Loan using trailer as collateral?

Interesting statement.......

 

I think that would be really criticized by a lot of people using retirement money to start a business with on this site. Not by me of course, because I don't care how people start out. You would be tore apart just like you are doing with OP. Funny how things go and work out for some and not others.

 

I wonder if he had tried to pay off his trailer being aggressive and not holding onto cash. I see people try to do the right thing in paying off equipment faster but forget to keep a nice cash reserve for breakdowns and working capital. Of course he could be bad with money as well or has had some bad luck all in a little time frame. Never know without him telling the whole story.

 

Great Dane high spec was told about 62k right now. Stainless front and back, disc, aluminum wheels etc.
He did say that he sees the prices dropping if things don’t improve soon.

If interested pm me and I’ll give you his contact information. They aren’t too far from your area.

 

Same as people using home equity.... But I didn't state I used all of it.... Plus it was 15 years ago and has been repaid many times over since then....

 

What in his post convinces you that he has EVER run profitable? Because he has a trailer paid for? lol.

 

Nice looking trailer. But do they have the lift axle? That will be my main reason to get a different trailer at this point.

 

That’s actually the truck and trailer that was stolen. Picture was taken 5 miles from the dealership. Dragged it home and that was it..10k early payoff fee, lol

Call and ask. I’m sure if they don’t have one in stock you could order one.
CrossRoads trailer sales in Denver. They got another location in MN that I’ve been to.

 

Stuff like this is why it’s important to have a good relationship with a local back, someplace that they know you and aren’t structured by rigid rules like the Wells Fargo’s of the world. With a local bank this could’ve all been solved with a phone call when it first happened. He could’ve borrowed against his trailer and then stopped in to sign the paperwork next time he was home or they could’ve tacked money onto the end of his truck loan.