Vehicle financing rates

[justindiehl7]

I'm betting that the rate for a used truck will likely be a couple points higher.



and 2.....don't even think about buying a 60K truck to use in the landscape business!



Holy crap......That makes my butt pucker and it isn't even my money



Buy a decent used truck and run it till the wheels fall off.

I have a 7.3 f250 that will become the main work truck. This truck is for me to make long trips in to the ranch I work at or on vacations, as well as a good looking, clean truck to quote jobs in, and to pick up checks, etc. I’m a bit materialistic when it comes to these things as I believe that a mans truck says a lot about how he does business. Yes this rule does not apply to all, and that’s okay, but my opinion, and my money so it is what it is! I would like to keep it cheaper and buy a used truck as I know a truck will get beat up, although that’s what they’re made for, it’s not fun when a brand new truck gets scratched or dented from careless employees. The used truck market is just stupid high for a clean truck that’s 4-5 years old. Kinda goofy to pay 45-50k for a used truck in good shape when I could buy a new truck for a few thousand more. That difference being the cost of a fuel system if something faults without warranty, etc. Those words came straight from my mechanics mouth, he sees the Ford fuel systems become contaminated all the time, and says just buy a new one with warranty because you don’t want to spend 35-45k on a used truck then have to put a 10k dollar fuel system in it, when you could have just bought a brand new one for the same price. It’s a lose, lose battle no matter which way you look at it.


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[stickman]

0% with here. I would insist on a lower rate or take business elsewhere. There are almost always promotions for 0-3% on new vehicles from most of the majors.

[Tx.Fisher]

8 years is a hell of a long time to pay on a truck, especially when you’ll be spending 8k in just interest alone. Take that 20,000 and pay cash for a decent truck you’ll like. Jmo


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[slicktree]

I own a landscape company I'm running 2 work trucks and 2 trailers with 6 guys doing 5-600k a year in sales. If you'd like to talk send me a PM, I personally think spending that much money with that long of a loan with that interest rate would be a mistake. I know what it's like to think like you do, I was young and wanted a fancy truck to drive around in and pick up checks, do estimates etc. Just remember in our business we are going into a slow time we have a 2 month calm right now before the storm dont get in over your head

[justindiehl7]

8 years is a hell of a long time to pay on a truck. Take that 20,000 and pay cash for a decent truck you’ll like.


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I wouldn’t be paying on it that long unless something happens to my business. It is a safety net as to where it allows me to be financially available for the unexpected. Seems ignorant in a way to put yourself in that much debt but yet be worried about buying more equipment. Just trying to figure out the best plan of action, and how I can get there. All I know is that I will own a 6.7 power stroke to get me where I need to be rather than borrowing my dads for long trips. My 7.3 has 445,000 miles and it is going to break at some point I just don’t know when. I don’t have a use for a 3/4 ton gas truck as it’s silly to me to spend that much when I could buy a half ton to do the same work. I pull loaded trailers every day, with plans for a skid steer and tractor in the future, as well as a dump trailer. The extra capability between the 350 and the diesel motor is what I need, rather than buying a new truck in a couple years. I will drive this truck for a couple years then give it to my head guy in charge of running my company then I plan to buy a high end truck for myself.


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[justindiehl7]

I own a landscape company I'm running 2 work trucks and 2 trailers with 6 guys doing 5-600k a year in sales. If you'd like to talk send me a PM, I personally think spending that much money with that long of a loan with that interest rate would be a mistake. I know what it's like to think like you do, I was young and wanted a fancy truck to drive around in and pick up checks, do estimates etc. Just remember in our business we are going into a slow time we have a 2 month calm right now before the storm dont get in over your head

I will not be doing anything within these next two month besides getting rid of debt if the rain would hold off. I have some leads on some big time contracts that will allow me to do whatever I want financially. This is a mid spring buy when times get hectic so I can run two trucks as well as pay one of my guys to run his truck. Just trying to get my feet wet and see all the possibilities before I jump into anything.


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[JustinJ]

You don't need a new truck. Take everyone else's advice. It doesn't matter how hard you've worked, or how much money you plan on making, or how much you want a new truck, or how much you deserve a new truck. Buy a used truck. put your brand loyalty aside. You have said you are only using it to pull a trailer (that your current truck will pull just fine) and to pick up checks. That means you don't need a new truck. Have I mentioned you don't need a new truck? The new truck won't make you any more money than your current truck, it won't make you any more money than a used truck.

All that being said, you don't need a new truck. And in 8 years if you don't buy the new truck (that you don't need) you'll be better off guaranteed.

[dbelcher269]

It sounds like you're set on a new truck so in answer to your original question the rate is probably a tad low for a used truck (if a bank will go that long on a used truck) and a little high for a new truck. Also, just my experience, those auto loan calculators get close but there is always something they don't catch or figure and payments are higher.

If you're buying new first negotiate the price. Do a lot of research and get quotes from various dealerships. Ask to see their invoice. While its not really super accurate as to what they pay and make on a vehicle it can help you lower the price of the vehicle. Once you find the vehicle at the price you want then talk financing.

Most places will say "what do you want to pay a month" as a leadoff while you're negotiating the truck. If they believe you're a serious buyer they will get the financing down. Don't be afraid to walk away, you'll be surprised how many will call you back the same day or a day or so later with a new and better deal.

[slicktree]

I will not be doing anything within these next two month besides getting rid of debt if the rain would hold off. I have some leads on some big time contracts that will allow me to do whatever I want financially. This is a mid spring buy when times get hectic so I can run two trucks as well as pay one of my guys to run his truck. Just trying to get my feet wet and see all the possibilities before I jump into anything.




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Seems like you have your mind made up, go buy it. I've only been in business 10 years when times got hectic for me I bought an extra truck for 10k and a trailer for 4, and it's made me a hell of a lot of money and is continuing to make me a lot of money. Your guys will tear the truck up they dont care about it, they dont care about your trailer, and they dont care about your equipment.

Are your big contract leads with commercial maintenance, or a home builder? If so best of luck and get all the money you can from them because there is no loyalty.

[JustinJ]

Also, if you're trying to finance new equipment, you dang sure don't need a new truck.

[Sleepy]

For what it’s worth, we do over $50M/yr. Just added 20 USED trucks to the fleet...

[Atfulldraw]

I have a 7.3 f250 that will become the main work truck. This truck is for me to make long trips in to the ranch I work at or on vacations, as well as a good looking, clean truck to quote jobs in, and to pick up checks, etc. I’m a bit materialistic when it comes to these things as I believe that a mans truck says a lot about how he does business. Yes this rule does not apply to all, and that’s okay, but my opinion, and my money so it is what it is! I would like to keep it cheaper and buy a used truck as I know a truck will get beat up, although that’s what they’re made for, it’s not fun when a brand new truck gets scratched or dented from careless employees. The used truck market is just stupid high for a clean truck that’s 4-5 years old. Kinda goofy to pay 45-50k for a used truck in good shape when I could buy a new truck for a few thousand more. That difference being the cost of a fuel system if something faults without warranty, etc. Those words came straight from my mechanics mouth, he sees the Ford fuel systems become contaminated all the time, and says just buy a new one with warranty because you don’t want to spend 35-45k on a used truck then have to put a 10k dollar fuel system in it, when you could have just bought a brand new one for the same price. It’s a lose, lose battle no matter which way you look at it.


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I'm not trying to beat you down...I promise.

Been sitting right where you are right now, and that thinking put me in serious trouble.

I've got a loaded 2016 F350 4wd King Ranch with about 43K miles on it that is worth less than 50K right now.

It's way more truck than you would need, but it's still under warranty.

Not trying to sell it to you, just saying that there are trucks like that out there that would save you some money and still be way more than you would need.

I've learned something every single time I've been broke....wrongly thinking that I 'deserved' something (just because I wanted it) was one of the harder lessons

It's easy to make a bunch of money -- hanging on to it is what is difficult.

[texasdeerhunter]

Seems like you have your mind made up, go buy it. I've only been in business 10 years when times got hectic for me I bought an extra truck for 10k and a trailer for 4, and it's made me a hell of a lot of money and is continuing to make me a lot of money. Your guys will tear the truck up they dont care about it, they dont care about your trailer, and they dont care about your equipment.

Are your big contract leads with commercial maintenance, or a home builder? If so best of luck and get all the money you can from them because there is no loyalty.

This guy seems to know what he’s talking about

[texasdeerhunter]

For what it’s worth, we do over $50M/yr. Just added 20 USED trucks to the fleet...

And this guy

[slicktree]

I'm not trying to beat you down...I promise.

Been sitting right where you are right now, and that thinking put me in serious trouble.

I've got a loaded 2016 F350 4wd King Ranch with about 43K miles on it that is worth less than 50K right now.

It's way more truck than you would need, but it's still under warranty.

Not trying to sell it to you, just saying that there are trucks like that out there that would save you some money and still be way more than you would need.

I've learned something every single time I've been broke....wrongly thinking that I 'deserved' something (just because I wanted it) was one of the harder lessons

It's easy to make a bunch of money -- hanging on to it is what is difficult.

Solid advice.

I thought I was king of the world at 25 making 6 figures a year and thought I could do whatever I "financially wanted" . Boy have I learned