Loan at 25%?

I was going to suggest looking in a mirror... there has to be a sign.

 

Is this a 'handshake' loan with Guido?
25%? Are you serious? Can you say 'sexually molested in an extraordinary way'?
Run as fast as you can the other way!

 

I agree,

But, The fact the OP has asked the Question.

Indicated he needs ALL the help he can get...

Besides if he doesn't have his personal affairs in order,

He'll NEVER make it as Business Owner.....

 

What company is this?? Swift!?

 

For every thousand dollars you borrow, you are paying the company 1250.00 for the privilege of owning one of their trucks they obviously don't need, or want anymore. Sounds like a win for the company. You make payments to them at an inflated rate for a while, and then if freight slows down and you can't afford the payment they get the truck back to do it all over again with someone else. Sounds like the perfect business model. A five year loan on 80 grand @ 25% simple annual interest rate will cost you $180,000.00

 

5 years at 80,000 @25% is 60,886 in interest or 140,886 in total payments. I doubt a 4-5!year old used truck will be 80k and I doubt it will be financed for 5 years.

 

I wouldn't doubt that for a second from a company offering interest at 25%.

 

tell them you need 102% of the line haul.

 

If you get to drive the same truck you will buy for 3 mo. you can CK. fuel mi. out then after 3 mo. you will know more.