Interest Rates

Your saying money put into a home for improvements, is money you'll never get back?

 

New equipment should be around 6%

 

I have good credit and looking into a new flatbed and got hit with an interest rate of 24.9% at 48 months and 18% at 60 months.This is crazy, i have auto loans for more money at less than 3%. Are equipment loans really that much of a risk? Or is it the difference in the amount of equipment sold to the amount of cars sold?

 

My first buy was at 15% trough Transport Funding - popular yet not beloved. My credit at that point was somehow average (maybe 650). The fact that I gave them a hefty down payment did not help much. Anyhow, The interests I saw were killing me. I could not stand the fact that on a 33K loan over a year they squeezed me for over $6000 in interests + they were dictating me what insurance deductible I could have and a few other annoying things. I simply got pissed at some pint and sent them a check for the reminder flushing my business account almost down to nothing. I was under an umbrella of a carrier that was giving me fuel money and a potential assist in case of a break down. A few good credit cards were my safety net too. But even an excellent credit score (750 and more) would not guarantee you'd get anything below 10% if this is your first buy.

 

#######! I am out of school for 20 years, yet I still owe them for over 30K. Deferments, Deferments and now just $200 a month. Maybe I'll pay it off before I am dead. The dumbest thing I did in my entire life -taking the school loan.

 

Most home improvements increase your house re-sell value less than they cost. You make the improvements to be more comfortable or preserve the house. If you stay long enough you might recover your cost plus inflation.

 

I'm well aware. My post was quoting the bs of another post.

 

If you own your house you can likely use your home equity line of credit .... usually is about the best rate you can get...

I keep 2 credit cards. A MC and a visa. The MC is for day to day things and has a relatively small limit. Visa has a 30,000 limit in case of an OH-S! moment.

I am buying a new reefer and my rate is 4.7%.
On my first truck in 2011 with no business history I was paying 6.5% on I think an 85,000 loan.