[Rubber City Landscaping]

I’m having a hard time finding a true commercial loan for a new truck. Has anyone used ford credit? they seem to have a reasonable rate. I’m just worried the dealership is going to make extra money on me I always bring outside financing. Do you have any other companies you recommend to help fund a new truck?

 

[BossPlow2010]

I'm having a hard time finding a true commercial loan for a new truck. Has anyone used ford credit? they seem to have a reasonable rate. I'm just worried the dealership is going to make extra money on me I always bring outside financing. Do you have any other companies you recommend to help fund a new truck?

Have you tried your own bank or credit union?

 

[Hydromaster]

I'm having a hard time finding a true commercial loan for a new truck. Has anyone used ford credit? they seem to have a reasonable rate. I'm just worried the dealership is going to make extra money on me I always bring outside financing. Do you have any other companies you recommend to help fund a new truck?

Why are you having difficulty finding
A commercial loan?

The reason that I know of is a business doesn't have enough cash flow ,a large enough bank account ,or has not been in business long enough to be a good risk.

Other options a second mortgage on your house a cosigner Using your other business equipment as collateral for the loan

Or you buy the truck personally and then Lease it to your business.

 

[cwren2472]

Other options a second mortgage on your house

Certainly an option but i hope its the last resort option

 

[Hydromaster]

Certainly an option but i hope its the last resort option

With the low interest rates a second mortgage to free up some money isn't the worst idea.

Shirley, the rate should be less then for a collateralized or Having a cosigner on the loan

 

[EWSplow]

Certainly an option but i hope its the last resort option

Might end up like your old house ...

 

[EWSplow]

I've never used Ford credit, but financed a vehicle with GMAC when I was in my early 20s.

 

[cwren2472]

With the low interest rates a second mortgage to free up some money isn't the worst idea.

Shirley, the rate should be less then for a collateralized or Having a cosigner on the loan

If the only reason for choosing the mortgage is interest rate, then sure. If the reason for choosing it is cu you have lousy credit and cant get anyone to give you a truck loan then after you default on your truck, you're also homeless

 

[Hydromaster]

If the only reason for choosing the mortgage is interest rate, then sure. If the reason for choosing it is cu you have lousy credit and cant get anyone to give you a truck loan then after you default on your truck, you're also homeless

Perils of being a businessman .
Can always work for somebody else or a retailer

It's tough for small business is just starting out and ones that don't have enough money to get a business loan .

Sometimes this leads to creative financing

 

[BossPlow2010]

It's tough for small business is just starting out and ones that don't have enough money to get a business loan .

Echo?

 

[cwren2472]

Perils of being a businessman .
Can always work for somebody else

Clearly we know your position on the whole "survival of the fitness" thing

 

[Hydromaster]

Clearly we know your position on the whole "survival of the fitness" thing

I didn't make the rules.

 

[FredG]

With the low interest rates a second mortgage to free up some money isn't the worst idea.

Shirley, the rate should be less then for a collateralized or Having a cosigner on the loan

Securing a loan with your home is not bad at all for cash flow etc. Even a vehicle or equipment been doing it for a long time, the rates are better unless you can get zero on new.

 

[Hydromaster]

Certainly an option but i hope its the last resort option

Why?
The result is more skin in the game.

It's like loaning the money to yourself. you pay it back to yourself by purchasing the home you're living in minus the interest and you get a truck

So I guess it would depend on how much confidence you have in yourself .

I dun-no

 

[cwren2472]

Why?
The result is more skin in the game.

It's like loaning the money to yourself. you pay it back to yourself by purchasing the home you're living in minus the interest and you get a truck

So I guess it would depend on how much confidence you have in yourself .

I dun-no

Perhaps because from the retail end of it, I see plenty of customers who are clearly vastly over-extended in credit. Right now, we have a customer struggling to find a way to pay the balance on $30k worth of equipment special ordered cuz no one will give him credit. That is not the kind of person who should be "loaning himself money" and risking his house in the process. I dont argue that used wisely and responsibly, there is nothing wrong with using a line of credit.

For the record, I'm not saying that any of this applies to the OP. I dont think he gave any indication that his credit was an issue.

 

[Mark Oomkes]

Perhaps because from the retail end of it, I see plenty of customers who are clearly vastly over-extended in credit. Right now, we have a customer struggling to find a way to pay the balance on $30k worth of equipment special ordered cuz no one will give him credit. That is not the kind of person who should be "loaning himself money" and risking his house in the process. I dont argue that used wisely and responsibly, there is nothing wrong with using a line of credit.

For the record, I'm not saying that any of this applies to the OP. I dont think he gave any indication that his credit was an issue.

So are you saying that we as a country are in the same position (if not worse) than 2008ish?

 

[FredG]

Perhaps because from the retail end of it, I see plenty of customers who are clearly vastly over-extended in credit. Right now, we have a customer struggling to find a way to pay the balance on $30k worth of equipment special ordered cuz no one will give him credit. That is not the kind of person who should be "loaning himself money" and risking his house in the process. I dont argue that used wisely and responsibly, there is nothing wrong with using a line of credit.

For the record, I'm not saying that any of this applies to the OP. I dont think he gave any indication that his credit was an issue.

$30K in today's world is a relatively small amount. Yes if your over extended it would not be smart to use your home to secure monies, this is if the bank will even take your home. The bank technically don't want your home they would rather just get paid back. Lot of expensive legal work to get you out. You still have to have good credit even with using your home to secure money.

I would rather walk away from the business liquidate and then figure away to pay your debt but still have a roof over my head. Rule of thumb and did it myself once, when your over extended even if you find away to get monies usually the end is near. Some get lucky and make the grade, for most it's over.

My thoughts on that now if I don't have the funds to purchase the equipment I don't borrow to get it. Over extended is a place I never want to be again.

 

[cwren2472]

So are you saying that we as a country are in the same position (if not worse) than 2008ish?

No, not really. Overall, I think the economy is much better than at that point.

But that doesnt change the fact that, no matter how good the economy is, there will always be some people who can't be trusted to handle their own finances without screwing them up.

 

[FredG]

No, not really. Overall, I think the economy is much better than at that point.

But that doesnt change the fact that, no matter how good the economy is, there will always be some people who can't be trusted to handle their own finances without screwing them up.

Most that been in financial trouble do not repeat. The economy is good around here. Then again you got the dishonest just trying to screw people sandbag and open up under a different name.

Back then when I went bad I spent about $20K of my Family's money and mine still could not recover. :hammerhead:

 

[Mark Oomkes]

No, not really. Overall, I think the economy is much better than at that point.

But that doesnt change the fact that, no matter how good the economy is, there will always be some people who can't be trusted to handle their own finances without screwing them up.

You're more optimistic about the intelligence of the Murcan people than I am.