topic Re: Tractor and box truck financing in Business Credit

Tractor and box truck financing

ToughFistFight — Fri, 10 Dec 2021 17:28:40 GMT

I have three box trucks through Toyota Commercial Finance, those three vehicles come to around 280k.

I have been approved through Daimler Truck Financial for semi-tractor at 110k. I dont think Toyota was able to finance the Western Star

We are expanding the biz. And a giant plus, all of these HUGE loans do not report to personal, and as far as I have seen, dont report to business credit either.

I hope someone can use this information in the future.

I havent been able to find alot of big truck info on this forum so I add when I can.

Re: Tractor and box truck financing

sugarcreek67 — Fri, 10 Dec 2021 22:27:45 GMT

Thanks for the information, I have had good luck with Quality Leasing indianapolis,In

Re: Tractor and box truck financing

ToughFistFight — Sun, 12 Dec 2021 17:36:49 GMT

What rate are you receiving? Mine are 4-5.5%.

Re: Tractor and box truck financing

sugarcreek67 — Sun, 12 Dec 2021 18:15:43 GMT

I will have to look at my paperwork, my current lease is almost 3 years old

Re: Tractor and box truck financing

ToughFistFight — Tue, 14 Dec 2021 17:52:16 GMT

Is it a real lease? I dont lease. Just straight financing. I have thought about leasing, just didnt see the upside, about 3 times more expensive than financing. But, it does include maintenance.

Re: Tractor and box truck financing

sugarcreek67 — Wed, 15 Dec 2021 01:44:43 GMT

3 years ago I could not qualify for the $135,000 financing so I took the equipment lease, $1 buy out at the end. I take rent on equipment for a write-off, maintenence is my responsiblity. When I bought my Western Star glider, I intend for it to be the last truck I ever buy. Western Star is the toughest most durable truck out there and with a Series 60 Detroit is has a very reliable engine.

Re: Tractor and box truck financing

ToughFistFight — Wed, 15 Dec 2021 02:15:04 GMT

You are going to laugh, Im purchasing a Western Star also! Its an 18 4700 with 113k on it. The vehicle was a lease, but the maintenance was included so at least I know those happened on time. We have been purchasing trucks from the same family for 25 years. They have been a Western Star dealership for a few years and the owner really likes the quality of the vehicle. Im glad to hear you highly recommend that truck also. At first we were looking at Volvos, but everything is really expensive right now. If Im going to pay a higher price, I want a better vehicle. They have another one for sale, we might end up purchasing that one too.

And thats a great lease they did for you.

Re: Tractor and box truck financing

sugarcreek67 — Wed, 15 Dec 2021 13:42:36 GMT

I feel that Quality has treated me well considering my credit numbers back then. Volvo trucks have always been on the heavy side and they body roll in curves, dash rattles ect not something I would ever spend my money on. My truck is a 2020 4900EX. the 4700 is typically a dump truck or something similar, built like a tank. Western Star is to my knowledge the only truck still built entirely in USA. Portland,Oregon to be exact. Good luck!

Re: Tractor and box truck financing

sccredit — Wed, 15 Dec 2021 19:54:42 GMT

Volvo's are great when under warranty. The electrical nightmares after warranty are not worth the headaches.

Re: Tractor and box truck financing

ToughFistFight — Wed, 15 Dec 2021 22:53:13 GMT

I have a buddy who only purchases Volvos. I dont think he has any electrical problems as far as I have heard, but thanks for the info. Ill store that away in my little brain rolodex.

Re: Tractor and box truck financing

sccredit — Wed, 15 Dec 2021 23:46:25 GMT

@ToughFistFight wrote:
I have a buddy who only purchases Volvos. I dont think he has any electrical problems as far as I have heard, but thanks for the info. Ill store that away in my little brain rolodex.

I ran a 120 truck fleet and we had 10 Volvo tractors. Every single one of them started with electrical issues around 500k miles. I liked the Freightliners with Cummins engines but they did eat turbos. Once I found a shop that would rebuold them on the cheap they were my most cost effective units. I have never ran Western Stars because of the entry cost but have never heard anything bad about them.

Re: Tractor and box truck financing

sugarcreek67 — Thu, 16 Dec 2021 03:56:39 GMT

Star cars have a spendy price, the present one is my 2nd 4900ex. Western Stars logo says "you cant love a Western Star too much!" LOL I spent many years running a freightliner FLD 120, tough old truck & reliable as one could hope for but of course they discontinued them like anything that turns out to be too reliable.

Re: Tractor and box truck financing

RealEstateGuy89 — Thu, 16 Dec 2021 07:13:44 GMT

@ToughFistFight wrote:
I have three box trucks through Toyota Commercial Finance, those three vehicles come to around 280k.
I have been approved through Daimler Truck Financial for semi-tractor at 110k. I dont think Toyota was able to finance the Western Star
We are expanding the biz. And a giant plus, all of these HUGE loans do not report to personal, and as far as I have seen, dont report to business credit either.
I hope someone can use this information in the future.
I havent been able to find alot of big truck info on this forum so I add when I can.

Thank you for adding this information. I had trouble finding a good box truck loan in the recent past, even with a good business credit profile. Just bought a box truck a couple months ago but when I go to buy the next one I will definitely check this out.

Re: Tractor and box truck financing

Anonymous — Tue, 21 Dec 2021 14:43:54 GMT

Thanks so much for sharing.

Sorry, this is off topic ...could you please recommend a commercial insurance service provider(s) for box/straight truck owners? Thanks!

Re: Tractor and box truck financing

sugarcreek67 — Thu, 23 Dec 2021 01:08:54 GMT

@Anonymous wrote:
Thanks so much for sharing.
Sorry, this is off topic ...could you please recommend a commercial insurance service provider(s) for box/straight truck owners? Thanks!

truck Insure lafayette,Indiana 765-463-1878

Re: Tractor and box truck financing

ToughFistFight — Thu, 23 Dec 2021 16:39:17 GMT

We are covered under contract / forced insurance. We go through Marsh, a broker, they go through Protective. We have to have like 2 million in freight insurance, so Im sure its more expensive than others.

Re: Tractor and box truck financing

ToughFistFight — Thu, 23 Dec 2021 16:42:10 GMT

To add to this information, I was also approved for the 110k through Mitsubishi Capital Finance at 7%. I asked if I could buy the percentage down, but they said no, that is the lowest they are offering on used trucks. Which, is pretty great from what I have heard. Used truck interest rates are high, new trucks are low, but there are no new trucks to buy. I think, but Im not 100% sure, they might be the new Hitachi Capital Finance. We have purchased a lot of trucks through Hitachi.

Re: Tractor and box truck financing

Anonymous — Thu, 23 Dec 2021 22:13:17 GMT

Thanks!