Has anyone used a sba loan to purchase a truck?

Discussion in 'Ask An Owner Operator' started by Thetrashnoob, Jun 16, 2021.

  1. Thetrashnoob

    Thetrashnoob Light Load Member

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    Have a bit of time before I can even start thinking about getting loans. But after I have my business established a bit I would like to look into the SBA loans for purchasing equipment. Has anyone done a SBA loan to purchase a truck? What was the process like? Any info you could share?
     
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  3. Spyro2112

    Spyro2112 Medium Load Member

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  4. pavrom

    pavrom Road Train Member

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    Thats bad start already !
     
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  5. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    I think @Scooter Jones used the SBA loan program.
     
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  6. truckdriver31

    truckdriver31 Road Train Member

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    ikr. credit credit credit, no business plan, no cash flow, accounts payable or capital. next he will ask about factoring his bills.
     
  7. Long FLD

    Long FLD Road Train Member

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    A friend of mine has gotten SBA loans through his local bank for both of his trucks. I don’t know the interest rate on the new truck he just got but I know he doesn’t have a payment for 3 months. He said there’s more paperwork involved but it’s not a big deal if your books are in order.
     
  8. ClineER

    ClineER Light Load Member

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    I did on my truck, it can be a hassle with paperwork, I ended up refinancing with different bank after year and interest rate was lower, the SBA loan got me started though. At the time it was the best option.
     
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  9. CAPTransport

    CAPTransport Light Load Member

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    Business Rule #1: Never indebt yourself into insolvency.

    Truckers: I got great credit and a house as collateral. I got $0 down for a brand new truck no payments for 6 months! All I got for it is a $180K loan balance for a truck now worth $120K if I wanted to get out of this business it'd be easy right?
     
  10. Final Drive

    Final Drive Road Train Member

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    Just as long as you stay healthy it shouldn't be a problem..
     
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