Have a bit of time before I can even start thinking about getting loans. But after I have my business established a bit I would like to look into the SBA loans for purchasing equipment. Has anyone done a SBA loan to purchase a truck? What was the process like? Any info you could share?
Has anyone used a sba loan to purchase a truck?
Discussion in 'Ask An Owner Operator' started by Thetrashnoob, Jun 16, 2021.
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truckdriver31 and Vampire Thank this.
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A friend of mine has gotten SBA loans through his local bank for both of his trucks. I don’t know the interest rate on the new truck he just got but I know he doesn’t have a payment for 3 months. He said there’s more paperwork involved but it’s not a big deal if your books are in order.
Siinman, Bigtruckdrivah, Accidental Trucker and 1 other person Thank this. -
I did on my truck, it can be a hassle with paperwork, I ended up refinancing with different bank after year and interest rate was lower, the SBA loan got me started though. At the time it was the best option.
Siinman, 77fib77 and truckdriver31 Thank this. -
Truckers: I got great credit and a house as collateral. I got $0 down for a brand new truck no payments for 6 months! All I got for it is a $180K loan balance for a truck now worth $120K if I wanted to get out of this business it'd be easy right?Trucker61016, 77fib77, Short Fuse EOD and 2 others Thank this. -
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Maybe we talking about a different loan but I remember one of the requirements on the SBA loan I got that I had to have been in business for a minimum of 2 years.
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But if you must know I do have credit, and a business plan in place. I’m just doing research before I jump in. Currently running a dump truck so the company has capital, and cash flow.
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