Commercial lending is tough to come by these days. Especially for anything related to trucking. There is a high failure rate in our industry, especially among small operators.
Interest Rates
Discussion in 'Trucker Taxes and Truck Financing' started by BoyWander, Nov 1, 2016.
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Financed through my bank and have enough saved in retirement vehicles with about as high a credit score one can attain. Also have my mortgage through same bank and now they don't hesitate to lend me money. It has something to do with debt to equity ratio ...
x1Heavy and Road Killer Thank this. -
I would love to hear some recent interest rate stories on being a first time truck owner. I know its kind of an old thread but was just curious about how rates have possibly changed within the last year.
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However, when there were issues in life there was no problem at that time to come up with however many dollars needed to solve it within a few hours of arranging for it. I think at one time we carried a 20K balance against a house in Fairbanks that needed to be sold, just about all of it generated by the oil bill each month ranging from 700 to 1400 depending on how cold it was. The house sold, and that bank was paid off in full. They protested of course. 7% interest at that time. But paid is paid. heh. The profits from that sale went into our bank. But not for long. There was no death tax that year.
Even today I resented that oil. We needed to heat the home to make the sale in good condition, way too many sellers up there did not spend the money to oil and winter and nature pretty much destroyed the property in short time. -
I thought business solicitation was prohibited on TTR?
d o g Thanks this. -
d o g Thanks this.
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Just for comparison, the new Kenworth I just ordered was financed by my bank at 5.6%. 20 years in business, 12 year old DOT number, unblemished credit, and five years of profitable P&l's.
######## still put a call clause in the note...double yellow Thanks this. -
Well 3 years ago I had some commercial experience less then one year in civilian and 5-6 in the Army. All my crane experience was in the Army.
Anyways a few loans for the drywall boom truck one for 5k/3y almost 15%, 2.5k/3y 2.5%, 18.5k/2.5y 6%.
Now just bought a new one to replace the old one 30k/4y 5.88%
All from my local banks and small bis center and the community college.
Other companies want 17% originally then went down to 12%.
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