HOW to Finance(Buy) your first Semi Truck 🚛👍😁 (not as hard as you think ) #Finance

how do you Finance your first semi-truck what kind of Credit score do you need to have what are the terms what banks do you need to use or what banks

are out there to do this find out coming up how’s it going guys this is James with make money truckin hope you guys are all doing good out there and today I’m going to let you know how do you text-decoration: none;">Finance your first semi-truck and you know what kind of Credit score you need to have what are the terms and then what banks do you need to use just only certain banks do this so first off let’s talk about how difficult or how easy this

actually can be so basically if you have a lower Credit score say you have a 600 to 650 you know somewhere around there 600 650 it is possible to Finance

your first semi-truck you’re just gonna have to come up with a larger down payment so basically if you have lower bad Credit you might have to come up with like 25% down 25% to maybe you know 35% depending on the bank and then if you have about 650 to a 750

Credit score you can most likely get a you know semi-truck Loan or get a truck Financed for you know 10 to 15% down so that’s how it

breaks down if you have you know if you don’t have it if you have worse Credit you’re gonna need to come up with a little bit more money down and if you have a good Credit you know you can put less money down now commercial truck Loans

are a little bit different than auto Loans in the fact that they want so much money down and also you’re obviously you’re going to need to you know prove your Income and all that good stuff so basically what banks you use a lot of your typical you know

usual banks or Credit unions they don’t Finance commercial vehicles or semi trucks so there’s only certain banks out there that will

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance semi trucks and there are a few out there they’re a little bit hard to find how I find how I found a lot of the ones that I use to

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance all of my trucks so last few years is basically I would call a truck dealership and talk to their #1a73e8; text-decoration: none;">Finance or talk to their sales people because they will work with all the lenders that lend for trucks so basically they’ll tell you you know for instance you know Daimler financial aamir equipment

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance PNC Bank just to name a couple off the top of my head by the way I’m not sponsored by these companies these are companies that I’ve used in the past and then also some of your smaller local banks will

be a good place to start a lot of the bigger banks during they’re gonna be a lot harder to get approved by it like Wells Fargo chase you know those banks a lot of those banks don’t really do a commercial equipment for like maybe first-time borrowers or someone who doesn’t have a

huge company or huge Portfolio of multiple different units already so yeah that’s how you find the bank so we went over the Credit score what kind of Credit you need and then how to find the banks now how do you find or what are the terms and

conditions of these Loans so usually with commercial truck Loans you keep it’s gonna be a little bit higher interest and that’s even if you have decent Credit so basically if you have a basically like a 7 or 750 Credit

score you know getting a 6 to 10 percent interest rate is gonna be pretty average and then if you have anything under like 700 like 620 to 690 you’re gonna be looking at roughly about 10 to 14 percent interest now I am NOT a bank I don’t

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance trucks this this just purely from my experience so take that information as you will every scenario is different everybody’s gonna be in a different situation to that underwriter for that

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance company that’s just what I haven’t experienced both you know getting Loans when I had under 700 Credit score and over 7 our

Credit score and then the different two different variations of you know what I experienced four terms typically truck Loans are a lot shorter terms than like a vehicle Loan so on a vehicle we all know you can go out five six seven years even you

know 60 72 or 84 months so with semi trucks typically they only like to go about 48 months and that’s why they want such a big down payment of 25% because in all reality a lot of trucking companies which is what grant be using a semi for they failed they don’t make it so they want to

get as much collateral as they possibly can up front so that’s basically why they do that and so yeah that’s basically you know we went over what what kind of Credit score you need what kind of Bank how to find the right banks and then also the terms and conditions now

I give you guys a couple examples of Loans that I had just to give you a better idea of what kind of Loan you’ll be looking at getting so uh and by all means I’m not I’m not paid buying these companies I just use them to find a skull piece of

equipment and I just you know my goal is to give you guys you know real-world numbers on what what to look for so all right so basically I you know I got my phone here just so I can get so I can give you guys some accurate numbers here so I actually

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Financed two trucks in this scenario I think the purchase price was around $40,000 for both trucks I got a really good deal on them there just to like single day cab trucks I got him for about twenty twenty thousand

dollars a piece and the Loan term was actually quite a bit shorter than 48 months it was 37 months and I had to put down about eighty three hundred I don’t remember what the math was on I think that was about 20% roughly down on that and then my payments was were one thousand

one hundred and fifty dollars so that’s a real-world scenario of how I Financed a couple trucks another truck that I had

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Financed was through Daimler financial that’s typically that’s the same Finance

company that does Freightliner it was a sixty seven thousand dollar Loan 67 thousand it was a 2012 at the time and this was in 2017 so that’s in the five year threshold they really like to see within five years and under five hundred thousand miles or three hundred thousand

miles of paying on the circumstances and how the trucks that we use that truck I put five thousand dollars down and that was a seventeen hundred dollar payment and I believe that was 48 or 50 months so that’s that so that’s another example of the truck and then my best one ever yet is

the truck that I just Financed from Canada CashNews.co coming soon on that and that was from a local bank close to where I live just a small local community bank in my town

and they did a Loan for thirty three thousand dollars or $31,000 and I only needed 10% down so I was $3,100 down and that term was actually 60 months which is really rare for a commercial truck Loan and my payment is only about five hundred and fifty dollars guys I

literally pay less for my semi truck than I do my pickup truck that I’m sitting right now you know how expensive a pickup trucks are nowadays so yeah that’s basically railroad examples of how to text-decoration: none;">Finance your first semi truck it’s not as difficult as you may think it is um you know sometimes you know people think it’s a lot more difficult than this and an extra tip for you guys so you know there’s a first-time home buyers program for

four houses and to get like lower Interest Rates or easier you know points of entry well there is some Finance companies like Daimler financial offers what

they call a first-time truck buyer and that’s how I find it’s my first truck on my own that I wasn’t least i leased and purchased my first truck through a company i worked for but this is actually financing a truck all on my own they did a first-time truck buyer program as they

called it and I only had to put five thousand dollars down and I had about a 750 Credit score maybe 740 ish and that was about 48 months and that was the one I told you about that was seventeen hundred dollars a month so yeah that’s basically a little easter egg there at the

at the end you know a lot of people don’t know that you do a first-time truck buyers like a first-time homebuyer but there is those programs so I hope this helps you guys out real-world scenarios on how to text-decoration: none;">Finance your truck if you have bad Credit it’s possible yours too need to put you know 25% to 35% down and then if you have a decent or really good Credit you’re looking at maybe 10 to 20 percent down and maybe even

less in some circumstances so yeah that’s that’s how it works also another thing to note is a lot of times the year and mileage comes in effect kind of mentioned a little bit earlier but basically if you have you find a truck they typically like to

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance some Finance companies are really strict on about no

more than ten years old and no more than five hundred thousand miles but even some Finance companies are around the seven to five year old mark and then they want less than

about 400 or 300 thousand miles so keep that in mind when you’re looking to Finance your first truck you know high mileage trucks are not something that banks like to

Finance because you can understand the depreciated values gonna be way lower so they like newer trucks within ten years old and then they like trucks that are under five

hundred miles and honestly guys if you’re looking to buy a truck I would strongly suggest or recommend to try to find a truck that’s under you know five hundred thousand miles anyways because that’s gonna have a lot longer life for you in that truck and running it and also a truck

that’s within ten years old that’s gonna you know be a lot better alright guys thanks for watching I hope this helped you in your journey of becoming you know an owner/operator and moving up you know the ladders and moving the steps up and up so yeah and I will see you guys in the next

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