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Author Topic: Looking for info on financing a newer-used truck  (Read 610 times)

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Offline Woodcutter_Mo

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Looking for info on financing a newer-used truck
« on: September 29, 2017, 11:25:16 am »
 Lately I've been entertaining the idea of buying a newer truck. I've been looking at the 2010+ RAM 5500's and am fairly set on them. I have seen a few 2011's that with the right financing I think I could swing. The problem is these are considered commercial vehicles due to the GVWR and I'm not sure if the banks would cooperate on a reasonable finance. The trucks I'm looking at have 150k-250k miles.

 Has anyone on here financed a similar vehicle? Is it even possible to get a 60month finance on such a vehicle? I have never finance a vehicle as all my loans have been smaller personal loans and paid cash for my current truck, so Im not sure how all that works.

 This is mostly to school my self on the subject, and if I could work out the right deal the newer, heavier duty truck would be nice to have. Thanks
-Sawmill- WoodMizer LT25, Kohler, all manual, old "drag" style WoodMizer sharpener
-Saws- Husqvarna 372XP X-Torque, 455 Rancher X-Torque, Stihl 024AV
-Wood haulers- Kioti DK45 w/FEL, '92 Dodge Cummins with bale/dump bed, '07 Honda Rancher 420

Offline james

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Re: Looking for info on financing a newer-used truck
« Reply #1 on: September 29, 2017, 12:27:04 pm »
I was able to finance a 08 f450 for 6 years last summer 24000 financed WA state thru a credit union no troubles
james

Offline Woodcutter_Mo

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Re: Looking for info on financing a newer-used truck
« Reply #2 on: September 29, 2017, 02:43:54 pm »
I was able to finance a 08 f450 for 6 years last summer 24000 financed WA state thru a credit union no troubles
james

 Good to know it is possible then, if you don't mind me asking how many miles were on the truck and what interest rate did they give you?
-Sawmill- WoodMizer LT25, Kohler, all manual, old "drag" style WoodMizer sharpener
-Saws- Husqvarna 372XP X-Torque, 455 Rancher X-Torque, Stihl 024AV
-Wood haulers- Kioti DK45 w/FEL, '92 Dodge Cummins with bale/dump bed, '07 Honda Rancher 420

Offline james

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Re: Looking for info on financing a newer-used truck
« Reply #3 on: September 29, 2017, 03:17:48 pm »
120 k 6.5% I think  been a year , dont got the papers in front of me pmts are under 370/month
james

Offline Woodcutter_Mo

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Re: Looking for info on financing a newer-used truck
« Reply #4 on: September 29, 2017, 03:26:41 pm »
120 k 6.5% I think  been a year , dont got the papers in front of me pmts are under 370/month
james

 Thanks for the info
-Sawmill- WoodMizer LT25, Kohler, all manual, old "drag" style WoodMizer sharpener
-Saws- Husqvarna 372XP X-Torque, 455 Rancher X-Torque, Stihl 024AV
-Wood haulers- Kioti DK45 w/FEL, '92 Dodge Cummins with bale/dump bed, '07 Honda Rancher 420

Offline TKehl

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Re: Looking for info on financing a newer-used truck
« Reply #5 on: September 29, 2017, 04:04:23 pm »
Can't say on a truck, but the banks seem to get nervous on cars over 120k miles.  Bought a 2014 minivan with 122k in July.
Lucas 6-13+slabber, Mr. Sawmill bandmill, orange chainsaws, JD SSL, Case Backhoe, farm tractors, trailers, and 150ish acres of trees.  Fledgling woodshop with CNC router, laser engraver, Woodmaster 712, and a Berlin 108 moulder (project).  Oh, and a lovely (patient) wife and four offbearers.

Offline Woodcutter_Mo

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Re: Looking for info on financing a newer-used truck
« Reply #6 on: September 29, 2017, 06:28:51 pm »
Can't say on a truck, but the banks seem to get nervous on cars over 120k miles.  Bought a 2014 minivan with 122k in July.

 That's what I was thinking, I'd think a truck would be similar though it don't seem like they depreciate quite as bad as a car by mileage but I could be wrong.
-Sawmill- WoodMizer LT25, Kohler, all manual, old "drag" style WoodMizer sharpener
-Saws- Husqvarna 372XP X-Torque, 455 Rancher X-Torque, Stihl 024AV
-Wood haulers- Kioti DK45 w/FEL, '92 Dodge Cummins with bale/dump bed, '07 Honda Rancher 420

Offline Bruno of NH

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Re: Looking for info on financing a newer-used truck
« Reply #7 on: September 29, 2017, 09:06:38 pm »
Your better off going through a credit union
thomas 8013 mill ,Mahindra 3540 cab tractor loader  Dump trailer  and lot of contracting tools

Offline Woodcutter_Mo

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Re: Looking for info on financing a newer-used truck
« Reply #8 on: September 30, 2017, 04:22:45 pm »
 I'll check into the credit unions, sounds like they are a bit  more lenient when it comes to miles and age of the vehicle, atleast to an extent.
 Another kicker may be insuring it affordably. I called requested an insurance quote locally so I should hear back from them early this week with a quote and if they will even insure it, she was aware of it being a "commercial grade" vehicle and asked if it would be used personally for farm use so that sounds hopeful that they may have a personal/farm use commercial plan to offer.
-Sawmill- WoodMizer LT25, Kohler, all manual, old "drag" style WoodMizer sharpener
-Saws- Husqvarna 372XP X-Torque, 455 Rancher X-Torque, Stihl 024AV
-Wood haulers- Kioti DK45 w/FEL, '92 Dodge Cummins with bale/dump bed, '07 Honda Rancher 420

Offline TKehl

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Re: Looking for info on financing a newer-used truck
« Reply #9 on: September 30, 2017, 09:55:45 pm »
I do have experience here.  Depends on who you are with and what you will be doing with it.  I had an IH S1900 with a DT466.  Awesome medium duty truck that was cut down from an old large U-Haul and had a flatbed added.

Insurance is with MO Farm Bureau.  $200/year liability only for farm use, but I had to sign a form that said I wouldn't use it for  hauling for hire, gravel, logging, etc.  Full commercial was $2k/year.  I planned to get a sawmill and negotiated that hauling lumber from the farm and logs that I owned would be okay under the $200/year farm policy.

With all that said, I also have a truck and snowplow.  I finally got the guts to ask what it would take to get a commercial policy on a 3/4 ton or 1 ton truck...  It's an extra $100/year.   ;D

The S1900 was a WAY better truck with lots more power and WAY better brakes than the F350 I have now.  It was also a DOT/HiPo magnet regardless of farm plates.  In the end, lower insurance and a lower profile are why I have the F350 instead of the IH.   
Lucas 6-13+slabber, Mr. Sawmill bandmill, orange chainsaws, JD SSL, Case Backhoe, farm tractors, trailers, and 150ish acres of trees.  Fledgling woodshop with CNC router, laser engraver, Woodmaster 712, and a Berlin 108 moulder (project).  Oh, and a lovely (patient) wife and four offbearers.

Offline Woodcutter_Mo

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Re: Looking for info on financing a newer-used truck
« Reply #10 on: October 01, 2017, 02:10:48 am »
I do have experience here.  Depends on who you are with and what you will be doing with it.  I had an IH S1900 with a DT466.  Awesome medium duty truck that was cut down from an old large U-Haul and had a flatbed added.

Insurance is with MO Farm Bureau.  $200/year liability only for farm use, but I had to sign a form that said I wouldn't use it for  hauling for hire, gravel, logging, etc.  Full commercial was $2k/year.  I planned to get a sawmill and negotiated that hauling lumber from the farm and logs that I owned would be okay under the $200/year farm policy.

With all that said, I also have a truck and snowplow.  I finally got the guts to ask what it would take to get a commercial policy on a 3/4 ton or 1 ton truck...  It's an extra $100/year.   ;D

The S1900 was a WAY better truck with lots more power and WAY better brakes than the F350 I have now.  It was also a DOT/HiPo magnet regardless of farm plates.  In the end, lower insurance and a lower profile are why I have the F350 instead of the IH.   

 Good info, that's actually who I will be getting the insurance quote through this week. I'll have to see what all they won't allow the truck to be used for as far as personal farm use goes.
-Sawmill- WoodMizer LT25, Kohler, all manual, old "drag" style WoodMizer sharpener
-Saws- Husqvarna 372XP X-Torque, 455 Rancher X-Torque, Stihl 024AV
-Wood haulers- Kioti DK45 w/FEL, '92 Dodge Cummins with bale/dump bed, '07 Honda Rancher 420

Offline TKehl

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Re: Looking for info on financing a newer-used truck
« Reply #11 on: October 01, 2017, 01:03:50 pm »
Sent you a PM.  Dug the document out of my email.  Talks about scrap metal, custom farming, anything forestry related including firewood, gravel, HAZ MAT, and anything for hire being excluded.

One could say what they don't know won't hurt them.  However, if there is a wreck, they could then deny the claim.  I prefer to know I'm covered without a doubt.
Lucas 6-13+slabber, Mr. Sawmill bandmill, orange chainsaws, JD SSL, Case Backhoe, farm tractors, trailers, and 150ish acres of trees.  Fledgling woodshop with CNC router, laser engraver, Woodmaster 712, and a Berlin 108 moulder (project).  Oh, and a lovely (patient) wife and four offbearers.

Offline Woodcutter_Mo

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Re: Looking for info on financing a newer-used truck
« Reply #12 on: October 03, 2017, 02:45:26 pm »
 The insurance company gave me a farm use only quote on a ram 5500, it would be fairly reasonable if I added my current truck for the multi car discount. So now I know it can be insured atleast. Now I need to start looking at credit unions.
-Sawmill- WoodMizer LT25, Kohler, all manual, old "drag" style WoodMizer sharpener
-Saws- Husqvarna 372XP X-Torque, 455 Rancher X-Torque, Stihl 024AV
-Wood haulers- Kioti DK45 w/FEL, '92 Dodge Cummins with bale/dump bed, '07 Honda Rancher 420

Offline Corley5

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Re: Looking for info on financing a newer-used truck
« Reply #13 on: October 03, 2017, 07:38:58 pm »
  My F550 has to be on a separate policy with Mi Farm Bureau Insurance.  Can't be on the same policy as our other vehicles because it's a 550.
   Banks suck.  Credit unions are much easier to work with. 
Burnt Gunpowder is the Smell Of Freedom

Offline Woodcutter_Mo

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Re: Looking for info on financing a newer-used truck
« Reply #14 on: October 03, 2017, 10:12:34 pm »
  My F550 has to be on a separate policy with Mi Farm Bureau Insurance.  Can't be on the same policy as our other vehicles because it's a 550.
   Banks suck.  Credit unions are much easier to work with.

 That's how it is here as well, the 5500 would be sepperate policy but I guess having 2 policy's under the same name can still get a discount? I might have misunderstood, I will look back into that.
-Sawmill- WoodMizer LT25, Kohler, all manual, old "drag" style WoodMizer sharpener
-Saws- Husqvarna 372XP X-Torque, 455 Rancher X-Torque, Stihl 024AV
-Wood haulers- Kioti DK45 w/FEL, '92 Dodge Cummins with bale/dump bed, '07 Honda Rancher 420