Owner Of A Bank Exposes The Truth About Financing A Semi Truck

[@MuthaTrucker]

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

[@rustyshackleford6799]

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.

[@MuthaTrucker]

@@rustyshackleford6799 would love you on the show

[@YoungJoone]

@@MuthaTrucker Yooooo! Asian Mai is a real person bruh!!!

[@edgargonzalez4579]

Need a truck to go work for landstar.

[@truckingwithtyler3490]

Have a question to ask you bro do you have a email

[@rhino2703]

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

[@SINCE-76]

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.

[@MuthaTrucker]

He is funding it, but he will work with sub prime credit. I know this 100%

[@MuthaTrucker]

Love your KZbin name by the way 😇

[@SINCE-76]

👍👍👍...good interview thought because you have to start somewhere.

[@MuthaTrucker]

😇😇😇😇thanks my man

[@coreyparker1354]

Nycashgroup.com

[@Johnnny91]

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.

[@cris3696]

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

[@izzcarrasco]

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

[@MuthaTrucker]

Hes coming from the bank perspective.

[@MuthaTrucker]

👍👍

[@MuthaTrucker]

I agree! He's just saying it from the banks perspective

[@vecyl1311]

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

[@MrSabestain]

Please don’t ever stop making informative video! Kept it up and keep it real!

[@MuthaTrucker]

😇😇

[@Fr8hustler]

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...

[@teopina8881]

100% correct

[@salemization]

Well said! This banker is out there to make $$$ while earning high percentage interest on subprime loans!

[@ontheroadwiththetrinitruck745]

This man is really helping us out men i hope you live 200 years may gog bless you brother great job keep us informed

[@MuthaTrucker]

😊😇😇

[@rhino2703]

Who's gog?

[@johncalvo1743]

@@rhino2703 He was Gollum's grandfather.

[@micahreese982]

Hey, thanks for doing these videos. This one in particular helped me understand a little more why I'm running into problems.

[@MuthaTrucker]

😇😇😇

[@charlesrader1089]

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 KZbin video

[@freedomtrucker2332]

One of the best ..and most informative clips I’ve seen lately ..

[@haynes1776]

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

[@MuthaTrucker]

😇😇

[@MadeByGod1973]

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.

[@haynes1776]

@@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.

[@MadeByGod1973]

@@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.

[@haynes1776]

@@MadeByGod1973 What? That's not right.

[@williamhodges6532]

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.

[@tuliosantos5962]

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.

[@vikramrao6391]

Awesome segment. Earlier today on my drive home I counted freightliners on the road. Almost 75% of trucks were Cascadias.

[@RandySoWavvy]

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.

[@Just_doing_kei]

Asian Mai getting dat game and giving it back💪🏾

[@csgto7676]

Great video man useful info no BS Straight to the source 👍

[@MuthaTrucker]

😇😇

[@killergordo_201]

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.

[@MuthaTrucker]

Thanks for watching!!!

[@iamOAKland]

Problem is people don’t take pride in their credit ratings

[@ahmedbadey]

Keep bringing diamond infos .. love your videos you and your guests are inspiration to all of us Truckers.

[@eld_trucker9946]

Wealth of good straight talk info here. Good job. Stepping up your channel with this vid for sure !

[@jonathancaro3427]

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.

[@maxmurphy7306]

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

[@christophercook1560]

Whats your number

[@maxmurphy7306]

@@christophercook1560 Sorry bro I don't give out my number

[@kaoticthomas7164]

I LOVE THIS ONE BRO

[@andrewsesterhenn3179]

Bro! Another great video. Super good info!!

[@lilliangiron9522]

Great interview. Thank you for sharing!

[@northwesten]

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.

[@ThePhukst1k]

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.

[@kingdomseeker88]

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

[@johncalvo1743]

That's a great idea if you're single. Trucking is hard on relationships.

[@flexusanm]

So how’s it goin?

[@jaydee2620]

Very informative, glad u added this for the community

[@adriancastillo9439]

That man knows his stuff!!!

[@n3tr01]

wow amazing info "The Asian Mai Show"

[@dallasdeloach6142]

Great information awesome channel

[@muddjim55]

Great video brother . Thanks for this information.

[@RonsCarChannel13]

great interview bro

[@guideup7554]

U said it right Ma'am.... SLOWDOWN !

[@bighicks1024]

Great information well needed to the industry

[@xpicklepie]

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.

[@robertmichalscheck3072]

This is great stuff,thx much.

[@michaeldunagan7838]

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.

[@tonywill1922]

Great vids all the time

[@MuthaTrucker]

Appreciate you brother

[@legnar68]

That was a great video thanks brother

[@johnhoward3271]

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 )

[@oscargracian3421]

Love your channel ma man!!! 💪🏼

[@MuthaTrucker]

Appreciate you

[@tsimmons1974ts]

The Coolest Asian in the World 👍🏽

[@MuthaTrucker]

🥺🥺🥺😭😭😭 thanks

[@memyself1176]

KIM JONG-IL is the coolest person to ever live

[@LOUDsigh]

@@MuthaTrucker where my hat mr.coolm i did da damn survey

[@bernlol]

Very helpful info 👍🏾👍🏾👍🏾

[@MuthaTrucker]

Appreciate you!!!!

[@Mr.JayOutdoors]

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.

[@infinitetruth3808]

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.

[@MuthaTrucker]

Different. My partner and I do are own thing

[@infinitetruth3808]

@@MuthaTrucker got u bro...still appreciate you putting drivers 1st & keeping all the good info going. You are at the top of KZbinrs that I would want to personally meet. Much love fam. #MuthaTruckrNation

[@serggrig7897]

How ironic an Asian that’s in driving industry, a legend indeed

[@somethingoutdoors1412]

I know what it is. It's greed while they have their foot in your chest while their hands are in your pockets.

[@figkimber1]

That’s was dope keep it up 👍🏾

[@user-gq2yv2bs8g]

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

[@ganeshadhikari3459]

I wanna buy a truck how to get it can you help me

[@Humblearrogance_TX]

Good perspective!!! Nice video

[@SuperBigblue19]

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.

[@jameswhitney1471]

Great info. Thanx brother

[@vrp.s]

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 💯

[@laszlohorvath8637]

Awesome info! Thank you!

[@nathanielbolden5053]

I love Freightliners and I definitely will be buying a Cascadia

[@soultrain58]

Great information ℹ

[@kenhorlor5674]

Interesting that brand does matter.

[@DanielGarcia-zz9eg]

Going to a main bank is never a good idea to buy a truck for the first time Not even to buy a car Always go to a credit union Or Look to see what the truck dealer has to offer. Sometimes thier offer is way better then a bank

[@MuthaTrucker]

💯👍

[@Goldhammer2023]

Now that’s love

[@MAX999MAX]

It's great information thanks

[@georgegeorgepht]

You folks are watching a shell game in progress. The 3 card Monty! Here is a clue : if you can’t buy some cheap truck and go thru it yourself ie repair and service the whole truck from head to toe, your not gonna make it far in trucking. Stop being a professional borrower and be more of a mechanic and more of a do it yourselfers. Stop trying to jump in this game with a new truck and thousands already in the hole. Buy yourself something cheap to start. Learn to work on it yourself so you understand the truck and what your getting into. Start small work your way up. Focus on low over head and low risk before you commit to some crazy loans.

[@raymonddotson4505]

💯🎯💯🎯💯🎯THANK YOU

[@GabrielGarcia-ve9sg]

Wow Mai, you Rock!!

[@incarsus]

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

[@MuthaTrucker]

Text me 786 353 5674

[@cööm007]

I hate the turning radius on the Coronado but man is it a beauty 😍

[@Acts238Church]

Good one alex, 👍🙂👍

[@MuthaTrucker]

💯💯💯

[@katiedbaker]

Go Bruno!!!!!! You have been great to work with!

[@FaisalKhan-wf8ys]

You can find cascadia parts all over the country because cascadias break down all over the country 😂😂

[@olmecman3168]

I dont believe that finance of a new 160,000 dallor truck is they way to go, the rates drops to much..The rates are Great right now, but for how long?. Unless you have a direct customer with some guarantee maybe i can see a new truck...But if you do go that route be prepared to work your ass off to make those truck payments..

[@RandySoWavvy]

If you’re going to finance go straight to a bank or dealership don’t go through 3rd party lenders like this guy you’re only going to get screwed.

[@PTucker0864]

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?

[@rafaelyisrael4087]

Crazy these trucks are now double

[@eddebevic2097]

lifes to short to drive a Cascadia!..

[@adamdooley4277]

That’s bs. A bank just gets rid of the vehicle they don’t put them in a shop. That’s a line of crap

[@petercreciun3154]

Freightliner SERVICE SUCKS!!! 98% of the Issues that take ME off the road... ANYTHING TO DO WITH THE DEF Side of the Truck NO MATTER WHAT MAKE

[@michaeldunagan7838]

Your first mistake is buying a DEF tractor. Your second mistake is not deleting it. Any non-establish "one-man/one-tractor" knows it should know that DEF are the megamill trucking company's way if getting rid of us.

[@bill7778]

Alex!!! Bring on the Pete's!!!

[@MuthaTrucker]

😎😎😎😎😁

[@nelly112nels]

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

[@danm1321]

Hope you already in the trucking .

[@luismartines2471]

How you doing my friend. I wonder if he helps you out with buyouts with companies?

[@Itsrome87]

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

[@iheartcryptoverse2857]

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?

[@judegallagher2355]

Alex what about finacing for a small box truck...is it the same as i see advertised bad credit no credit ok?

[@davidyates5611]

If you have to worry about putting fuel in your truck then stay far away

[@malikkhalid2941]

PETERBILT and kw are the only trucks that hold value

[@williamrobinson6680]

Still, it's all up in the air. You never get a straight answer from a banker that's consistent with let's say,... another banker....or the dealership. I had a banker tell me to forgo the dealership runaround, and go direct with a lender/banker that granted your approval. So the lender slams the door on me, saying, "THE DEALERSHIP makes the deal, we only facilitate the loan for repayment." ..."required down payment, pricing, etc etc ..are the financing department of the DEALERSHIP." And of course, the DEALERSHIP sings the same old song, "Sorry, that's what the BANK requires down, they're the boss, we have no control over the BANK, we have to do what they say." blah blah blah. Who do you trust? The Dealership that has a sterling reputation for honesty, trustworthiness and integrity? Or the BANK that defaults on meeting it's reserves every single night, and goes into the REPO market (Bank pawn shop). To borrow cash plus a few points for doing the bailout just to stay in operation?... Shadow Banking to circumvent FDIC regulations.All the while calling the citizen consumer with a 580 FICO score a scumbag for slow pay history. Who do you trust?

[@RamanSingh1987]

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

[@kevinsoete7817]

SO SOMEBODY IN A CUBICLE IN A BUILDING YOU DONT KNOW IN A CITY YOU DONT KNOW DECIDES…..NO THANKS

[@patrickjohnson42]

20 year driver , descent credit, looking for a lender to buy a car carrier, already have lease contract, jus need a truck

[@Crazycapo88]

I'm trying to finance my truck and lowboy now.

[@ze_german2921]

Credit is King

[@ze_german2921]

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

[@JuneBugginTrucking]

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.

[@MuthaTrucker]

Yes

[@JuneBugginTrucking]

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.

[@YoungJoone]

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.

[@robert9291]

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?

[@JuneBugginTrucking]

@@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.

[@fredestinadodejesucristofr3591]

😃🇩🇴🇺🇸 cool information 😃🇩🇴🇺🇸

[@earladams869]

I am not going to buy quickly, I would appreciate knowing what he may have available.

[@royandrade2929]

Just buy a truck with a good engine, the rest you can get it road ready little by little, of course pre def/dpf

[@DanielGarcia-zz9eg]

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

[@MuthaTrucker]

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

[@TheTruckingTraderFX]

Can you please try to cover buying a truck with business credit?

[@MuthaTrucker]

Sure!

[@ultimateps50]

@@MuthaTrucker that's what I wanna know for sure. I have my LLC,EIN and Bank account.

[@josephmorgan4108]

What would happen if you saved up 35k in cash in the bank and bought one out right... no need for payments.

[@jamesv9928]

I'm a homeowner, own it outright owner financed. Credit score is 0 so there's a fact check bro.

[@marcust.williams7210]

This is a very bad company to deal with... offer very very high interest rate.

[@franmc161]

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

[@bigpapajohnporter8502]

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?