Truck financing

[Company5]

For those that have financed a tractor. Do you find it easier or more competitive to go through a truck dealer, or an outside source? The outside source being something of an unsecured loan. Just one of the many things to consider when looking into making the leap. Thanks for your time.

[lunatic]

OOIDA has links to truck finacing

[Company5]

Thanks for the info on the OOIDA. Does anybody have any experiences with their financing partners, good or bad? Or any other lender, dealer, etc. I am not so much worried about getting a loan. I have always had excellent credit and am vigilant in keeping it that way. That's why I am a little leary of just applying anywhere. I want to avoid as many hits as possible. I understand that a first time buyer with no "truck" credit may find higher rates and such. I am trying to avoid that.

[lunatic]

if you are not a member of OOIDA....join before you buy a truck, even if you doint use their finaning, they will have lots of good info and assitance

[Company5]

Funny you should ay that lunatic, I signed up on their site the other day. I actually mailed the 45 dollar subscription fee this morning before going to work. I thought that was relatively cheap.

[nitestar]

I went through my bank and I lease my truck from them.

I could have made monthly pmt to own it or Lease. I chose to lease it for tax purposes and in the the event of a lawsuit ,I cant lose my truck. The bank owns it.
Second time around now.
With the right kind of lease it is 100% tax deductable.
I would rather have that than worry about weather or not I need to excellerate my depreciation or not and then only get interest.
My lease works for me.


I simply hate finance companies, they have no heart for starters,

also when you get financial assistance from a dealer they get a% of the intrest as a kick back for sending the business to the finance company, as little as 1 % and as much as 4%, same with car dealers

[tommy]

I cant lose my truck. The bank owns it



Sorry to bust your bubble, if you do NOT make your payment to your bank for the Lease, they will come pick it up.

Just like owning it, renting it, or leasing it. PAY or LOSE it!

Leasing may be good for you though, every one has a different kick they look at, BUT, you can lose it if you do not pay, just wanted to claify that. :)

[Aubie2]

I cant lose my truck. The bank owns it



Sorry to bust your bubble, if you do NOT make your payment to your bank for the Lease, they will come pick it up.

Just like owning it, renting it, or leasing it. PAY or LOSE it!

Leasing may be good for you though, every one has a different kick they look at, BUT, you can lose it if you do not pay, just wanted to claify that. :)
I took his statement to mean in case of a lawsuit he would not lose his truck, the bank would.

[nitestar]

You lose anything if you don't pay for it.
I ment that in the event of a law suit I don't own the truck so it is not taken away from me in the suit if I lose, The bank owns it. not me.
I don't own it you can't take it. simple.
It is not like a mortgage on a house you are paying for to eventually own.

The lease I have is how we worked it out, I discussed it with the bank and their lawyer and we went over the pitfalls and how truckers are sued over most every little thing, we tried to cover that and a lease was the best way to go. I did have a choice. buy or lease.
and a transportation lawyer agreed this lease was the way to go also.

I also have a disability plan with the lease so I don't lose it if I am unable to work due to circumstance's beyond my control. accident ,health, you know the drill.

I also have everything of value in a trust. a revocable trust. I don't own it either and so it can't be taken from me. I retain right of usage.
Lawyer cost a lot to get it done too.

What works for one may not work for another. It takes a lot of looking and planning and digging to get the best plan to fit your needs and lifestyle.

[tommy]

What works for one may not work for another. It takes a lot of looking and planning and digging to get the best plan to fit your needs and lifestyle.

Could not agree with that statement more, we all have "different" views and stratigies that work better for us and worse for others. I look at it like this, do what is best for YOU :) :D and the Hell with the rest..