Ok here we go!!

I know of no lending company that finances older equip./ you'll most likely need to pay cash or mortage your property.

 

there are a several out there. from what i have found they want a percentage (usually 10%-15%) taken from your asking amount then repayments can start 30 days after you recieve it although that is always negotiable before you close the deal. not a bad way to do it if you have everything set in place and ready to roll.. search for angel investors or venture capitalist.

 

unless you have a history with a lender it's not going to happen. pay cash or but newer.

 

If you have very good credit you can get financed (check at dealer) but the interest rates will curl your hair.

 

old equipment also usually requires a 30% downpayment IF you can find someone to lend on it

 

Agreed.

The research that I have been doing has shown me that if you have enough equity in your house or some other form of collateral then you can get financing for older equipment with some places offering "no money down". It is a big risk though putting your house up but I believe if you have all of your ducks in a row and keep the wheels turning things should work out.

Me, I would save every penny and get the truck loan paid off asap so that my house will be 'safe' once again.

 

We got that done by refinancing our personal cars through the credit union I've been a member of for 14 years. Basically restarted the car payments in exchange for a truck and trailer with a clear title. We'll accelerate the payments to get our car titles back a lot faster than the loan term.

A side benefit is that clear title on the truck and trailer substantially sped up the process of getting the IRP and plates done. Walking in there with the actual title in hand eliminates all the BS with having a lender holding the document as collateral.

As crazy as it sounds, commercial lenders do not care about your personal credit as much as you'd think. They want to know the business principles are not deadbeats, but the decision really comes down to years as an operating business and trade references.

 

Being a new carrier is also going to make it hard. Most want to know that you have been doing this and understand all the isssues with being an O/O. Many wanted me to be leased on to someone with proff that I meet all the qualifications.

Also very surprised you got the best rate from OOIDA. Did you shop that? I got more coverage, including GL, for half what they quoted me. Other issue with OOIDA is that some of the bigger brokers will not take it. When I started Landstar would not take it. Not sure if that has changed.

But OOIDA has a great drug program. Very large and have not heard it being rejected by DOT like some of the smaller ones.