Loan using trailer as collateral?

Just a bump in the road, brother.

You’ll get through it and back on track. I lost everything a little over a year ago..1/2 million or so. Haven’t recovered yet but I’m not giving up.

Filing bankruptcy and getting “divorced” leads to nothing but shame, depression and a loser’s attitude.

Get your business back in order because good times will be back again.


“It's not the size of the dog in the fight, it's the size of the fight in the dog.”
~Mark Twain~

 

No, I'm saying that if he owes something like $100K on that PACCAR, and the PACCAR just blew up on him, then, yeah, if he's got a wife and kids and $100K in debt and no working tractor with which to repay the $100K, then he needs to be thinking about how he's gonna keep from dumping a crippling debt like that in the laps of his wife & his kids.

You can sign up for ridiculous usurious loans when you're young and stupid and single, but after you marry a girl, and make babies with her, there ain't no more margin of error regarding stupidity.

HOPEFULLY he purchased a very much used PACCAR, and maybe he only has $15K or $20K remaining on the loan.

In which case you get back to Oskar Goldman's advice: Sell the trailer, pay off your debt, and go get a job.

But for the sake of God Almighty, DO NOT TAKE ON MORE DEBT!!!!

More debt will simply destroy what remains of your life.

!!! DEBT IS POISON !!!

Debt will kill you.

 

He could have read the thread a little more closely.

 

Not saying the newer trailer was a bad move but parting with $28,000 cash to buy it outright was. Cash is king is business. If you were able to get a commercial equipment loan for the truck then you should have been able to for the trailer as well and kept that money in the bank. Same deal with the big down payment on the house. Wasn't prudent for somebody in your position IMO.

I'm guessing the broker is cutting you some slack by not immediately getting back to you and giving you some time to figure it out. They don't want the ball back in their court unless they start getting heat from the shipper or customer on it, and it might be a low priority shipment.

Don't tell us you're sitting in Little America still and haven't called the Kenworth shop in Rock Springs yet lol.

 

Comical.. she’s too busy fawning over Oscar

 

Read what he wrote. No reason to be all guessing since he said what situation he is in. If you run away from a 13K fix even if in debt you are not cut out for this business.

I never understood why people are so scared of Debt myself. If you work hard you can get out of it pretty easy even if it is a large chunk. You just have to understand how to do it and be motivated to do it.

 

I dunno why in the OP's situation he couldn't get online and get a personal loan to fix the truck. I just did a personal loan to consolidate some credit card debt after the wife got a little crazy with getting the retailer credit cards and their "10% off the price if you apply for their card" scam lol . Took all of ten minutes with SOFI. Didn't talk to anyone, all done online. They only asked for a copy of my driver's license. And I had the cash in the bank the next morning. But I also have very good credit.

Yeah it's debt, and I detest debt as much as anyone else. And yes, I know personal loans carry higher rates. But at what point do you decide between paying the man or losing everything you work for over a bit of interest?

 

I would do the samething if I was in a bind. pretty fast and easy to get it done.

 

Lost everything but giving advice to the OP on financial stuff and offering to buy his trailer from him (in an unquoted post).

Yeah. Nothing more to say about him...

My best friend is a bankruptcy lawyer. You should give it some serious thought. Talk to one at least so you know your options...

 

Ha ha he did not lose everything like you are saying. Had his new truck stolen and also If I remember right had his trailer killed from a storm.