Warning about equipment financing

Glad you posted this up. I was applying for a loan for a trailer too over the summer. Seemed like a big bank 'n all, but the person working with me was always available until I had questions. Then there were other odd things. They were probably on the up & up, just get paranoid about those sort of things.

Anyway, check with the few remaining local community banks in your given area. You get to meet in person & many times, you are speaking with someone on the board & not someone building a resume at a revolving door sort of place.

 

Many banks and credit unions will not finance OTR equipment. IMHO, the best way to get the name of financial institutes that will finance trucks and trailers is to go to a dealer. Find something that looks promising and get them to set you up with applications to their financing sources.

You may get approved and could use them to finance something else. Or you can then apply to them for financing on other equipment.

I don't know if it is still done but dealers used to do recourse financing which made it much easier to get financing. If you defaulted the dealer got the truck back not the financial institute.

While dealers charge more for equipment, you are more likely to find good financing options from them. After all moving their inventory usually depends on their ability to provide good financing sources.