow. It kinda looked like Lawrence's post showed what my attachment was. Just goes to show that you should not sit in front of a keyboard with a gin and tonic(gotta love that Tanqueray). That pic shows a nut(?) that was vindicated in the end. Kinda ironic considering my views on the economic situation this country is in. Check out The Daily Reckoning.
http://www.dailyreckoning.com/whitelist.cfm
The bank called , my reality check bounced!
http://www.dailyreckoning.com/whitelist.cfm
The bank called , my reality check bounced!
Broompilot
Veteran Expediter
>We've heard that its best to buy a new truck and put no
>money down so you can use it as right off.Is this a good
>idea or is it better to purhase a truck with a down
>payment?Can someone please educate us before we take the big
>leap!Thanks for all your help.
Kraig Allen
I am going to be new to expediting, but I have owned a business for the past 14 years (sold it last year). My new truck will be in Oct 12. I can pay cash, but am taking others advice on the web site that is to put down 50% and leave 8 months worth of business and personal expenses for start up costs. Actually I will put down 70% as this will work out 8 months costs. Now finding a bank to loan me $ two said no even with a deposite in their bank of more than a new truck costs. Yes I am switching banks, so if you think a bank is going to loan you money forget it, only the manufactures will and you had better have spotless credit I mean a fica score of close to 800. As for no money down they are going to need at least 20% down for a purchase and a lease will be 10% plus two payments plus some other costs better plan on 12K down on a 76K purchse just an example that I had run. Good luck Personally I like having a low payment, intrest is just good money gone forever no matter what the tax man take. Taxes are always cheaper than intrest it is just a ploy to keep us working harder. This is why the banking lobby is so strong in D.C.
>money down so you can use it as right off.Is this a good
>idea or is it better to purhase a truck with a down
>payment?Can someone please educate us before we take the big
>leap!Thanks for all your help.
Kraig Allen
I am going to be new to expediting, but I have owned a business for the past 14 years (sold it last year). My new truck will be in Oct 12. I can pay cash, but am taking others advice on the web site that is to put down 50% and leave 8 months worth of business and personal expenses for start up costs. Actually I will put down 70% as this will work out 8 months costs. Now finding a bank to loan me $ two said no even with a deposite in their bank of more than a new truck costs. Yes I am switching banks, so if you think a bank is going to loan you money forget it, only the manufactures will and you had better have spotless credit I mean a fica score of close to 800. As for no money down they are going to need at least 20% down for a purchase and a lease will be 10% plus two payments plus some other costs better plan on 12K down on a 76K purchse just an example that I had run. Good luck Personally I like having a low payment, intrest is just good money gone forever no matter what the tax man take. Taxes are always cheaper than intrest it is just a ploy to keep us working harder. This is why the banking lobby is so strong in D.C.
I recently looked into buying a truck of my own, I have been in expediting on and off for about 5 years, and in the transportation industry for 14 years. I am currently a subcontractor for a owner but decided I wanted to go out on my own. After extensive research and running the numbers , I am better off staying where I am at but here is some information that may help you.
I did a business plan and filled out all the paperwork for a bank loan. Of course they turned it down because I had a bankruptcy in 1998. I called the company I wanted to sign on with and they sent me a "Letter of intent" . I took that letter to the bank and they said they could approve the loan with that letter. Everybodys situation is different, but you may want to consider doing it.
It may have helped that banks are more prone to approve loans if you have been in the same vocation for some time. I also have a DBA, and business checking account in my company name. Dont really need it but I was just planning ahead long ago. Hope this helps, and good luck.
I did a business plan and filled out all the paperwork for a bank loan. Of course they turned it down because I had a bankruptcy in 1998. I called the company I wanted to sign on with and they sent me a "Letter of intent" . I took that letter to the bank and they said they could approve the loan with that letter. Everybodys situation is different, but you may want to consider doing it.
It may have helped that banks are more prone to approve loans if you have been in the same vocation for some time. I also have a DBA, and business checking account in my company name. Dont really need it but I was just planning ahead long ago. Hope this helps, and good luck.
I wouldn't necessarily rule out a bank loan altogether, especially if you have some sort of relationship with the bank. I was going to skip that step and just try to finance through a dealer. My wife called the banker we nornally deal with one day. He told her that we needed to update our financial statement. I did that and included a business plan as well. Next day, he tells us to pick out a truck, but we will need to pay 15% down. Interest rate isn't too bad either. Of course this route won't work for everybody, but it is one of several ways to go.
CJ
CJ