Who is having trouble getting financing for 4500/5500?

[FATCAT]

Any of you folks finding it hard to get financing for these new 4500/5500 trucks?



I just got a letter in the mail today froma regional bank that denied a credit application for the new 4500 truck I have on order ... AND I DIDN'T EVEN PUT IN A CREDIT APPLICATION WITH THEM?!?!



The Dodge dealer must of put in the application for me when I ordered the truck.



Their reason for denial ... the truck is not in their parameters for loans, i. e. they don't do commercial loans I guess.



I am getting worried that Chrysler Fianancial won't even finance these trucks. Apparently the interest rates are starting to go way up (go figure after the Fed cuts).



I have EXCELLENT CREDIT, but it looks like NOONE wants to finance anything over a 2500 ... WHAT THE HECK?!?!?



If I can't get financing for this new truck then I'm going to have to eat the $500 deposit and hopfully sell back the dump body I have already purchased and is waiting for the new truck to arive. #@$%!



I'll be putting down about 1/3 so I figure I should have no problems getting a loan (never been late on a payment, paid every car loan I have ever had early). SO WHAT IS GOING ON!!!



Who have you folks gone with for a loan? I don't want to have to do a Home Equity line of credit.

 

[DunnC]

You should not have a problem with financing if you use Chrysler. My 07. 5 3500 is with them and even in my company's name, So I know they do commercial loans.

 

[Regcabguy]

Credit Union?

You might try approaching a credit union. Rules for membership have been loosened tremendously in the last few years. CU's are non-profit organizations. With your credit rating and high down,they'd likely welcome your business. Armed with your account#'s,they'll electronically transfer your funds into their institution. You won't have to even talk to your bank. Tell 'em to suck eggs.

 

[FATCAT]

You might try approachingg a credit union. Rules for membership have been loosened tremendously in the last few years. CU's are non-profit organizations. With your credit rating and high down,they'd likely welcome your business. Armed with your account#'s,they'll electronically transfer your funds into their institution. You' won't have to even talk to your bank. Tell 'em to suck eggs.

Hummm, a Credit Union. One just opened in my town in December. My current bank is pretty good as well. (The bank that turned down my application that I had no idea the Dodge dealer put in for me, is NOT my current bank).



I did check out a Home Equity loan just a little while ago and I could get a 5. 99% rate and (hopefully) the interest could be tax deductable.



For the new truck, I am not a commercial customer. This truck is for my own personal use. (so long as no one sees any cash change hands on the weekends for small loads I deliver locally ... shhhhhhh).

 

[AzCattle]

Chrysler finances some of my work trucks. They are all commercial.

Try this... chryslerfinancialbvf.com

They finance all the big trucks... .

 

[KWAYNE]

I have mine financed through capitol one. They gave me 10% interest, but I don’t have good credit.

 

[FATCAT]

I have mine financed through capitol one. They gave me 10% interest, but I don’t have good credit.

10% !!! What was the guys name at Capitol One who gave you the loan ... Rocco and Luca?

 

[MCummings]

hah, I'm at 13% on my trailer. Jeez. Atleast it's only $7k.



Merrick

 

[jelag]

My credit union never blinked twice at a 3 axle truck with a GVW @ 46K or my new 08 5500 @ 19,500 LBS... but I've been doing business with them for a lot of years. .

I did have trouble getting truck plates... as the state where the truck will be working and spending the night only wanted to tag it as a pick-up and I had to finally call a supervisor to tell them I don't care if it's more money... but it needs truck plates to work..... if it was privately owned towing a travel trailer the passenger car plates would have been fine...

 

[Babyfat]

I'd find out who ran your credit, they can't do that with out your permission (signed credit app) and every time they run your credit it goes against you.



good luck with the new truck though I'll get a 5500 someday

 

[FATCAT]

I'd find out who ran your credit, they can't do that with out your permission (signed credit app) and every time they run your credit it goes against you.



good luck with the new truck though I'll get a 5500 someday

I called my dealer today and they said they put out the credit application along with another customer to this one bank who they do a lot of work with. They were not sure if they were going to do the "over 3500 series" trucks ... and they were correct. Me and some other guy got a denial due to the truck being in the commercial category (over 10,001 lbs GVWR).

Dealer said no problem getting credit from Chrysler Financial, but I'll believe it when I see it.



I think I still am going to put an application in to my bank to see what they can do for a Home Equity loan. Their rate would be 5. 99% ... unfortunately I would not be able to write off the interest, but 5. 99% is not bad these days for a "bigger than 3500 series" truck.

 

[Regcabguy]

I called my dealer today and they said they put out the credit application along with another customer to this one bank who they do a lot of work with. They were not sure if they were going to do the "over 3500 series" trucks ... and they were correct. Me and some other guy got a denial due to the truck being in the commercial category (over 10,001 lbs GVWR).

Dealer said no problem getting credit from Chrysler Financial, but I'll believe it when I see it.



I think I still am going to put an application in to my bank to see what they can do for a Home Equity loan. Their rate would be 5. 99% ... unfortunately I would not be able to write off the interest, but 5. 99% is not bad these days for a "bigger than 3500 series" truck.

Be real carefull of the 5. 99% home equity loan rate. Sounds like a teaser rate. If you read the fine print,it might have a potential cap of 11-13%. I'd be patient and wait 'till that CU comes to town. Things are going to be slow for at least a year.

 

[FATCAT]

Be real carefull of the 5. 99% home equity loan rate. Sounds like a teaser rate. If you read the fine print,it might have a potential cap of 11-13%. I'd be patient and wait 'till that CU comes to town. Things are going to be slow for at least a year.

That 5. 99% is Fixed for the life of the Equity Loan. An Equity Line of Credit has the variable/adjustible rate that starts off below 4%. I won't touch an adjustable rate anything with a 10 foot pole.

 

[FATCAT]

I have mine financed through capitol one. They gave me 10% interest, but I don’t have good credit.

Capitol One huh, well they just gave me the big thumbs down. #@$%!



I have a 778 rating with hardly any outstanding debt and they stiff me on a loan approval!



It is looking like I may be canceling this truck order soon. And I have a $500 non-refundable deposit down, plus I have already bought the dump body!!!



Thanks alot all you bankrupt home owners who were to stupid to know they could not afford a mortgage. Thanks alot all you predetory mortgage companies. Credit is as hard to find as a hen's tooth!

 

[jelag]

Fatcat---- you have some issue... if your credit score is really 778 then there is something on your credit record you need to fix... . or your debt to income ratio is not correct...

 

[rweis]

There has got to be a stick in the wood pile somewhere. I would start trying to find it and get it corrected. I have a son in law well up in the eTrade management and this interest rate mess is going to continue until about 2010.



BIG firms are eating BILLIONS of $$ of these bad subprime loans. Watch what happens in July when the problems of the first half year HAVE to be disclosed. You better grab you butt with both hands and hang on. The subprime's are packaged into 4 years of below standard payment groups. We are seeing the 2005 group right now. The 06 group is bigger, the 07 group is bigger yet.



Wait until mid 09 to mid 10 to refinance. The mortgage brokers are trying as hard as they can to hold rates up in the 5. 5 % + range, but will not be able to hold those rates that high after about jan of 09. There is way to much inventory out there (both homes and hard goods (vehicles, appliances etc)). Production has just about dried up. Here in FL homes that were selling for $230k are not moving at $160k (down about 1/3). New subdivisions that have 100 homes built have fewer than 10 lived in. It is going to get a LOT worse before it gets better. Get to as little debt as you can as fast as you can, it is time to reign in the spending and batten down the hatches.



my . 02



Bob Weis

 

[HPetrat]

Fatcat---- you have some issue... if your credit score is really 778 then there is something on your credit record you need to fix... . or your debt to income ratio is not correct...

Debt to Income Ratio... Bingo, usually gets most people, if not in your case ... ,



You must have some other trigger that you may not even be aware of, as a score of 778 should allow you to almost pick and choose lenders.



And jelag is absolutely right, - you need to find out what it is and have it corrected.

 

[FATCAT]

Debt to Income Ratio... Bingo, usually gets most people, if not in your case ... ,



You must have some other trigger that you may not even be aware of, as a score of 778 should allow you to almost pick and choose lenders.



And jelag is absolutely right, - you need to find out what it is and have it corrected.

I pulled a credit report form Equifax today and that is where I found my 778.

Everything is CLEAN. Only debt I have is an $1,100/mth mortgage! Every auto loan I have ever had was paid off early and all credit card debt is paid off at the end of the month!



I did find out late this afternoon that my dealer did secure financing for me with no problem ... wheeew I was getting worried and pee offed.



Now the next big worry is getting another mortgage to buy another 500 rounds of brass, bullets, primers, and power! Man! can you believe ammo and reloading prices these days. And it will only get worse as we get close to the election.

 

[AMink]

And it will only get worse as we get close to the election.

That's a good point! If Billary or Obama gets in, we could be screwed. #@$%! "A case of ammo every month is all I ask!":-laf

 

[FATCAT]

That's a good point! If Billary or Obama gets in, we could be screwed. #@$%! "A case of ammo every month is all I ask!":-laf

Not to digress too much from my original thread, but do any of you remember buying a 1000 rnd case of Spanish, Portugueese, South African, etc... surplus . 308 for $140-$150. Those were the good old days (and I thought that was a lot to pay, now I would forgo the new truck just to use the downpayment to buy as much as I could at that price).