Posted 2008-12-31 12:19 PM (#2393) Subject: Financing a Freightliner.....Used
Posts: 542
Location: I think the Rocks are Multiplying
Ok experts, Who out there finances used frieghtliners? I ask this because I was just told by our C/U that while the frieghtliner books at the amount needed (more) but they don't want it as collateral.
So which banks will use a freightliner as collateral?
Posted 2009-01-03 8:56 AM (#2397 - in reply to #2393) Subject: RE: Financing a Freightliner.....Used
Posts: 4
There is a BIG difference between doing a "commercial" and a "simple interest recreational" loan....If it is a FL series or a M2 Sport Chassis, most credit unions will not do a "recreational" loan on that truck. You will have to contact a dealer who sells these trucks to be able to get the longer term on a simple interest basis. Commercial loans are usually a short term loan set up like a normal car or personal loan. When you get the simple interest recreational loan, you get longer term, lower payments and a option to pay off the loan at a CASH PAYOFF, without any remaining interest. It really does not matter if it is new or used, miles usually do not matter because the banks that do these type of loans are very familiar with these trucks and know 100+, 200+K miles do not hurt these type of trucks. Right now the 20yr loan is very hard to get for these trucks. You will probably be offered 10-12-15 years depending on the financinal institution you are dealing with. It seems that the 10yr note is the most prevelant. All of these loans are on a simple interest recreational basis. As posted by another person, it is correct to say that when a bank or insurance company hears "FREIGHTLINER" they all think commercial. But that is not the case with the Sport Chassis trucks. They are RVIA approved and are not really concidered a commercial truck. I am personal friends with the owner of Sport Chassis and I can tell you the purpose of these trucks is for RV's, Living quarter trailers, and anything NON-COMMERCIAL......Not saying people do not use them for commercial purposes, but if it is found out the truck is being used for commercial use, it can affect your warranty........More to come if needed.....
Posted 2009-01-03 9:37 AM (#2398 - in reply to #2393) Subject: RE: Financing a Freightliner.....Used
Posts: 542
Location: I think the Rocks are Multiplying
windy - 2009-01-02 8:02 PM
Lucylouwon - 2008-12-31 11:19 AM
Ok experts, Who out there finances used frieghtliners? I ask this because I was just told by our C/U that while the frieghtliner books at the amount needed (more) but they don't want it as collateral.
So which banks will use a freightliner as collateral?
You'll have to check with individual banks or credit unions........some will finance commercial trucks, but in my experience most don't want anything to do with over the road trucks, and that is what they think of when they hear "Freightliner". Is this a medium duty, like an FL 50, 60, or 70, or is it a tractor? What state are you in?
I'm in Colorado, I'm trying to do a straight trade, Dodge for Freightliner, Value is the same on each. The FL is a large tractor flat top sleeper, single axle. I'm not willing to become and owner operator :) I drive a twin screw W900 KW everyday. The FL is already set up to pull a GN horse trailer which is what I want it for. The Loan officer at the C/U is willing to give us the loan but her Supervisor isn't, he says that he doesn't want the FL for collateral, he already has the Dodge as collateral.
Posted 2009-01-03 9:40 AM (#2399 - in reply to #2397) Subject: RE: Financing a Freightliner.....Used
Posts: 542
Location: I think the Rocks are Multiplying
MrSportChassis - 2009-01-03 6:56 AM There is a BIG difference between doing a "commercial" and a "simple interest recreational" loan....If it is a FL series or a M2 Sport Chassis, most credit unions will not do a "recreational" loan on that truck. You will have to contact a dealer who sells these trucks to be able to get the longer term on a simple interest basis. Commercial loans are usually a short term loan set up like a normal car or personal loan. When you get the simple interest recreational loan, you get longer term, lower payments and a option to pay off the loan at a CASH PAYOFF, without any remaining interest. It really does not matter if it is new or used, miles usually do not matter because the banks that do these type of loans are very familiar with these trucks and know 100+, 200+K miles do not hurt these type of trucks. Right now the 20yr loan is very hard to get for these trucks. You will probably be offered 10-12-15 years depending on the financinal institution you are dealing with. It seems that the 10yr note is the most prevelant. All of these loans are on a simple interest recreational basis. As posted by another person, it is correct to say that when a bank or insurance company hears "FREIGHTLINER" they all think commercial. But that is not the case with the Sport Chassis trucks. They are RVIA approved and are not really concidered a commercial truck. I am personal friends with the owner of Sport Chassis and I can tell you the purpose of these trucks is for RV's, Living quarter trailers, and anything NON-COMMERCIAL......Not saying people do not use them for commercial purposes, but if it is found out the truck is being used for commercial use, it can affect your warranty........More to come if needed.....
I wouldn't mind if it had a short term like the Car/pickup loans as it's a used truck with the same value as the payoff on our Pickup that we want to trade straight across.... But I'm not willing to become and owner operator and in this area a single axle truck isn't worth it's salt to make $$ with, however the FL is already set up to pull a GN horse trailer which is what I want it for.
Posted 2009-01-03 1:00 PM (#2400 - in reply to #2399) Subject: RE: Financing a Freightliner.....Used
Posts: 4
Pulling a GN horse trailer with a road tractor is not really the best thing to do either...you can really streatch the neck of that trailer because of all the torque the road tractor puts down on the road.I have seen where after a prelonged time, the welds and structure of the neck begin to give....be very careful doing this....FYI
Financing a Freightliner.....Used
