Help Please

[jecrdt]

Hello,
I would like to buy a used truck with private party financing. What percentage of load do I need to give them on top of payment? Also what is a fair interest rate and how many years is the normal for financing?
Thank You

 

[fortwayne]

If you are buying the truck off of a private owner and he or she is willing to finance it then I would not give them an interest rate at all. I would simply offer a percentage of the overall line haul and that is it. If they have been in the business they know how difficult it is and how quickly it is changing.If you are buying it from a private owner you will agree to assume all maintenance, insurance, expense of tags, etc. That is a huge savings for them to override any interest charges instead. Also, make sure you are allowed to place the truck on with any carrier of YOUR choice.
Also, I would offer 10% of the load and no more than 15% assuming this would cover any payment they still might be making. If they have no payments themselves then you have eliminated their expenses, so all they have is the worry factor you can make the payment.
Don't let them 'push' you into anything more - you would lose in the long run.

Fort Wayne
Guided By God

 

[nightcreacher]

1st what size truck,second,myself,i would make the note as a bank,truck plus interest,title is yours when note is paid,and a clause,3 late payments it goes back to me

 

[bamamule]

run the outher way unless you can see a clear title and the title is in your name with them as a lean holder intress payments thats up to you but there are a lot of people out there selling trucks that can't do it but the person your dealing with may be 100% honest but be safe