Finance vs paying cash?

Same here. I bought a '99 W9 a few months back through my local bank. I have great credit as well. It's my first semi, but I've had too many cars/pickups/motorcycles to count. Got 6% interest rate on a 3 year note. Works for me.

 

Um, NO? Sorry. Any bank that is willing to sit and talk with you and not demand from you is worth dealing with.

 

I wasn't asking for your name, your company name, your account number or any other personal info. Just the name of a bank, which from my experience is usually well advertised, you know like a huge sign in front of the building. Maybe it's different wherever you're from.

For example I bank with Chase, which is a good bank in the sense that all my checks are deposited with an app and everything I need to do is typically handled online so I never need to actually visit a branch. But they suck as far as loan rates and I can't think of a single loan I would do through them.

Also I'm with BB&T. They are better on the loans, the mortgage I have through them is pretty much the best I have ever heard of anyone getting anywhere. Also they offer equipment loans for as low as 2.99% but it has to be newer so that ruled it out for me unless I just have to have a glider some day.

 

After seeing what friends and other people have gone through with newer trucks and emissions/computer BS its pretty safe to say I'll never own anything other than a pre egr 12.7 Detroit or 3406 Cat powered truck. Might consider an N14

 

Terry, do you have any local independent banks in your area, what you want is a bank that you can actually walk in and shake hands with the President, and he is the guy that makes the loan decision, not some board members 500 miles away that have never heard of you and have no idea what you look like.

Unfortunately, they are becoming harder to find, probably a lot more of them in the Midwest than either coast. The down side to these types of small banks is that their lending limit is usually about a million dollars, and yes I have bumped up against their limit in the past.

I have been with mine for over 23 years, as I said, they got bought out last year, but "My Guy" has stayed on for another 3 years, in a board capacity so, I got lucky.

Just one more reason I have been a bit more Doom and Gloom than usual, and not sure how much longer I care to "play the game" at some point, I am just going to pick up my marbles and call it a day.

 

how much collateral would one need to bump up near a 1 million dollar loan?just curious

 

I will just put it this way, I have never exceeded 50% of my total worth for any loan amounts. Also keep in mind, this was before 2008, I have cut back considerably since then.

 

Right there is a misconseption, collateral. If you have a good history collateral doesn't even come into question. Now like the the one post stated the big corporation banks won't even talk to you without collateral.

 

I knew what you was asking. Not trying to be a smart ###, just rather not disclose.

 

That right there is the key. Talk to the banker in person. A hand shake and a well organized plan goes along way.