Loan using trailer as collateral?

Well, I ain’t brand new to trucking or ownership or leasing or being a motor carrier. I’ll be pretty new to being broke if the day comes. Been a long while since I was eating cold spaghetti’os in the dark.

There’s a saying, if you find yourself at the bottom of a hole: stop digging.
Bankruptcy or no, stop putting money into a losing venture.

 

Well, lets see... 3+ years seems like an accurate statement, as you YOURSELF said, he bought his tractor in 2019....So 3 years at least, maybe 10? 10 would fall into the 3+ arena.

OP doesnt have credit seems to have merit because the ONLY thing he has that he can possibly get a 13k loan for is a trailer...OPs own words (included below).

Under stress? Thanks Capt Obvious...

Bankruptcy not being the best answer? OPs own words:"the whole being a major breakdown away from being out of business thing"...

If he came HERE looking for info on a loan, that would pretty much IMPLY he has ZERO other options, wouldnt you say? Or do YOU come HERE first looking for advice on loans???

TTR member since 12 only implys he has been driving since then. If he has been an O-O since then, and he cant afford a turbo replacement, then FOR SURE its time to pack up the tent...

Concorde, I get it that you are trying to be a nice guy to the OP. I do. But point by point you are dead wrong. Well, except the "under stress thing".

 

I see how you danced around the whole no operating capital or capital reserves thing.....
If I was in that breakdown situation, I can easily use one of five personal or business credit cards with highlimits with zero monthly balances or a business debit card and pay for it. This how I and the majority of O/O's on this site operate. You... Rainbows, glitter, unicorns and hugs....

 

I agree to not give up but also agree if you hadnt built a big bankroll in the last few years then that’s a really bad sign. I also don’t advocate for leasing on but if he’s not making it on his own then it may be best to sell the trailer and simplify things. Maybe it’s just me but I’m most concerned with the freight on the trailer not making it where it’s supposed to go.

 

No, OP said that he bought his tractor in 2019..nothing about having authority since 2019. Strike one

Clearly he does have credit since he got a loan on his tractor.. You yourself say “seems to have merit” that statement in itself shows doubt.
Clearly the OP just doesn’t know his options..he knows that he owns his trailer outright and it could be used on a secured loan. Strike 2

“the whole being a major breakdown away from being out of business thing”
Captain Obvious says that you’ve taken the OP’s statement out of context..whether intentionally or you have a hard time with reading comprehension..strike 3

Your assertion that he had zero choice but to come here looking for loan info cracks me up.
Please go read the OP’s first paragraph.

Being a TTR member for 12 years implies he’s been driving for 12 years? Where do you come up with this nonsense. Maybe he’s only been driving since 2019 when he bought his tractor, lol.
My statement about his membership is about affording him some respect. Darn right I’m going to try and be a nice guy. To me he sounds like a stand up guy not some first day sniveling one post and gone.

Sorry, I just don’t have the quitters mentality.

 

Youre 100% right. I am completely wrong. Everyone should operate their business the way the OP does. I would guess since you are defending him so mightily that you do the same. Have a wonderful life...

 

If you feel hes a standup guy loan him the money.

 

What are his options for getting the load delivered if his tractor is down for awhile?
I haven’t been in this position yet myself but would try renting a tractor short term.
I’m asking because I could use a little knowledge if and when it happens.

I just don’t advocate bankruptcy as was suggested.

 

$13k and I hold title and set the interest rate..

Wouldn’t be a problem

 

I made you dance