Truck Load Rates Halt 8 Week Slide 2.0

Nice getting the clear title for my trailer. Paid it off 12 mos. early.

I remember how the V.P. of commercial lending at the local community bank really went to bat for me as a new trucking entity when I got both loans (truck & trailer) through them. I've been using the extra $477 a month I was paying on the trailer loan and attacking the truck loan balance by banking it.

Although I have more than enough in my maintenance account to pay the truck off, I just think it's prudent to keep the cash flow there for right now, who knows what's going to happen before and after this crazy election cycle.

The SBA, via the CARES Act, is going to make 3 more payments on my truck loan (total of 6) so I've just been banking what I can in the interim and will evaluate the situation at the end of the year.

 

I go back and forth in my mind about keeping the truck after the new year or just selling/trading and moving up into a new one. I suspect the current available low prices on a new one will not last, that combined with the low interest rate of 3.75% I've been offered, it's fogging my mind a little

I think with what I have in the maintenance fund and equity in the truck, I could leverage $55,000 towards a new $135,000 truck. That would give me a loan of $80,000 or roughly $1,556 a month. With no trailer payment, that's very doable and comfortable for a brand new truck.

 

I'll take your perspective into consideration