Interest rates on truck payment...40%

Think you're looking at life of loan, not per annum. Or a loan from Guido.

 

I was told 7.7%APR if I wanted to make a change in January. That’s from my local bank that I’ve used for almost everything since I was in high school. I think Paccar Financial and other commercial lenders are around 10%. I’ve seen some of the second chance places talking about 30% rates on social media. I’d say anyone going that route is setting themselves up for failure.

 

You have decent credit so I wouldn't accept that ripoff rate. I think the highest I had on my first truck was back in 1993 for 11%, I wouldn't accept anything higher than that otherwise it gets difficult to pay it off. There's plenty of lenders you just have to shop for a decent rate.

 

40% is insane. If that’s the best rate you can get, find another vocation, you can’t make that payment.
Personally, I don’t borrow money, but anything over 10% is going to be a big financial burden.

 

Are you a driver or just want to start owning trucks?

My main lender has seen a huge increase in applications for trucks by people with ZERO experience in the industry. Many of these are trying to be arm chair owners and the lenders know better with high failure rates so high-interest rates to with the offer for the applicant.

 

I bought mine 4 years ago and got 4% with zero down.


I have really good credit

I also went to MY bank. The one Ive been with for 25 years. The one that KNOWS ME. The one I bought my last truck with (after 30+ years as a company driver).

Hell, I might even be willing to sell it to you. Doesnt even have 250,000 miles on it yet. Ive been semi-retired for the past 2-3 years.

 

My last one was 5.99%
I’d figure about 9-12% right now way things are and that’d be high.

Find a different dealer, someone like freightliner or something, big dealer, someone is trying to make their fortune off you.

 

Got mine at 11.54% fixed rate, so umm 40% is not only excessive but absolutely bonkers.

 

4.9, lowest to 6.5 highest