sba loan

Discussion in 'Trucker Taxes and Truck Financing' started by 4noReason, Jul 12, 2020.

  1. 4noReason

    4noReason Road Train Member

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    im hearing about people taking out a disaster loan. it comes with a 3.75% interest rate. wouldnt it be wise to take it if someone had a truck loan. its kind of like refinancing. but through the gov
     
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  3. 062

    062 Road Train Member

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    @Scooter Jones has a thread in the O/O section about the government loans.
     
  4. Confused

    Confused Light Load Member

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    On the EIDL loan from SBA you cannot use it to refinance or buy new equipment. It's for running expenses, yes you can use it to make a truck payment but not refinance.
    3.75% interest for 30 years your first year of the loan is free from making payments. No penalties for paying loan off early.
    You must have a bank account in your business name, they will not deposit the money into a personal bank account.
    Whole process from applying to money going into your account takes less than a week.
     
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  5. CosmoK12

    CosmoK12 Light Load Member

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    I think you’re confused about what he was saying. He didn’t mean officially refinance. What he’s saying is pay off your bank loan with the SBA loan and essentially you just refinanced the truck.
     
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