Financing Rates

[Sandbagger]

Wondering what to expect in the way of an interest rate for financing a used truck? I'm told to expect in an around 16%. Sounds high.

[ralph]

I'm told to expect in an around 16%. Sounds high.

It is HIGH, but that being said lenders are not big on the trucking industry on a good day and times ain't great right now in the industry. Not sure who you are looking at borrowing from. There are traditional lenders and then there are sharks

I'd have a professional run the numbers also B4 signing, you might be surprised what the real AAPR is...add in admin fees and the way the interest is calculated it could be higher.

I just dealt with a prospective lender (Canadian Chartered Bank) that had a half a point interest worked into the rate for LIFE INSURANCE!! I told them that it was farkin' expensive life insurance and it was a declining balance and therefore the insurance liabilty declined. Further to that my estate is MORE than adequate to cover what I was wanting to borrow!

Told that lender to take a hike even when they removed the life insurance premium!