Truck Repair Financing

Discussion in 'Trucker Taxes and Truck Financing' started by dis_bit, May 11, 2022.

  1. dis_bit

    dis_bit Bobtail Member

    11
    8
    Jan 27, 2021
    0
    Hello again, new question. Recently, our truck started leaking oil. The exact location of the leak could not be determined; it seemed like it was coming out of everywhere. Got it to a local Freightliner shop, and it was determined that the truck needs a new inframe. The estimate for parts and labor is better than $25,000. We do not hold the pink slip for the truck. We have tried to get funding from US Bank, who holds our business account, the bank financing our personal vehicle loans, the finance company we got the truck loan through, and a number of other finance companies as well. The only lender we've gotten an "approval" from is offering the loan at 34.62% interest. We feel we've exhausted our options at this point. Our business is less than two years old and the last three months we have not made much due to the truck's mechanical issue. We are desperate to get back on the road. Does anyone here have suggestions on other options we could look into? We have decent (over 700) credit. TIA.
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Tigerfishinc

    Tigerfishinc Light Load Member

    51
    108
    May 28, 2021
    0
    Fix it yourself, sell the truck while the market is still warm. Walk away while you still can.
     
  4. dis_bit

    dis_bit Bobtail Member

    11
    8
    Jan 27, 2021
    0
    While I appreciate and agree with your doomsday tone, we don't own the truck, and we don't have the ability to replace an entire inframe.
     
  5. pumpkinishere

    pumpkinishere Medium Load Member

    697
    2,473
    Apr 21, 2021
    0
    I know what I would not do. I would not do that loan at 34.62% you will never get it paid off. You could park the truck go back to company driver and save as much as you can to put towards the 25,000 and try getting a less amount for a loan or read up on it and try fixing yourself. Or try selling the truck see what you could get for it, you may be surprised. Idk. Sorry to hear of your situation. Hope you all get things worked out and back on the road.
     
  6. God prefers Diesels

    God prefers Diesels Road Train Member

    3,603
    17,974
    Jun 26, 2020
    South Texas
    0
    What year and engine? $25k for an inframe right now seems awfully low. First thing I'd do is take it to a different mechanic.

    How much oil and coolant was it using before the leak started, and what is the reason they're saying it needs built? Engines don't just "need an inframe" for no reason.
     
  7. Arctic_fox

    Arctic_fox Road Train Member

    1,338
    4,259
    Sep 16, 2016
    0
    Honestly your in a place you dont have many good options and i feel bad because i was right there with you not that long ago. Best one is going to be to try and fix it youself if you can or see if you can get a 2nd opinion from another shop to see if you can patch the current problem. Otherwise without the note on the truck the best you can do is take a massive loan shark loan if you want to fix it unless someone knows of a loan place that i dont.

    Another option depending on how many miles are on the rig and what is owed is to try and sell it for whats left on the note, with the market still warm many will happily buy a truck thats having issued just for the parts. You will walk away with nothing but if you have been having so many issues going even deeper into debt is basically doing the monster mash directly into the worlds largest minefield. It may be best to just wash your hands of the truck get your finances back in order and come at this fresh from a diffrent angle in a couple years.
     
    truckdriver31 and Siinman Thank this.
  8. Concorde

    Concorde Road Train Member

    1,368
    2,974
    Jun 29, 2016
    West Melbourne Florida
    0
    Personally, I’d trade it in and get rolling again. Although the repair is quoted at $25k it’ll likely end up to be more. Second, the down time lost revenue is likely to be twice what the repair will be.
    For me it makes no business sense to waste time and a pile of money on a broken tool.
     
    truckdriver31, Siinman and gentleroger Thank this.
  9. dis_bit

    dis_bit Bobtail Member

    11
    8
    Jan 27, 2021
    0
    It is a 2018 Freightliner Columbia with a series 60 Detroit. No coolant leak; however, it was not holding oil for nothing.
     
  10. God prefers Diesels

    God prefers Diesels Road Train Member

    3,603
    17,974
    Jun 26, 2020
    South Texas
    0
    Oh, that price makes a little bit more sense now.

    But I mean before it started leaking, did you ever have to add coolant? Did you ever have to add oil between changes?

    And why did they say it needed an inframe? What was their reason?
     
    truckdriver31, Siinman and Dave_in_AZ Thank this.
  11. Concorde

    Concorde Road Train Member

    1,368
    2,974
    Jun 29, 2016
    West Melbourne Florida
    0
    How many miles on the clock?
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted