Buying My First Truck Need Some Info

Topic 28674 | Page 1

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Josh C.'s Comment
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Hey I'm in the process of getting a truck. and the price is 47000 for a freightliner 2017 with 530,000 miles on it the price on it is 49,000$ but I get all the paper work done and then I find out its 75,000$ at the end after I pay it off. is that normal or am I getting screwed. Thanks

Bullitt_VW's Comment
member avatar

So your financing it? What rate did you get? Are you putting a down payment on it?

You really need to take the time and learn about financing. You need to understand how interest and principle are computed to make your monthly payment amount.

If you have not signed any papers yet, I would reconsider this move until you educate yourself better. You will always pay more for monthly payments with interest than straight cash.

Hey I'm in the process of getting a truck. and the price is 47000 for a freightliner 2017 with 530,000 miles on it the price on it is 49,000$ but I get all the paper work done and then I find out its 75,000$ at the end after I pay it off. is that normal or am I getting screwed. Thanks

Truckin Along With Kearse's Comment
member avatar

If you never owned a truck before you could be paying many extras... Higher interest.. Higher down payment. Or even required to buy a warranty.

My friend wound up buying a used truck for $60k and it took 4 years to pay off. If you add in the repair costs she paid $210k for a truck that had 700k miles when she got it.

Be sure to have plenty of money for breakdowns and hotels.

Anne A. (G13MomCat)'s Comment
member avatar

Almost 30K in interest; YIKES~!

A buddy of ours LEASED with JCT, after retiring his post as a trainer w/ Swift. He OWED almost 90K at the termination of the lease, which wasn't voluntary on his part.

In this economy and 'what ifs' with 2020, I wouldn't even buy a new DODGE RAM (I know, haters will hate...) without cash. I'm saving for one, now.

Carry on, folks.. just my 2cents!

PackRat's Comment
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WAY overpriced. I could get two for that base price.

Why would you buy a truck when you could be a well-paid company driver, without all of the headaches?

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DAC:

Drive-A-Check Report

A truck drivers DAC report will contain detailed information about their job history of the last 10 years as a CDL driver (as required by the DOT).

It may also contain your criminal history, drug test results, DOT infractions and accident history. The program is strictly voluntary from a company standpoint, but most of the medium-to-large carriers will participate.

Most trucking companies use DAC reports as part of their hiring and background check process. It is extremely important that drivers verify that the information contained in it is correct, and have it fixed if it's not.

Dan F.'s Comment
member avatar

Yes that is normal. For a first truck it’s very difficult to get less than 11% financing on a used truck and a lot of people see you around 14%

Buying your first truck is a crapshoot or a roll of the dice.. I crapped out on my first one.

Truckin Along With Kearse's Comment
member avatar

I have some friends who bought and the bank insisted on 8 years of payments. Yes the payments were low but that is how they get you. 8 years of interest on a truck that was already 3 years old.

Old School's Comment
member avatar

Hey Josh, I'm just curious ‐ what's the lure of owning your own truck?

Sid V.'s Comment
member avatar

If you didn't sign the papers yet, even though it sounds like you did, try to get the early contact termination fee waived.

I paid off the truck early and when I did they suck me with a huge fee.

Parrothead66's Comment
member avatar

Just my opinion but if you’re asking this question, ya probably shouldn’t be buying a truck

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