Interest rates on truck payment...40%

Just out of curiosity, does the phrase "confession of judgement" appear anywhere in the loan agreement?

 

Bmo harris quoted me 15%. My score is 790. That was a month ago.

 

Can any loan company charge that kind of interest rate? 40 % seems a bit steep to me. Is that even legal.

 

You're obviously asking the wrong person that question

 

Financing your semi truck can help start or grow your business. But it’s wise to consider the costs, which are largely due to interest rates. Current rates on a truck loan typically stay in the 6 percent to 35 percent lane but can get as high as 99 percent depending on your credit.

What Are Current Semi-truck Financing Interest Rates? | Bankrate

And his actual rate is around 25%, which seems normal for his credit score.
Very few can obtain a loan under 15% these days.
You should also be aware of if a truck was selling for 100K 2 years ago, now it's like half of that.

 

Your numbers say $2164 a month for 36 months. That comes to almost $78k. Unless the inputs are wrong, this is the correct math.