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Equipment loan to purchace another trailer?

Discussion in 'Trucker Taxes and Truck Financing' started by dlstruck, Jan 9, 2017.

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  1. Jan 10, 2017 #11
    dlstruck

    dlstruck Medium Load Member

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    Was that a commercial/business loan? Or equipment?
     
    dlstruck, Jan 10, 2017
    dlstruck, Jan 10, 2017
    #11
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  3. Jan 10, 2017 #12
    dlstruck

    dlstruck Medium Load Member

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    Thanks guys. I found a pretty nice 2011 Mac trailer on the east coast so I'm going to fly out to take a look at this week. I'd only need about 10k more to buy it so I'm going to talk to a few banks today and see what they tell me.
     
    dlstruck, Jan 10, 2017
    dlstruck, Jan 10, 2017
    #12
  4. Jan 10, 2017 #13
    Scooter Jones

    Scooter Jones Road Train Member

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    Well, it was both. They made the loan(s) in the name of my business, however, I personally am the guarantor of the loans.
     
    Scooter Jones, Jan 10, 2017
    Scooter Jones, Jan 10, 2017
    #13
  5. Jan 10, 2017 #14
    dlstruck

    dlstruck Medium Load Member

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    Sep 8, 2016
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    Ah that makes sense. Probably what I'll have to do.
     
    dlstruck, Jan 10, 2017
    dlstruck, Jan 10, 2017
    #14
  7. Jan 13, 2017 #15
    Accidental Trucker

    Accidental Trucker Road Train Member

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    I wouldn't worry too much about establishing "business credit". Unless you are a multi million dollar business, you are going to be guaranteeing any loan of significant size with your personal John Henry.........
     
    Accidental Trucker, Jan 13, 2017
    Accidental Trucker, Jan 13, 2017
    #15
  8. Feb 1, 2017 #16
    ChicagoJohn

    ChicagoJohn Road Train Member

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    Jan 14, 2016
    Chicago
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    I think I need to change banks. I've been told by a few people the BMO Harris is good to work with and they have a commercial dept.
     
    ChicagoJohn, Feb 1, 2017
    ChicagoJohn, Feb 1, 2017
    #16
  9. Feb 1, 2017 #17
    dngrous_dime

    dngrous_dime Road Train Member

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    Jan 28, 2014
    Lansing area, MI
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    John Hancock.... John Henry swung a 9# hammer.....
     
    dngrous_dime, Feb 1, 2017
    dngrous_dime, Feb 1, 2017
    #17
    Accidental Trucker Thanks this.
  10. Feb 3, 2017 #18
    win-some-loose-less

    win-some-loose-less Medium Load Member

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    Apr 19, 2010
    Mount Vernon tx
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    I financed a personal vehicle Thru Bmo Harris.. they were really good to do business with..
     
    win-some-loose-less, Feb 3, 2017
    win-some-loose-less, Feb 3, 2017
    #18
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