As a purchaser of transportation equipment you have to know your dealer is working for you to provide the best possible trucks at the best prices. This includes financing as well. OMVIC no longer provides consumer protection for class 7&8 trucks so it’s up to you as the consumer to ask the right questions to avoid being victimized by unscrupulous dealers and finance companies.
1) Will your dealer provide a carfax report to show recorded mileages and accident history? If not be concerned.
2) Will your dealer allow an independent inspection of the truck before purchase? If not be concerned.
3) Will your dealer refund your deposit if finance or inspection conditions aren’t met? If not be concerned.
4) Will your dealer provide you with a written finance quote before you sign? If not be concerned.
5) Will your dealer disclose the interest rate being charged against your loan and provide you with an amortization schedule to show all charges and total interest paid over the term of the loan? If not be concerned.
If the rate quoted sounds too good to be true then it probably is. Always do a reverse calculator online to make sure the interest rate quoted is the rate you expect. Your payment like any other loan has a reduced interest portion each and every month. A amortization schedule will show this. A “Flate Rate” interest loan can be 3 times the actual rate quoted.
These are important questions to ask. To be successful in business you need partners willing to work with you and on your behalf. Source 1 is here to do exactly that like we have been since 1999.