Company Growing to fast, FLEET OWNERS PLEASE ADVICE

Discussion in 'Trucker Taxes and Truck Financing' started by MYPY Transportation, Apr 16, 2018.

  1. MYPY Transportation

    MYPY Transportation Light Load Member

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    Hello, I am trying to get a financing on a brand new Freightliner truck, and I being told that my company growing to fast BMO Harris... If anybody know good flexible financing company or any other solution to buy a truck, please advice.
     
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  3. Atlanta trucker

    Atlanta trucker Road Train Member

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    If you need financing your your company isnt in very good shape. Trucking is a lousey industry for profit as it is , then to want to borrow money on top of that ... digging your own grave.
     
    MYPY Transportation Thanks this.
  4. MYPY Transportation

    MYPY Transportation Light Load Member

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    If you don't know how to make money by using leverage it's your problem.I didn't ask for opinion how to do the business. My question was about advice for financing company.
     
    Last edited: Apr 16, 2018
    jbgrim72, DUNE-T and RStewart Thank this.
  5. Atlanta trucker

    Atlanta trucker Road Train Member

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    Why dont you know how to make enough money in your business ???
     
    James j and MYPY Transportation Thank this.
  6. MYPY Transportation

    MYPY Transportation Light Load Member

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  7. Atlanta trucker

    Atlanta trucker Road Train Member

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    Why are you in need of money ? Explain your business shortcomings ? Do you not have existing relationships with commercial lending institutions ? Have you talked to Synovus ? Have you talked to TAB , transportation alliance bank ?
     
    MYPY Transportation Thanks this.
  8. Atlanta trucker

    Atlanta trucker Road Train Member

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    If your big enough and growing fast enough talk to Jerry or Richard at Swift. They loan money to transportation companies all the time. What are your gross sales over the last 3 years ?
     
    MYPY Transportation Thanks this.
  9. MYPY Transportation

    MYPY Transportation Light Load Member

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    I use leverage to grow my business to the level I want. That's why I need to finance equipment. I better spend 140 K buying 10 trucks and make profit than spend 140K for a truck and wait another 100 years to grow my business. Don't get me wrong I calculate everything, budgeting, and know my numbers well.I ony used BMO Harris and Compass to finance my equipment, and now I need another truck and they said sorry we are good for now ( your company is growing to fast ( since I finance trailers to)). So I don't really know any other lenders since I never had a problem obtaining financing.
     
    gentleroger and Bean Jr. Thank this.
  10. Atlanta trucker

    Atlanta trucker Road Train Member

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    Business's
    If it would take you 100 years to earn enough profit to grow your business then that sounds like a job not a business. A successful business generates profit to grow. An unsuccessful business or a job borrows money from business's that are successful. I gave you 3 options above and you may want to look into Wells Fargo commercial California, they were trying to get heavy into commercial transportation lending a few years back. Have you tried the equipment manufacturer's yet ? Good luck to you !!
     
    MYPY Transportation Thanks this.
  11. MYPY Transportation

    MYPY Transportation Light Load Member

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    Really appreciate that will call them!!! And sorry for my poor English, still learning.
     
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