Don't Get SCAMMED In the Trucking Industry | Financing Your Semi Truck- Good Vs Bad Credit

Don't Get SCAMMED In the Trucking Industry | Financing Your Semi Truck- Good Vs Bad Credit
Truck drivers, 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?
Truck drivers in our industry have been getting ripped off left, right and centre, and we want to help.
In this video, Ronen breaks down the most obvious scams such as high-interest rates, hidden fees, bi-rate vs effective rate and more. 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. And his best advice for dealing with dealerships (spoiler alert: NEVER WALK IN!)
Leave a comment below if you have any additional tips for drivers out there, and what you have done to avoid these scams!
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#financingatruck #truckscams #truckingfinance101
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Chapters:
00:00 Introduction- What to look for when financing trucks
01:35 Do this if you are a first time truck buyer
02:46 Interest rates when buying a truck
04:35 Do NOT finance your truck with a dealership
05:07 Work with multiple companies, let them fight for your business
06:44 Beware of documentation fees
10:44 Always ask for effective rate
10:54 Look out for forced warranties
12:05 Beware of end of term buyout scam
13:26 If you are going to finance a truck, do NOT walk into a dealership!
15:37 Beware posted rates on advertisement

[@a.albinopichardo9701]

Hi Ronen, I agree with everything you said. However, when someone's buying a truck and walks into different lenders...basically you have one month to get this deal closed or your credit score will be affected by so many credit checks. Every inquiry will cost you credit points.

[@omehenwanneka8953]

Hey there Ronen, where have you been? I missed you...the sound of your voice is refreshing, motivating and encouraging...Thank you

[@BM-if9zn]

Great advice. United and being informed are the two key words, it relates to everything going on these days. Thanks for sharing!

[@KevinG1994]

This is one of the realest and most helpful trucking channel out there currently.

[@dylanstraub9612]

You guys make the best content on the subject of the trucking business. Thanks for the effort you put into educating people who really need this information.

[@NorthAmerican-Trucking-News]

We’re glad we can help! Thanks for supporting our channel!

[@papadick70]

Ronen, great Show thanks... Keep it coming. more ,more,more

[@thumblister]

This is invaluable advice. You guys have a great KZbin channel!

[@NorthAmerican-Trucking-News]

Glad you think so! Thank you!

[@evguenimertodjan9783]

Thanks for advising us on this topic!

[@andrewbarnett4621]

Well said Sir. Ronen. 👏🏼👏🏼👏🏼👏🏼👏🏼

[@TravisKinley]

Solid advice! Sadly, financial literacy is often missing in an industry that causes many to become so profitable!

[@jmendozas197]

Thank you for these tips, Ronan.

[@TheAlchemistDavid]

Solid advice. I was a car salesman in a previous career and it’s the same. You’re right on every point. I think I like the advice to buy from an operating fleet. This makes much more sense.

[@NorthAmerican-Trucking-News]

Glad you enjoyed the video!

[@seanshapoori]

Hi Ronen, As usual, your video was very informative and helpful , Thank ypu so much. Keep on keeping on.

[@NorthAmerican-Trucking-News]

Thanks, will do! , please share our content if possible. I appreciate the positive feedback.

[@itsashrimpthang7569]

Thank you for your information and support💯

[@malyshevvasiliy9541]

Hey Ronen! Another great video. BTW I'm learning English and gotta say I really like your way of narration and your pronunciation. So, double thanks 🙂

[@NorthAmerican-Trucking-News]

Awesome! Thank you!

[@iamhowiam2862]

Straight gold. Thank you brother!!!

[@jackculp9776]

I have watched 3 of your videos and like what you are saying and teaching. I have friends who have yet to buy their first truck and I am going to buy another truck. I am sending your video links to each of them, these are excellent and I have learned a lot from you. Thanks so much, I am looking forward to hearing more from you.

[@NorthAmerican-Trucking-News]

I am so happy that u find them useful Stay tuned to tomorrow A really good video coming out, took me about 3 days to put it together

[@jbtrading1116]

Thank you so much for sharing your expert advice

[@Zorro-by7gi]

Ronen, thank you so much brother you really doing I would say best job for all truck drivers who wants to purchase trucks for helping them a lot. Thank you so much God bless you brother.

[@hawkeyedispatch]

Thanks Ronen, Get information for new Truck Buyers

[@michaelwright1602]

Save your pennies, buy an older well maintained emission free truck, they are out there. Don't pay more than $20,000, so if you do have to finance any monies the payment will not break your back. Lease the truck on to a regional carrier, stay close to home and learn how to work on and maintain your own truck. If you rely upon a mechanic or warranty, you will be bankrupt in short order. Fix the truck as you go, with no emissions and what not, the truck should give you good up time and keep you solvent. Stay away from the emission trucks unless you know how to wrench and have the proper diagnostic tools on hand to properly diagnose. Good luck!

[@clarencestanley5988]

I'm a driver, NOT a Mechanic??

[@michaelwright1602]

@@clarencestanley5988 Great attitude, you won't last long out here, and you will make many a shop richer and happier! I have been burned by these shops, twice, last shop visit cost me $40,000 in a botched in frame, Cummins shop, I wound up repairing that mistake myself. Most shops are getting close to $200 an hour for labor, and the majority of them can not fix spit. Good luck.

[@clarencestanley5988]

I hv bn out here MANY a years...been Crispy Burnt..in the Thousands...so Don t tell me I won't last!!! I'm still out here making it. It's jus part of the job. Bless u

[@Dingbobber]

Prime Boomer advice. Just put down the avocado Volvo and pull yourself up by the bootstraps 👍

[@Dingbobber]

@@clarencestanley5988 Don’t listen to his advice. This what every Day Cab driver who thinks running a business should be fun or they won’t do it.

[@lngleg]

Thank you for posting this video!

[@NorthAmerican-Trucking-News]

No problem! Thank you for watching!

[@rmede69]

Great tips! Right on thank you very much, God bless you 🙏

[@tonysuri5450]

Ronan, best advice ever.

[@anonymoushuman3004]

Fantastic information. Thank you for what you are doing.

[@pedromatias9437]

Amazing content! Thank you Ronan

[@NorthAmerican-Trucking-News]

My pleasure!

[@kentr2424]

Good advice Ronan - it works for buying cars, pickups, motorcycles, trucks, just about anything that has wheels....

[@demond1818]

I was just thinking ..... "So basically I should buy a truck the same way I buy a car."

[@Chris.christiansen.84]

Hey Ronen we just bought our first truck. Thanks for all the videos they've helped us out a lot. They've helped us decide if it's the right move for us. They've helped us prepare for company formation, dot stuff, and soo much more. I wished you guys would expand your vlogs into other areas of trucking. We're staying home, and local. We're going to be doing tankers, and aggregates. There's not much info out there. It'd be nice to follow some new owner operators, some new guys running their own authority, some drivers in other areas of trucking.

[@fozman845]

My advice don't use this card. Goto RTS want the number

[@williampeters6004]

Refreshing honesty. Almost NEVER found. Love the videos my friend. Do you do any or how much in the states? Massachusetts here...

[@NorthAmerican-Trucking-News]

im glad you are enjoying the videos. we service Cross border, mid west usa and south east usa.

[@oshomaenigwana4527]

I just used your Guys. They gave me 8.8% am first-time buyer Thanks Ronen

[@NorthAmerican-Trucking-News]

Hi Thanks for the feedback, are u able to send me more information about your experience with the finance company.

[@malyshevvasiliy9541]

Good deal, congrats!

[@oshomaenigwana4527]

@@NorthAmerican-Trucking-News Yes, I am able but do you want it here or privately

[@NorthAmerican-Trucking-News]

Privately please [e-mail]

[@oshomaenigwana4527]

@@NorthAmerican-Trucking-News ok

[@morrisdennis]

Excellent advice

[@robertovillalon2841]

Another valuable video! Thank you!!!

[@icarys]

I'm looking at TransAm and found out they own the truck leasing company (one leasing). I have noticed some of the very things you talked about. A just in time video. Thanks!

[@NorthAmerican-Trucking-News]

Thank you Icarys! Stay tuned for more!

[@stephenhernandez4403]

Great video thank you so much truck driver from Southern California🚛. 🚛

[@GrdDog]

Awesome information ty very much !!

[@byronorellana6886]

Thanks for what you do Ronen. Im starting a new career in trucking and my goal is to have my own business within the next 5 years. Thanks alot for the informative videos.

[@NorthAmerican-Trucking-News]

No problem Keep watching the videos Lots of good stuff coming

[@ronjordan2831]

So are ten million other people Byron. Welcome to the over saturated jungle. Ten million and counting. Open those borders.

[@nakobilly]

Great info! 👌🏼👌🏼

[@danieldehay5198]

Thanks man. The only disagreement I have is about the buying the fleet truck…..because most companies I have worked for do the absolute bare minimum maintenance on these trucks. They do barely enough to keep the warranty up…..which in turn makes for a terrible situation for the guy buying it later…..but this video holds invaluable information! Thanks a lot

[@NorthAmerican-Trucking-News]

Good point, appreciate the feedback, if possible, please share.

[@picoleleu]

Nice advice! Thanks from 🇬🇧

[@NorthAmerican-Trucking-News]

Glad it was helpful!

[@glennevitt5250]

Thank you for this information

[@TheBolt62]

Very good points

[@NorthAmerican-Trucking-News]

Thanks Scott! Stay tuned for more!

[@DanielGarcia-zz9eg]

I bet if rates were not so high, driver can keep the rig. Let's drop to 2% or 0%

[@TheNucleerbomb]

Great information ☺️

[@NorthAmerican-Trucking-News]

Glad it was helpful!

[@graliceresources9395]

This is a great video. You just spoke to me directly, I just subscribed and liked this video. Thank you for the great and good video. A friend of mine got a used truck, runs smoothly without load , so it’s seems good without a loaded trailer during the test drive. But the first load of about 42k pounds we hooked on it. All the checked engine lights came up like a Christmas light. And the truck retard to a max speed of 55MPH. We have been to the dealership for repairs three times, each time the truck goes up the hill with heavy load same light would come up again So so sad experience with the truck

[@NorthAmerican-Trucking-News]

Thank u for sharing I’m sure it wasn’t easy

[@nevillemuthabali3188]

I do enjoy your content since I have to join the go. I like this 👌

[@NorthAmerican-Trucking-News]

Glad to hear it!

[@Getmoneyent187]

Ahhmazin video, I loved the information, I definitely shared it

[@bobtailcapital]

Great video, thanks!

[@paulrivers6747]

Nicely done, very informative, looking to purchase a tractor soon, I will be talking to you in the near future, thanks so much

[@Emma-yj6bq]

It like I sat down with my brother and he explained to me like family what to do... thank you.. family.

[@danilojones7193]

Great information

[@controlleddetonation8905]

Awesome info. thanks alot.

[@NorthAmerican-Trucking-News]

Glad it was helpful!, please share video if possible.

[@carlosvital5805]

This video is really good just on time I am looking to finance a truck now I know that I need to get different finance companies THANKS THANKS

[@NorthAmerican-Trucking-News]

Thank you for watching!

[@carlosvital5805]

Yessir or yes ma'am I always watching any new videos tht comes up I am on the 20% of subscribed people

[@yeyo6335]

This is probably a dumb question but when you say financ company do you mean banks? Thanks.

[@reginaldomaisde5059]

Very very good your video!!

[@NorthAmerican-Trucking-News]

Thank you! Cheers!

[@jesserasso1042]

I like this really good information good job👍

[@jesserasso1042]

A El juapo likes these guys

[@vasreddy9972]

Great info thanks

[@NorthAmerican-Trucking-News]

Thanks for watching!

[@herveking2245]

Hey Great info. Truckloancentre is not a company that you should affiliate yourself with. You do great work but that company should be stayed away from.

[@frankswain9483]

Why would that be, Herve?

[@hootenhooten5986]

If you keep your maintenance up on your truck,before anything happens.you will be good.get a tune up, oil change, A service, B service when you are supposed to and you will be fine.thats what big trucking companies do.everytime you come into the yard, they are doing one of those to the truck.

[@powshredder3716]

good info thank you

[@NorthAmerican-Trucking-News]

Glad it was helpful! Stay tuned for more!

[@mountainmandale1587]

Leasing is glorified renting! Never do it!

[@JuanCheeto]

You must enjoy owning depreciating assets

[@icarys]

I'll be leasing to own. Something wrong with that?

[@jajajaja2624]

Taxes are better on leasing and its always someone else problem to fix the truck.

[@jeffsutton950]

Personally I’m paying cash for the truck. No payments.

[@topdoglogistics1406]

I agree 100% prices are through the roof plus a parts shortage. If I get a warranty I’d get it through the manufacture not a 3rd party warranty

[@simarpreet123]

Very informative thanks .... Please also mk a video on load rates brokers and dispatchers .... How to negotiate on loads from brokers

[@nelsonraul26]

Excelente vídeo

[@NorthAmerican-Trucking-News]

Thank you! Stay tuned for more content like this!

[@norasmith2032]

Very goid video omg i learned alot from u

[@spiderbrandt4066]

Mate , your Awesome

[@newlifeinternationalchurch]

Great advice. I'm contemplating on buying my first truck. I'll definitely going to keep your advice in mind. Thanks a million.

[@felicia1ofakind]

Great video! Do you have any dealerships your recommend?

[@NorthAmerican-Trucking-News]

I’m so sorry I don’t Where r u located?

[@fivestarscaliforniarentals6446]

Thank you kindly

[@peterugwuoke2509]

Thanks for the great info. Do you mind sharing the link on how to apply for truck financing to get quotes from different companies. Thanks

[@danielochoa8870]

Thank you for this educational video, I just shared it with other truckers friend of mine. I think warranties can be very helpful ic they do the job. Do you know a good warranty for trucks that you would recommend ??

[@seekpeaceread6798]

They are evil and the fire 🔥 of hell is waiting for those kinds of people

[@stilliraise9201]

I do have an idea. How to build credit?. Or tips and tricks on how a truck driver can build up credit fast. Saying hi from Illinois.

[@michaelashcraft8569]

Why I NEVER bought, or, leased a Truck in 35 years as a OTR Trucker! Saw many a Man broken by expenses, new Truck or Used, DO NOT get caught up in company Leases, it is a trap!!

[@brookben6767]

Great video thanks !!! What is meant good credit in ur context?

[@NorthAmerican-Trucking-News]

Anything over 700 in my eyes

[@ShamsherSingh-nb8xw]

Please explain benefits between leasing and financing a vehicle

[@rickyramirez3702]

That was cool IAM look for a truck but need more information thank you

[@NorthAmerican-Trucking-News]

More to come!

[@Jason000111mmw]

I have thought about buying a truck however I just don’t see the numbers adding up anymore. I could be wrong but I believe trucking is the only industry where it’s acceptable to spend more money than you’re making. Example the truck makes $300,000 per year after expenses maintenance etc. set money aside for the business and taxes You would be lucky to have $100,000 left. So you spent $200,000 to make 100,000. Doesn’t make sense to me unless you’re going to be a fleet owner.

[@nnggwwuu]

GOLDEN!

[@NorthAmerican-Trucking-News]

thank you for the positive feedback.

[@myyt1784]

Hi, Good content, however where is the link to get preapproval ? cant find it on your description

[@shodbfs6663]

Another great video. A couple of questions, it seems your recruiter is a bit disregarding, maybe reviewing too many applications? Can you disclose how recruiting works and why all recruiters all are females and recommend the best process to be hired. Thanks.

[@NorthAmerican-Trucking-News]

we definitly have Lots of applications, but i know she was on vacation all of last week, and monday was a long weekend. Can you send an email to [e-mail]

[@tahir2949]

Thanks 🙏🙏🙏

[@NorthAmerican-Trucking-News]

Thanks for watching!

[@TruckerBod95]

From experience the dealers dont let u hook up to trailer empty or loaded

[@SM-yr7yg]

I Wish to see this video before I bought the truck...

[@damianrodriguez5907]

As a first time buyer buying a truck I was getting a 20% interest rate from a finance company. My credit score is at 750 but I wont be putting down a lot of down payment. I have financed commercial equipment with my personal credit before but not with my business credit.

[@NorthAmerican-Trucking-News]

Playing it safe is definitely a good move

[@terryfrazier2661]

Do you have a list of fleets selling trucks?

[@flatbedtrucker5473]

Right now I wouldn’t finance a truck right now. As we know there is a parts shortage along with overpriced used trucks

[@cemamoprinting7132]

Thank you so much Ronen , I have a question : what would you advice to a new truck buyer, new or use

[@oaklandraidertrucker1847]

Ahhhhhhh…. Hands down the MOST asked question in the trucking KZbin space!!!!! Just type that question in the search bar… You will be amazed at the content that will come up

[@icarys]

You didn't ask me but I'm buying used. New trucks are much higher in price. Longer terms. Just my two cents. Ronan told you though. If you buy used, buy one that's in a fleet and being used.

[@thisismagacountry1318]

@Daan Daan

[@jmacd8817]

Do truck loan companies include early payoff penalties? I know many home loans and car loans used to, but they were outlawed, at least in Cali.

[@ctiops4151]

Commercial equipment loans mostly all have early pay off fees

[@rjgrimshaw]

@@ctiops4151 that is incorrect.

[@ryanpatterson336]

Do you also need to provide the finance company employement or lease agreement to lease your equipment to before applying for Loan.

[@dane6510]

I wanted go do a 5 year finance and try to pay it off in 3. Just to keep my payments low incase the truck does brake down.

[@dewey60s50]

Hey much appreciated for this info, I did business with “Diamond truck sales” and I was wondering if there was a number to call if one of these dealers keep your money without receiving no merchandise. They still have $9,700 of my money. And they told me that’s it’s a no refund policy.

[@dzroc]

I've been out of driving for almost 10 years, im probably going to lose my current federal job next month. I'm gonna go back to driving, question is should I buy a new truck, used or be a company driver

[@frankswain9483]

Fabulous content, Ronen. But one question; does ET Transportation have any interest in Truck Loan Center? Any family interest there? Any financial incentives for your recommendations? Just for transparency so we all understand. Thank you.

[@NorthAmerican-Trucking-News]

no we dont have any Skin in the game. Its very hard to find a company that finances both in Canada and the US.

[@matueugoku]

where is the Link he talked about in the video ? about the banks for financing ?

[@jeffreymaiorana7691]

What if you are buying a two year old truck How long would you recommend financing it for

[@jajajaja2624]

Most default on their loans is driver's dont save before coming into the business and #1 not doing the numbers on the company they want to drive for like miles deductions and seeing how many miles they have to drive to the payments . I don't have a CDL yet and the I the company I going to sign up with I don't have 3500 miles to make a payments and I will other driving opportunity with a short run company . Plus Iam leasing on my business not personally .

[@kintectribe2219]

Can you do a video about today truck offer. I saw ad brand new trucks for 4795. How to find out the price of the truck if we don't go to dilership first. What I can see dilership does not have anything online to offer only Punjabi people selling trucks with crazy conditions. But if you go to truck dilership they don't have anything.....it would be interesting if you can record video about it. Thank You in advance, this is the best channel what I found and thank you for sharing your experience

[@KazDolla1]

I want to fill out your form but my issue is getting my credit pulled several time, which you don't talk about. When you have good credit, pulls concern you.

[@jasonreynolds2295]

Good information.

[@ze_german2921]

I bought a 2020 Ram 2500 $65K, I negotiated 12K off. How much wiggle room is there on a $150K truck?