Want to buy a used truck - Financing suggestions?

Housing has taken a hard hit. I have never liked the idea of using ones home to raise money for a new business venture, but is is one way to secure the needed funds. Home equity loans can also be at a lower interest rate than on equipment. If you had the funds and good credit this would be an excellent time to buy real estate. There are some good buys around. I would not want to be in a position of needing to sell a home in this market.

 

Wells Fargo has an equipment finance branch, based in MN. Have 5 rigs financed there. I did 10% down and was able to get rates in the low 5's. All Wheel's finance is also a decent option, comparable terms to WFEFI. I have used GE finance, terms about 2% higher than the others. Shop around, 10% is highway robbery.

 

I went through Bank of the West. Put 4 down, and financed $15k at 5.75%

I had zero dealing with them prior. Bank manager just filled the app out for me over the phone. Easy peasy...

 

Got it from a dealer. Check out the chronicles for more info:
http://www.thetruckersreport.com/tr...ere/257731-greenhorn-landstar-chronicles.html

 

Have you had any major problems with your truck???

 

I just finished a loan with wells Fargo dealer services, so I'm going to try their equipment service.

 

Yeah I'm perfectly fine with that. Help give some insight I guess.

 

Hi Willis, I got a couple of questions for you since you have about the # of tractors I'm looking for. I'm upgrading old equipment for mine and my uncles trucking company.

Did Wells Fargo ask to look at a balance sheet for your business? If so, what was the biggest concern or biggest favorable thing they say? Of course I'm not asking for specific figures, just something to get an idea. I know what they'll look for in the regular income statements but I dont know what will be specifically important in the balance sheet. Thank you