Financing a truck?

Discussion in 'Ask An Owner Operator' started by Travelworld2067, May 10, 2018.

  1. Travelworld2067

    Travelworld2067 Light Load Member

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    So id like to actually buy a truck peterbilt or frieghtliner. What would be better going through a dealer or paccar or a bank or other institution? Say the truck costs 120 to 155k what should i expect to pay a month and what interest rate with a 710 credit score. Do i need to put a lot of money down or is there a way to bypass i rather keep that money for business.
     
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  3. SteveScott

    SteveScott Road Train Member

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    There is no set rate unless you know more about the final cost, your down payment and the interest rate they're offering with your credit score. You won't get a great interest rate with that credit score so expect to pay more than somebody with a great score.

    I'm in the process of doing the same, but going with a full service lease instead of a purchase. Lower payments and a very small down payment.
     
  4. Travelworld2067

    Travelworld2067 Light Load Member

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    Do you get to own the truck after lease is done? Tell me more about that how much down? How much a month? How long til you have title
     
  5. SteveScott

    SteveScott Road Train Member

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    No, at the end of the lease you turn in the truck and lease another new one. A lease to purchase costs more per month and has a larger down payment.

    Can't tell you the costs. Too many variables.
     
  6. Travelworld2067

    Travelworld2067 Light Load Member

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    What is your payment each month? What year and model?
     
  7. Jeremy1

    Jeremy1 Bobtail Member

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    We bought new was under 2 year Mark ax owner operators and credit 700s on a truck for 157000 had to put 32000 down and payment 2600 amonth
     
  8. Atlanta trucker

    Atlanta trucker Road Train Member

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    Does borrowing $125,000 -$150,000 dollars to perform the job of truck driver sound like a good idea to you ?
     
  9. SteveScott

    SteveScott Road Train Member

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    If you can make 2 or 3 times that much a year and pay for the truck over several years, then yeah it sounds great.
     
  10. LateNightCable

    LateNightCable Light Load Member

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    Your implication makes far too much financial sense, and frankly could use more chrome. lol
     
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  11. GreenPete359

    GreenPete359 Road Train Member

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    By that logic, there would only be mega’s out there & we’d all be company drivers.

    Tho a $10-15k cash truck sounds like better deal to me....if you know how to turn a wrench that is. And lets face it...truth and facts ladies....most people don’t know how to turn a wrench!

    There is a lot of houses with attached garages out there with brand new tool boxes stuffed with brand new tools that have never been touched.
     
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