Buying A New Truck
 

I'm from Florida. I'm thinking about buying a truck and was looking for advice on truck financing.
I already went to my bank and don't think that ding the bank is a good option for me. They gave me a lot of forms to fill out and when I did it now they are saying they need some time to process it! So I dropped my decision to take a bank loan.

Then a friend told me about truck loan companies. I think they will give the money without much delay.
So, I'm planning to consult a truck financing services near my house. But I don't know the procedures that we have to follow for applying for a loan. If any of had any experience with truck loans please share advice and suggestions.

My advice to you would be to have financing in place before starting your shopping. Try a local credit union...most are regional and only require a small deposit in a share account. Any place is going to require you to fill out an application...and...should be able to give you an answer...if not immediately...at least within 24 hours. Now...if you are credit challenged...all that may be thrown out the window.

Good luck...and...welcome to FTE!!! :oval

Bought dear?

Before you go hog wild
1. Set a REALISTIC budget as to what you need over what you want. We all want a loaded F450 king of the road edition. Anyway I would look at your needs.
What are the uses for the truck.
Work?
Play?
Towing?
What are you towing?
Do you need a crew cab long bed F350 diesel.
Can you afford the payments, maintenance, and future repairs once out of warranty?
Diesels are not cheap. Sure there is a brag/cool factor but bottom line diesels are expensive.
Would a clean preowned truck be a better option?


2. When you go car shopping have your own financing ready. This will tell you not only the amount you qualify for but what your monthly payment would figure. And it gives you leverage at the dealer. Remember a dealer is not required to give you the lowest percentage loan you can actually qualify. This is called finance markup. Let’s assume you qualify for 6% loan rate. They can come back and present it as you only qualify for 8.5%. You have no idea what you qualify for as you did not go through and get your own financing. So they sell you at 8.5%. If you took out a $20,000 car loan at 6% interest for 60 months, your monthly payment would be $386.66. At 8.5% interest, your payment would go up to $410.33. Over the life of the loan, you would end up paying an additional $1,420 - that's the profit the dealer would make on your loan.
when they start playing games let them. Concentrate on the price of the truck. They will want to pin you on monthly payment because this tells them how long a loan you need to buy the most expensive truck in that payment. They don’t care if you sign a 72 month loan. In fact.. one trick to “lower the payment” is to lengthen the loan term.

And there are tons of ways dealers can play games. Hey are all your friends and want to help you.