Truck Repair Financing

Sorry to hear your situation. Any update on what you ended up doing?

do you own a house, i know interest rates are high, but 6% vs 34% is a no brainer. Take some equity out of your house, fully fix the truck and get to work.

 

This individual is already up against the wall with their business and proven they’re not all that prepared financially, and you’re advising them to gamble the roof over their family’s head?

Never bet your home on your business. Losing your truck/business is one thing. Losing your house is a completely different kind of hell.

 

Really don't matter. OP has not been back since the day of the post.

 

Meh, I like talking to walls.

 

But if he’s upside down on his truck and will be owing a bank all that money, they will probably go after his house anyway. If u have 300k equity in your house (and it seems like he’s strapped for cash), then do a refinance n start clean. Taking 50k out of 300k equity isn’t that big a gamble.

whats worse is if he loses the truck to the bank, they will still make him pay for the loan, and he has no truck. Rather borrow from ur house n pay the repair n work out of the hole. Just my opinion. Sure if u assume he’s bad at business, everything else he does would fail so its a moot point.

 

Can't go after something that is not put up as collateral. SMH

 

Sure but either way, he wants to save his business right? Ive done collections n repos. The worse thing is when the bank takes back the truck and sells it at an auction for dirt cheap and he’s responsible for the remaining balance. If he bought the truck for 80k and still owed 60k, and the bank sells that truck for 20k at auction, he now owes them 40k with no truck. Also, after he fixes the truck, he can probably sell it for a lot more.

thats assuming his truck was 80k, a 2018 truck today is well over 100k

 

Well two things. If you're trying to help the OP. Good luck. He's not been back. Second. He is going to fail no matter what. He does not have enough reserve operating capital.

 

Well i guess he’s a goner. But he could have that extra working capital by doing the refi. Just throwing an option out there if he happened to be back. But all good man.

 

We should use this thread as an example for the newbies with no experience wanting to get in, on what every newbie thinks about getting in this industry, “get rich quick scheme”…… owning your own truck. It’s what the Megas brainwashed them in .