Truck repair loan questions

A line of credit with your bank will be much better terms.

 

I talked to CAG Truck Capital recently. It's a traditional loan and they are going to want a sizable down payment, like 10-15%. I assume others are similar. With the economy cooling off, the fed raising rates and uncertainty caused by the gov't shutdown and the trade war with China, the credit market has tightened up.

 

And I imagine rates will be quite high. Those folks might be a lender of last resort. Do your best to exhaust banks and credit unions first.

 

I got a business account with Caterpillar. It offers two options.
First, if you get a major repair done, where 50% of the invoice or more are original CAT parts, you can put it on a two year term with 0% interest. That option paid my inframe at $22000.
Second option, put any repair performed at a CAT facility on it and pay back in 10 equal paiments at no interest.
Both options combined can't exceed $22000.

I've used it for a few different things after the rebuild and it's sitting just idling at the moment. Who knows, maybe I need it someday again.

 

Was that a new purchase?

 

I had several customers use Big Rig lending to pay the bill on repairs when we had the shop in town. The check always came made out to the shop, after which I would release the truck. From what the couple guys said the interest wasn't great but wasn't like credit card high either. Seems like they want to finance 10k for a year or 18 months tops. They also require a clear title no equity loans. I'm not saying they are ideal, but they did help those guys out seemed easy enough to deal with

 

No. I needed it for the inframe. It saved my head.

 

I allways went into my bank and told them I needed my driveway fixed and got a loan for 1 year then payed my tax every year and never missed a payment and did it every year and got a bmw one year with the extra?

 

Clear title, That's going to weed a lot of people out.