Who is Getting Truck Loans These Days?

ATeam · Mar 1, 2009

I'm asking out of simple curiosity. Have you or anyone you know taken out a new truck loan in recent months?

We hear in the news about tight credit. How is that showing up in expediting, if at all?

I can't say because we are not shopping for a new truck and I do not know anyone that is. What's going on out there regarding expediter credit availability and truck loans?

nightcreacher · Mar 1, 2009

Phil,the right dealer can always get you a truck load,just depends on down payment and interest your willing to pay.THese dealers cant get rid of their trucks and will do about anything to get them gone.

pellgrn · Mar 1, 2009

Also most leanders want a couple yrs experience in trucking,trk not be more then 3 or maybe 4 yrs old,good credit,and 10% down.

chefdennis · Mar 1, 2009

While i am not looking to buy another truck at the moment, I can tell you there are and more banks that are healthy and willing to loan money right now. The credit problems are with the BIG name banks. There are alot of small banks never loaned a dime in subprime mortgages and they are doing just fine.

I talked to 2 scoures for money for equipment leases at the beginning of Feb and there was no problem as long as the lease holder was qualifed. As was said, these dealers are sitting on trucks and their floorplan interest is killing them, they will do all they can to get a qualifed buyer bought and you can bet that there are some good deals to be had on the price of new equipment.

This article speaks to the fact that not all of the banks are having a hard time:

Bankers to Obama: Stop trashing us - Victoria McGrane - POLITICO.com

moose · Mar 1, 2009

I'm about 60- to 90 days from buying my next new truck ,
and will get a H/W team to drive it .
a TT ,
not Expedite.
will let you all know hows it goes ,
The dealer think we will have no problem get it finance .

my personal take on it , is that the lenders got the best insurance ever now,
they know that the administration will encourage them to keep lending ,
and will bail them out if needed ,
they will not miss a Tee time , regardless of their customers making the payments or not.

Moose.

aileron · Mar 6, 2009

Not me. Towards the end of last year I was looking hard at a new sprinter. I really like the looks of the new one, but the sense got back into me and I did not get in debt. Glad I did not with the economy the way it is. And I probably will run my current one into the ground before I get a new one.

P51bombay · Mar 6, 2009

Just took out loans on two trucks last month, first I tried the SBA (govt' guaranteed) thinking that would be my only option but that was turned down from a local bank, tried a few others and could barely get the time of day from them so went to my credit union who I had previously been told didn't do commercial loans and while that was true - they were happy to write me two "auto loans". One was a 2003 KW T300 and they other a 2007 Savanna cutaway

VBobby · Mar 7, 2009

There are ways to get around the traditional lending institutions.

Right now savings investments, like IRA’s, that are managed by most investment firms are unable to provide a decent return with the market the way it is. If people want to get creative and take control of their own investments they can move their money into a self directed IRA. With a self directed IRA they are able to manage their own portfolio. While traditional mutual funds are available there are many other investment options available. They can invest in private businesses as well. They just cannot invest in a business that they or their family own or hold an interest in.

Example;

So, Moose tells Phil that he wants to buy a new truck. The bank wants 20% down and will give a 5 year loan at 22%. Phil, having placed saving in a self directed IRA sees a chance for an investment. After approving moose’s business plan and credit status he decides can offer a better deal. Phil can come up with whatever terms he wants. For example, he can offer moose a 100% loan for 5 years at 14% interest. This is a better deal for moose and that IRA is not going to make anywhere near 14% in a mutual fund right now. It is just a matter of Phil directing his IRA trustee to create a paper note for moose to sign and the loan is done. Moose has a great deal and Phil’s IRA trustee is holding a note and a lien for him on moose’s truck.

There are a lot more details to this scenario. I’m just suggesting that there are other ways to get loans and to invest that don’t involve bank money or terms.

Bob