Owner Of A Bank Exposes The Truth About Financing A Semi Truck
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- Опубліковано 30 лип 2024
- TheAsianMaiShow sits down with the Owner Of East Harbor Financial Bank. Semi Truck Financing FAQ'S answered. Expectation Vs Reality
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For information about financing your first semi truck or trailer? My team will do a soft pull that can get you the info you need to buy your first semi truck.
Www.thefundingbooth.com/muthatrucker
Credit is a Scam all together. I worked a company that helps people repair their Credit And Improve the Score. I know how all the Credit works and I don’t use it anymore. You would be shocked how much of a scam it is. I know how Credit Cards, Auto Loans, Home Loans etc work.
@@rustyshackleford6799 would love you on the show
@@MuthaTrucker Yooooo! Asian Mai is a real person bruh!!!
Need a truck to go work for landstar.
Have a question to ask you bro do you have a email
Did anyone hear the sub prime lender part? Which means high interest rate which means he is not a bank. Which means he is a 3rd party guy. Which means the funding he does come from investors that will lend the money @ a high interest rate. People you must learn this business.
He is funding it, but he will work with sub prime credit. I know this 100%
Love your UA-cam name by the way 😇
👍👍👍...good interview thought because you have to start somewhere.
😇😇😇😇thanks my man
Nycashgroup.com
I have my truck through these people. WORST CUSTOMER SERVICE, HIGH INTEREST RATE AND INCOMPETANT EMPLOYEES....STAY AWAY IF YOU CAN. You've been warned
This content is very much needed for people like me, just got my license and going to be working for someone but looking into going into owner op soon
One of the best ..and most informative clips I’ve seen lately ..
Rule #1: Don't let the lender dictate which model you buy. Yes a classic may have a higher resale value but at 5 MPG you'll be broke long before that matters.
I drive a 2008 Peterbilt 359 and it's doing 6 MPG I thought it would be like 5 to but I was wrong it has 550 Hp
Yes sir I agree this guy had an angle on what he was saying. Sure they want the easy loan where they get the large down payment and assume almost no risk . I am sorry I was on the fence with this guy he had slickster type of aura but that's just me ,I guess. Good video alex
Hes coming from the bank perspective.
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I agree! He's just saying it from the banks perspective
Keep bringing diamond infos .. love your videos you and your guests are inspiration to all of us Truckers.
Hey, thanks for doing these videos. This one in particular helped me understand a little more why I'm running into problems.
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I had my cdl for almost 5 years I in the process of fix my bad credit. I been think about buy semi around may or of this year. I like the channel keep up good work on the UA-cam video
Very informative, glad u added this for the community
Wealth of good straight talk info here. Good job. Stepping up your channel with this vid for sure !
Thanks for you videos buddy. I quit driving in 2012 for an oil & gas office job and just got laid off. I'm probably getting back to driving and considering my options.
Great interview. Thank you for sharing!
Please don’t ever stop making informative video! Kept it up and keep it real!
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Wow just decided two weeks ago to get into trucking currently enrolled in classes to get my cdl. This video had great timeless information thanks for sharing.
Thanks for watching!!!
Great information well needed to the industry
Great video man useful info no BS Straight to the source 👍
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I LOVE THIS ONE BRO
Asian Mai getting dat game and giving it back💪🏾
great interview bro
wow amazing info "The Asian Mai Show"
This man is really helping us out men i hope you live 200 years may gog bless you brother great job keep us informed
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Who's gog?
@@rhino2703 He was Gollum's grandfather.
Bro! Another great video. Super good info!!
Great video brother . Thanks for this information.
Awesome info! Thank you!
That’s was dope keep it up 👍🏾
That was a great video thanks brother
Good perspective!!! Nice video
Great info. Thanx brother
This is great stuff,thx much.
Awesome segment. Earlier today on my drive home I counted freightliners on the road. Almost 75% of trucks were Cascadias.
The way I see it there’s a reason companies and mega carriers go with the Cascadias they get good mpg, they’re more reliable, and easier and cheaper to fix. The only truck I would get besides a Cascadia is a Volvo they’re so reliable, ride great, and the quality is amazing.
It's great information thanks
Great information awesome channel
Love your channel ma man!!! 💪🏼
Appreciate you
Very helpful info 👍🏾👍🏾👍🏾
Appreciate you!!!!
Great vids all the time
Appreciate you brother
Cool info.
Great information ℹ
That man knows his stuff!!!
Wow Mai, you Rock!!
I wouldn’t trust that guy. He seems like a shifty pawn shop broker.... never trust a man that looks at you side eye, or not directly...
100% correct
Well said! This banker is out there to make $$$ while earning high percentage interest on subprime loans!
Good one alex, 👍🙂👍
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Sub-prime lender; 100k loan, 50k on the low side , with 25% down! 25k could buy a decent shape cascadia, and like he said, those are good trucks with ample parts availability.
Now that’s love
💯🎯💯🎯💯🎯THANK YOU
Great video. I rather save up enough $$$ to afford a truck and cover the payments and insurance and repairs. The bank is my last resort
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This is a great concept in brainstorming but if you are saving up a used truck you would want to finance with a small down payment and save the rest as capital for your business with a portion of it set aside for your maintenance account. This is what I did and within 3 weeks I had a blown turbo for $3200.
@@MadeByGod1973 Wow. That's a lot of money to pay for this repair, but you are right. Make a small down payment and do your best to keep up the payments and repairs up to par.
@@haynes1776 They broke the screw on my manifold so that took extra hours. I think they did it on purpose because I limped my truck to their shot for 20 miles instead of paying them to come get me.
@@MadeByGod1973 What? That's not right.
That was a great show! That’s the information that is valuable on the finance side of the business. This business has many facets that you explore and I rate this one ☝️ !
Amazing job Alex 💯
Problem is people don’t take pride in their credit ratings
Awesome plug here.. Great job Alex... I'm about to obtain my permit in the next week or so, already passed general knowledge gotta do air breaks and combination. Y'all be hearing from me as soon as I get my experience up
Hope you already in the trucking .
Go Bruno!!!!!! You have been great to work with!
I know many trucking companies lease their trucks, would it be better to lease straight from Volvo/Freighliner as an individual or O/O especially since they are major depreciating assets? I just don't like the Idea leasing from a Carrier
For me, I am thinking once I have the first year of trucking done. I am going to store everything and live in the semi 100%. A lot of people think this is rough but I will not have to pay for monthly rent etc. So my cost of living will be small and I can focus on my truck. If I want to get away from trucking I rent a car/hotel for a break.
I have experience in the UK trucking but that won't mean crap in the USA. However learning the industry fast, have a plan and hussle for loads is my plan. Right now working in a job I hate but saving money for a future downpayment for the truck.
I live out of the truck and it’s great. I do exactly as you said. except I donated and threw the rest of my shit out. I get a hotel, rent a car or take a break in a new area when I feel the need.
Many criticize or fail to understand this lifestyle. Pay them no mind, criticism is the fertilizer of which we grow.
I don’t own the truck though, nor do I think I’ll ever own the truck.
Many drivers do this. It can work if you have a good exit strategy: a year maybe two then buy a home or something like that. #drivesafe
That's a great idea if you're single. Trucking is hard on relationships.
So how’s it goin?
First I wanna thank you for referring the CDL app it helped out a lot!!! But what info do u m ow about Used dump truck financing
Loans are hard to get and expensive because there is a high failure rate in the trucking business and it's $12,000 minimum to repo/remarket a truck.
This is how I did it
Bought a 99 freightliner fld 120
Went through it inside and out took me about a year while I'm driving for another outfit, now I'm driving a brand new 1999 freightliner fld 120 ELD exempt with a brand new paint and interior with a TV, fridge, inverter
PS you need to have a diesel mechanic skills and handy with the tools, I can overhaul any diesel engine from Cummings to cats
Whats your number
@@christophercook1560
Sorry bro
I don't give out my number
I love Freightliners and I definitely will be buying a Cascadia
I want to buy a truck cash, if I find a good mechanic to make it load ready. But what about you guys going through a SBA loan so you'll get a guaranteed loan the banks won't fear?
Im a 3 month truck driver. I have a good credit and home owner. Am i qualified for 90.000$ truck financing if i put 25% down? Which bank you would recommend for this?
A yr ago my company leased 4 frtskr Cascadia heavyhaul spec trucks & 4 Pete 579's. The Frtskrs cost on avg $15,300 less per truck to run the same routes & frt after 1yr. Take it or leave it but that are experience.
How ironic an Asian that’s in driving industry, a legend indeed
U said it right Ma'am.... SLOWDOWN !
Nice video.
I love the "Costs us $12,000.00" to repossess a truck: enlightening.
Now I know why a "hard asset" company only offered me $1,500.00 on my 2000 Freightliner with Cummins N14 and Eaton 13-Speed. Obviously, I ain't leveraging losing my tractir fir just $1.5k. There just is no substitute for one having his own cash.
Also, I hear him about "fleet" tractors. Under powered, 10-speeds, vanilla but better driver comforts than used to have. However, why be an O/O, with tall insurance and IRP expenses in just a fleet tractor? I shudder everytime I think back when I had to company drive slugs and crap tractors: brrrrrr......
I also attest to this banker that non-Peterbuilt/Kenworth tractors are sooooooooo illiquid. Tried and trying to sell my tractor three different times on Craigslist and only one semi-serious offer.
This guy wants you to finance a classic with preconceived notion that these trucks maintains a higher resale margin if you where to default on the loan. That means your truck payments will be higher. Higher maintenance expenses because these trucks cost more to maintain. Higher fuel cost. The classic is not aerodynamic. You automatically lose 1 mpg because. Your fuel mileage may be in the low to mid 6 mpg. If fuel goes up to $3.50 per gallon above, you will go bankrupt very quickly. These are just a few of the bad ramifications of going this route. Good business people look for every opportunity to keep operating cost as low as possible. The classic truck model isn't a good way to.
What insurance company do you recommend for a new venture ,I first time buyer to become owner operator?
Hey, I have a quick question for you. Off-topic, from this video, but is it possible for someone to work for an owner-operator who is hauling freight through a carrier that wouldn't hire you directly?
The carrier I’m talking about it Prime Inc. I have a 3-year-old DUI and I am a felon. Prime won't hire me until everything is ten years old. However, someone told me their cousin is an owner-operator and owns their truck straight out and needs a driver and will take me under their wing but they have a contract through Prime. They’re telling me that when you have your own truck you make the rules, not the carrier. Should I believe them? Thanks in advance. I love your videos.
Yes
The Asian Mai Show I just thought it was too good to be true. One more question bro. I swear you the man lol. Every job says that you need 1 year of verifiable experience or more. When I work through an owner-operator how can I verify that experience? Especially if things ended badly between me and that owner op. I hope that makes sense.
I don't think you should believe that completely. As an owner, I've always been of the mind that the insurance companies make the rules. If you're a liability, unless they self-insure like the biggies, you're going to have a hard time once they see that DUI and felony. The fucked up part is... my dad was a felon and this would have been the perfect industry for somebody who made some past mistakes and wants to change their scenery to get their life together. Truth is, even compared to 15 years ago... this industry sort of sucks donkey balls now.
I don't believe the information that was given, to you, is accurate.. If you can't qualify through Prime, how do you expect to drive for an owner operator, leased to Prime? Or am I misunderstanding?
@@robert9291 it’s all about the insurance. Take what I’m doing now as an example. Amazon. Amazon wouldn’t hire me directly to work in their warehouse because of my felony and yet now that I’m a truck driver I’m hauling their freight through a third party off Amazon Relay. Why? I’m on the insurance for the third party and they don’t care about my felony conviction. All they care about is my driving record.
Hi I'm Robert looking into buying a starter truck but I don't have someone to go with me to make sure I don't get ripped off how do I find someone to go with me ??
So with this saying about banks.
ALEX how would you help a driver get his own rig since you saying you running a company to purchase equipment
We run a equipment finance brokerage. We have relationship with banks like this and find drivers the best rates that dealers cant get at times
Very good interview ! His bank will be a good resource for Drivers looking to finance a truck ! To little to late for Yours Truly though ( too long in the tooth , if You know what I mean ) ! There was a time I would have jumped on it with both feet though ! But , there's something new o/O's. NEED to know , the buying of a truck , and the driving the truck is the easiest part of this business ! It's the behind the scenes parts that most often make a new O/O fail ! ( not the least loosening everything and everyone You have in Your life )
So, 100%...I need a day cab to haul fuel; it's like 40k - do you think these guys can help?
Alex what about finacing for a small box truck...is it the same as i see advertised bad credit no credit ok?
Hey @Asian Mai is this the guy who is your connect with helping regular guys get into owning trucks or is that a different connect? Most ppl trying to get into owning are not going to have the best credit or have substantial money down like that which is why they end up going with companies who offer walk aways that usually are not good deals for the potential owners.
Different. My partner and I do are own thing
@@MuthaTrucker got u bro...still appreciate you putting drivers 1st & keeping all the good info going. You are at the top of UA-camrs that I would want to personally meet. Much love fam. #MuthaTruckrNation
😃🇩🇴🇺🇸 cool information 😃🇩🇴🇺🇸
Alex!!! Bring on the Pete's!!!
😎😎😎😎😁
Would East Harbor help a driver refinance a lease purchase program truck?
so driver can take the truck and move on to another company with his rig
Possibly, my business is a brokerage. We find banks with the best rates.
How do I get in contact with that lender? I want to buy a new truck (kenworth) 40 to 50,000 down great credit and home owner. ???? Help?...
Crazy these trucks are now double
Interesting that brand does matter.
I wanna talk to him is there anyway we can get that setup?
I’ve been trying to get my own truck and trailer for a while now. Can Bruno help me?
So, real talk. 17 year driver. Credit score just over 700. Been looking at Coronado Gliders with around 400k miles in the 40-50k range. Wonder what he thinks a good down payment is
Text me 786 353 5674
I hate the turning radius on the Coronado but man is it a beauty 😍
I am right now struggling to get finance for 2nd truck I am grossing around $40k to $45k a month with 700 plus Fico I got rejected twice now. I have funding available form private investors with 20 to 36% interest rate it ridiculous
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How you doing my friend. I wonder if he helps you out with buyouts with companies?
Should I ask navy federal credit Union for a business loan or should I ask for a personal loan in order to buy my trucking equipment?
A personal loan would do better if it isn't too much. Over a certain amount I am quite sure they will ask enough questions to know it is for that and want you to do the paperwork differently.
Plug me what type of small banks should I go to what state and city his bank at
One contradiction I noticed.....
If you are buying a truck with a high re-sale value, you still need a large down payment?
That contradicted what he said earlier that a dime-a-dozen truck is riskier because of the repo/recovery costs involved.
You would think anyone wanting to purchase a W9 or a 379 would take care of it, so why the need for a large down payment?
I'm trying to finance my truck and lowboy now.
Thank you for your information. Want to know if you know of a finance company who can finance my truck repairs. Please let me know
Talk above a load after you have your business. It hard to get a loan.
Credit is King
Hey need a truck by December can you help. New trucking business but not new to the trucking industry.
I want to chat with him. Could he a get me a w900l new, no down payment. My credit is good. I'm a homeowner and 8 financed my trailer a year ago. What's up?
I wish l would've saw this 1yr ago when the guy posted it,, Guys, don't let this Asian dude send ya'll off and have yall going out there buying them 2013 & NEWER Kenny's and Pete's with them VERY KNOWN ELECTRICAL PROBLEMS, just because you can have a better chance for a loan, because, once they approve you and you get the kenny or volvo or Pete, and it start breaking down like they're know to over electrical problems, YOU STILL HAVE TO PAY THAT TRUCK NOTE, no matter how long your truck is down in the REPAIR SHOP
I wanna buy a truck how to get it can you help me
Good morning Alex. Okay let's get right down to business I'm a company driver another California all my friends are owner-operators as for me as a company driver I'm struggling to bomb on truck my credits not the greatest Barabbas my ass 6 days a week 210 to 16 hour days driving commercial in dump flatbeds transfers possum bellies but I cut my teeth doing Heavy Haul and flatbed and step deck as a company driver I'm getting nowhere and finances or anyting can you help me dislocating a finance company who's willing to take a chance?
lifes to short to drive a Cascadia!..
Need a truck by April Thank you for help
I'm trying to buy my first truck. I've been driving for 25 years. I'm looking at a 2018 western star 4900ex. The truck is located in Canada. Can't find anyone who will give a loan for a truck from Canada, due to having to wait for a title. I'm a home owner, have good credit. I've formed a LLC, I have my EIN number. It is a start up business with no revenue yet. How can I get a loan to buy the truck? Purchase price is $112,000
Just called his firm. They need 30%-60% down. Need to be a trucker newer than 2019. Don't have that kind of cash hanging around. That's the entire point of getting my on rig.
i live in PA just found out this is my last run for this company. any idea of a good company to lease on with?
Land star
I am not going to buy quickly, I would appreciate knowing what he may have available.