Crooks, Truck Finance Company Ripoffs and Scam Tactics EXPOSED (Good Interest Rates, Fees)

CORRECTION: The Trucking Loan Center Canadian number is 905-790-9797
What are some of the most common ripoffs and scam tactics that truck financing companies throw at you when you go to finance your own semi-truck?
In this video, Ronen breaks down the most obvious scams such as high-interest rates, hidden fees, bi-weekly payment terms, etc. He also talks about how you should deal with finance companies when you go to finance, loan, or lease a semi-truck to become an owner-operator.
Hope this video helps you on your journey to purchasing your next truck!
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(Truck Loan Center) Truck Loan/Financing Inquiry:
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USA: 1-412-822-0220
Canada: 905-790-9797
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Soundtrack:
Pop Filter - Alternate Endings
Elision - Lucid Dreaming

[@MikeSmith-jq3fi]

Whole trucking industry is a huge scam!!!

[@seedycanuck1739]

Found your channel a few weeks ago. Got my Class One in 1974. The information you provide will be a real help to those starting out. As well as those you are finding it difficult to navigate the world of trucking as it now stands. Keep up the good work.

[@NorthAmerican-Trucking-News]

Welcome aboard! and thank you for the positive feedback

[@imbrandon16]

I don’t think I would want to back up a truck loan against my house… 😬

[@dwaynechatoyer8912]

I watch all the videos I cone across Mr Ronen....this has to be one of the most informative and enlightening videos ever...💯

[@peterindal365]

Perfect timing on this video. I'm at this point right now and really appreciated the helpful tips! Thank you!

[@daMillenialTrucker]

Hows it going now brother?

[@nnggwwuu]

Thanks for sharing your knowledge Ronan. God bless you!

[@Gul_Jee]

Excellent stuff, thank you Ronan

[@goldeneye33akaleftlaneslim82]

Thank you! Really good info! THANK YOU!

[@sharrelson3344]

This video has summed up everything that I need to hear about buying my first truck. I will be using this advice I already pulled the trigger on a company but it's not to late and I will try the recommended company

[@NorthAmerican-Trucking-News]

For Those Looking to Contact Truck Loan Center, CORRECTION: the Canadian number is 905-790-9797. Hope you enjoy the video!

[@Anthony-zc3uo]

Looking to finance my first new truck and this was definitely helpful. Thank you, I'm gonna watch this a couple times, game plan and then go execute.

[@FernandoFlores-vr7ze]

Truth will make you free and Tansparency means honesty... The final result is succes ... My respect Mr. Ronan.

[@claysonpanton83]

Very solid info, former bank manager now owner operator 5 years. I remember buying my 2nd truck after having the 1st 90% paid off, went to a Kenworth dealer (MHC) and had a sleazy salesman try to offer me a 17% interest rate with a 740 credit score at that time. (With a str8 face too ) Then he had the nerve to tell me I was only approved to finance through their “premier” / in house lender after I asked about other lending options 🤣. Well, I decided to be an asshole back and had him and his boss pull my resume on linkedin to see my previous financial experience. A few days later I went to their competitor down the road , bought a better truck at 7% then went back to MHC to buy floor mats for it. The look on their faces was priceless. As a former bank guy, I must agree, so many people get ripped off daily through financing. Smh

[@k.winfield1036]

Excellent video as always.

[@eljefe1712]

I am learning sooooo much from your videos. Thank you.👍

[@Mariodupree]

Very useful information!

[@POLYLIVING]

Shared! I love u guys!!

[@josecaipa4365]

Great advice you open my eyes cause I’ll be doing just that to purchase a used truck or new thank y’all

[@lobsangtarring2923]

Thank you for your advice it help a lot for new business owner who doesn’t know how to finance thank you for your advice it helps lotta people thank you again

[@geraldrhaburn6012]

Great information I really needed now I really know what to do before buying my first truck thank you so much for that Great info👍

[@anmolsidhu4782]

Again with a great video!!

[@Inferlogist]

Thanks for the video and Damn Daimer !

[@hassertshauling1223]

Great video!!

[@shadowfoxadv2365]

good material thanks for the tips!

[@NorthAmerican-Trucking-News]

Glad it was helpful!

[@petraroams]

Great video, I would make a comment about weekly/bi weekly/monthly payments - the extra payments are exactly that - it’s not a scam you are making additional payments to the full loan - one full month extra every 12months so this lowers the total payment amount slightly throughout the entire loan. Also interest paid is actually lower in the same term by going biweekly - the bank has half the ‘monthly principle’ early; so you save half that months interest on the principle paid on that first payment for the following 15days of the month - doesn’t seem like a lot but it’s does equate to lower interest amount overall and plus the extra 2 payments a year also lowers overall monthly for the same term loan. If you are paid biweekly it’s a very good way to lower overall payments (total monthly) and overall interest if you are comparing same term monthly payments vs biweekly.

[@jobwachira8471]

Wonderful advise. I'll take that to any bank.

[@andrebrown4669]

I needed to hear that. I dived in head first (I'm taking about the head on my shoulders.😅) on a lease agreement 🤝 for ....wait for it...2,400 per wk for a 2022 Pete. BIG mistake. I need to get out of it A.S.A.P😫!!

[@dogman807]

Good advice. I'm looking at a getting a lowboy trailer. Cost 115 thousand. Need financing. But wow a lot of scams out there.

[@silverfoxadventures]

Hey Ronen I love your channel and am looking forward to work with your organisation

[@carloscontreras2842]

Thank you

[@jupj1]

Thank you for sharing, I’m looking for a video on KZbin. what to do when paying cash on a brand new truck.

[@keltaruusutravels4024]

Very informative. Thanks. Do SBA loans usually have a lower interest rate? They seem like they should since the Govt guarantees the loan but I don't know anything about them

[@QUANT_Trader88]

I'm suing this financing company they told me I would be paying my truck off at $35,000 but the shit actually cost $81,000 they scammed me they had hidden fees and they didn't put any interest rates on the paperwork

[@victormartinez-diaz6127]

Hello, I am in the same situation. I need help. What are you doing currently?

[@paulclark4844]

Hey Man, I just wanted to say I really enjoy your KZbin channel. The information you provide is always educational and very helpful. Keep doing with your going because it works. I wanted to ask if you know anyone who has a dispatcher training course? I’m looking for someone who’s trying to train and teach new people the dispatching business. Do you know anyone who might fit this description? Thank you again for all you do =)

[@tonyg5644]

Thank You 🙏

[@edwardrichardson8030]

Thanks man

[@shivamlamba7376]

Thank you sir

[@coldfusionspacexxx9814]

With a lease you pay almost at the same pace as amortization vs. finance! With finance you carry the burden of the full amount vs. lease where you are responsible for the full amount-buyout difference...

[@POLYLIVING]

Do u have a video about buying in 2021+ specifically? I’m wondering how electric truck sales will effect the diesel market.

[@andrewbarnett4621]

Thank you Sir. Ronen hope I spelled your name correctly 😂 You been a great imperation and a eyes opener with all your videos very informative.👏🏼👏🏼🙌🏼🙌🏼🙌🏼

[@NorthAmerican-Trucking-News]

His name is Ronen! But thank you!

[@andrewbarnett4621]

@@NorthAmerican-Trucking-News let me do the correction on his name thank you.

[@darcyhiggs9292]

Can you do a video on percentage pay vs. by the mile pay. My limited knowledge seems to point toward percentage being much more profitable for the O/O.

[@nattydreadlocks1973]

They are going to rig it up so that they pay roughly the same.

[@ygtcbee23]

If you're getting paid by the mile you are capped. If you get paid by % make sure you see the original broker rate confirmation

[@wayneholliday8823]

Most leased operaters getpaid monthly they work for month get draw in middle of month get paid out end of next month.some pay 7 days after end of month.so paying monthly on truck would match pay. Now if had own authority you could use whatever you wanted to

[@stilliraise9201]

The other option would be a personal line of credit. Or much better a business line of credit but on this one you would have to have established your business first with website.

[@garydownes1594]

Yes. Negotiate.

[@andyd8284]

I got good credit but lack of down payment,which is the better option for me,finance or lease a truck??…I try to get the newer ones

[@davidguerra9896]

I’ve seen people with old trucks do better than people with new trucks

[@Lone_Wolf_91]

Financial 100%, much more flexible. One friend got financial and other got leas, first one works team and after one year they payed 1/2 of full finance, it saves money tho but keep good $ savings in case, other got lease bc he got house, 60k$ car and caravan on financial payments so he only could get lease at that point and to buyout truck it will cost him only 1month payment 3,500$. With years and monthly payments usually depends on if You solo or team, team most of the time can get 4y max.

[@stilliraise9201]

I'm kinda confused. When you said company A,B,C are referring to bank or dealership?. I think what you meant was bank A, bank B, and bank C

[@royalflush8173]

I filled out the form and a guy called me he offered me to put down 20 percent on a 80k truck i finance the rest for 4 years and my payments would of been 2200 a month total rip off . that would of cost be 105k

[@robertscott305]

That finances thing they do that at car dealership to

[@robertscott305]

My favorite lease deal is when the company won't let a truck in their fleet more than 4 years old

[@silverfoxadventures]

Am outside Canada and am a heavy haul truck driver How do I apply for a position

[@Jay-fz1li]

Will finance companies allow me to bring my own Equifax report so I don’t have an inquiry? It seems like these companies want to run your credit themselves

[@devinjohns9465]

Do you organization finance start up trucking companies in on operator without a CDL but I own one truck and is willing to put 30% down

[@Rickayyy304]

Truck loan center advised me they don’t have interest rates , instead it’s a monthly fee that the loan agency gets for investing their money in you.

[@stilliraise9201]

It would be better to buy a used truck an do a complete 100 percent overhauled engine while working on your company driver then ones it's done you go to your own company and lease to them .

[@damienwiley2312]

Has anyone done business with the lender in the link?

[@teopina8881]

Do truck financial companies use Equifax for loans approval or fico?

[@ALL4SCUBA05]

Equifax is one of three different agencies that keep a FICO score on your credit history. When they reach out to one ALL three of them, it is to know your FICO score and credit history.

[@stilliraise9201]

You forgot to mention to lock your credit score with all them 3 bureaus cause even though you tell them do a soft pull you get the risk for an idiot to do a hard pull on your credit

[@francomtz7115]

This is what a used car salesman always told me. Your going to get ringed..

[@dequanbeverly3346]

Do you guys hiring American drivers?

[@AliHussain-db2qo]

His friend financing company scams.. leases purchase is a scams

[@08Dazzy08]

Hey, is here anyone who get an EB-3 visa for USA with support from a Company?

[@thomasreyes2857]

You don't think 3,200 a month for at least is not a ripoff if you're taking $1,600 every 2 weeks from those guys that's a total rip off for at least purchase

[@stilliraise9201]

What If you have cero credit score.????

[@ALL4SCUBA05]

Then you get no financing

[@stilliraise9201]

Good news 745 CS as a company driver. And I was toll not to give any down payment to the dealership and do everything to the principal at the credit union

[@DLSWV]

👍😉

[@belle6071]

In my experience, the finance company asked for three years of tax filings for my LLC here in the States. I choose full payoff in 3 years on new 2022 Cascadia with 650K mile full warranty at 4100 per month. I go roughly 125K miles per year, average gross 300K annually. God willing, I will have plenty of warranty and no payment in the end.

[@stilliraise9201]

But what if you don't have no credit at all?

[@BUCURPOPA]

@@stilliraise9201 I got my truck after 1 year since I started to drive. I put down 60k, I have a 3 year financing with 3800 per month. I drive a 2020 volvo vnl 760. Make shure you have a bare minimum of 10 k on top of your monthly income, because if you ever stop for whatever reason ( i had a jacknife once, had 2 operations in 1 month, took 2 weeks vacation, covid reduced business, January slowdown, tire changes, inspections, small repairs, etc etc) Things get really expensive really fast!

[@stilliraise9201]

@@BUCURPOPA Gosh!!! I don't know what to say. Kinda hard for me. Banks already checked my cero credit score. I'm deeply screwed. I've seen flatbed guys making big pockets

[@1724nine]

@@stilliraise9201 company O 'Down lease is your only hope

[@stilliraise9201]

@@1724nine I think I found a lease purchase agreement that you can walk away whenever you want. Other flatbed guys r killing it

[@minniegerber736]

Anyone here know anything about TopMark?

[@victormartinez-diaz6127]

Hello, I don't know if it is too late but please do not work with them!!!! I am paying double the value of the truck they financed for me. On top of that they sold my EFA to another company. I am looking for legal assistance now. Let me know what your experience has been....

[@minniegerber736]

@@victormartinez-diaz6127 The day everything was going to close we decided not to follow through with them and they were very upset. They completely changed from being professional and polite to the complete opposite. So glad we didn’t go with them. After reading everything and reviewing everything it was too good to be true! I agree, don’t go with them.

[@herveking2245]

Really??? Dude I hope you do your research on the companies you do recommend for business. Truckloancentre is the biggest scam you have out there. I wonder if you have ever financed a truck. Are you even are truck driver. I've have a finance with those guys and exactly what you suggested we stay away from that's what they do. So please do your research on your sponsor. I usually like your videos but this one was bull crap just because you recommend Truckloancentre.

[@gavnonadoroge3092]

5 mikey mouse operations disliked this video

[@ajizbhai7862]

Excellent sir love from India I want to go Canada for any job how can I go pls tell me sir full details

[@cdtluna]

Can u put your advertising at end of video ? U just used up the first min to advertise. ?

[@nattydreadlocks1973]

The sole purpose of television and radio is to sale advertising. KZbin is no different.

[@aamirasfar9752]

you are cute

[@garyroach3479]

Question is u in trucking industry and betting u pull some shady scams on drivers also its simple is use cash for truck and never lease it from company u work

[@vicmultani7582]

What a B S video. You cannot negotiate an early termination fee. Termination fees are in thousands-5-7-10 % of the amount financed. That is a commercial loan---welcome. as for the rate. There are no 11-12% rates for average credit customers. They are between 17-20 % maybe more. Seems like this poster has not worked in Commercial finance.

[@nattydreadlocks1973]

Canada.