How much is your payment?

Download a payment calculator app.
Remember your comp insurance will go up.

 

You need to talk to a bank, not random internet experts. Every bit of financing is subjective. One guy pays 2400$ a month, while another with the same equipment pays 1500$.

 

My payment is $0

 

A good rule of thumb I use is $25 per thousand borrowed at 10% for 48 mos. $100k loan at 10% for 48 mos. is $2500 per mo. Roughly. Bankrate.com is a good source for a calculator. Use the auto loan calculator.

 

I’m retired now.
My last truck cost $220,000 and I had a payment of $4,188 a month for five years. I grossed $300,000 a year and netted $90-100,000 a year taxable income for myself after that payment and all expenses.

 

How much is your payment now and how much is your maintenance for the last 2-3 years? This is how I figured out I wanted a new truck and ordered it last year and still waiting. I believe my numbers worked out to be very close to the same price but I will hopefully have a bigger, nicer, and more reliable truck for the same money.

With that said I also waited until after the election was done to verify I wanted to go in that direction. Once Bid$5n Gallon won I knew it was the right move to make. I betted on prices going as high as $6-7 a gallon for the next few years. Once I figured that out I would be saving more money by getting a new truck that got better MPG.

 

Your payment will be based on your history more than anything else. Not just a credit score

If you have bank and trucking history you can get better rates and less $$ down than going at it for the first time
Commercial loans tend to be higher interest and any rate given can always be negotiated whether it’s a truck or new car. If they say 8% ask them for a better number
We have been able to get our rates dropped on our vehicle purchase’s just by asking. Especially at a car dealer as they get some of that % kicked back

We bought a new suv one time and interest was like 5% or something
My wife and I got up to leave and the guy asks why
I said I want 1%
He changed it to that and the deal was done

 

Like at the Rolls-Royce dealer,,if you have to ask how much, you probably can't afford it. Buying something newer to get out of maintenance isn't the best idea. Newer trucks break too, then you have the repair PLUS the bigger payment,,,you can't win. What's the issues? You should, at some point, catch up with repairs on an older truck, and while no payment isn't the best either, you'll give it all to the govt. instead, no payment is the only way to go today. The world is just too crazy today to have a payment of any kind. I sure wouldn't want one.

 

Just curious as to what some of these maintain costs are and for what and how they were fixed, because a lot of guys like to half ### repairs and then ##### about it