Truck Financing Questions ?

Throwing some advice out there for you. Some lenders will negotiate directly with buyers, some will only work with dealership (those that do work just with dealerships usually do so because of ease of getting all the docs/title/etc correct), doesn't hurt to ask them though!

The 2010 approval is a pretty decent one for a first time buyer. Rates are right around there for first timers/no equipment finance history. Next time around, you should perhaps see a little less down payment/a slightly better interest rate, but that approval is certainly right in the ballpark.

 

hi marty, I'm looking to buy a used dump truck. i live in michigan so my questions is who will finance me (treat me right) on a loan. my situation is 1st I'm over 1 yrs from bankruptcy so I'm building my credit back now. i have 20percent to put down. i need somebody that fair and that i can grow with to get my business back off the ground. before bankruptcy i had a commercial loan with my bank and bought a tractor and paid it off so my credit was very good. i have also paid cars and other loads off. i file bankruptcy because of a mortgage that was bad after a divorce . then the bank didn't help me when they should have then to top it off the banks get suit and give me back 10000 but mess my credit up with a bankruptcy.

 

Hey Guys. I'll pick this up the best that I can. As a disclaimer, I work for CAG Truck Capital but am happy to give advise about what I know and point people in the right direction.

 

Taxi2010: sounds like a lot of what we are seeing all around the country due to what happened with the economy. Depending on what has happened since you filed it may be possible to get financing. In cases that are similar we have had guys come up with more money down and or a co-signer. In your case you may be able to get favorable terms from a local bank and I would start there first.

 

I got finaced with 25% deposit and 36 month payment plan not bad thanks falcon bank

 

If you haven't already I would take out one or two small loans for the sole purpose of rebuilding your credit score. Even if it's a secure loan borrow a $1000, put it in the bank and use that money to make the payments with. Then in about 6 months or when you get a better score pay it off. Do the same thing with a credit card. Before you know it you'll be back in the 700s and creditors will overlook that bankruptcy. It scares them but if you show them it's a life event from like you said a divorce or being struck with high medical bills they will understand you pay your bills but suffered some unforeseen event.

I know one guy that filed bankruptcy one week and bought a new car the next week. You can do it. If not now maybe 6-12 months from now.

 

Interested to know if you know any good dealers in the south, I am in Atlanta. Looking for a used but good truck, credit not the best but I do have money for a down payment. Thanks in Advance

 

Lenders.....
We know in auto financing there is a "buy rate " which is the rate the lender will buy the paper from the dealer. Agreeably all lenders and dealers are different and so would be any "buy rate"

My question is: what is the typical spread in a class 8 deal? I had a car dealer come down 6 % at closing which was astonishing and I also had him monitor conversations I had with my wife about the deal.....( while he talked to his manager ) I'm not sure if he had a separate device or just que'd the intercom on the phone but he knew way too much when he returned. Trust me on this...way too much. He was listening to us I promise.

Generalizations would be fine too like " we see X points new but the used guys are more aggressive at Y "
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And do you see / make recourse deals in class 8?
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And as far as you know.... is there any law or lender requirement that the dealer pull my credit? Point being he says it's so he can know where to send the paper, I call BS and say he wants it to pre qualify me at a particular level of purchase. I say if we make a deal he will shotgun the paper anyway looking for the most cash making his staement moot.

Thanks.......

 

Truck loan payment calculator
http://www.commercialtrucktrader.com/research/tools/loan-calculator/

 

Interesting