used tm financing

[Louis]

So when I was picking up my hoss yesterday a accelerated Tm caught my eye on the rack. It was slightly used.

If your not loaded how does one get a tm. My van and tm are paid for. I want to get a bigger tm and have a back up in a small trailer until I can get another van.

I'm thinking about building another tm since I have a 47 blower and 2 cat pumps laying around, but it would be nice to bolt it in and go.

 

[tracywalker]

Like to know myself. I found a used aerotech close to me, but the banks look at me like I am nuts for wanting to borrow over 20 grand for a 150000 mile 9 year old truck.

 

[Dan]

I thought he he was nuts too for asking so much. Bet he has more than one for sale right?

Like to know myself. I found a used aerotech close to me, but the banks look at me like I am nuts for wanting to borrow over 20 grand for a 150000 mile 9 year old truck.

 

[Able 1]

Like to know myself. I found a used aerotech close to me, but the banks look at me like I am nuts for wanting to borrow over 20 grand for a 150000 mile 9 year old truck.

The banks SUCK! I have never got approved for anything from the bank(never wanted to do a "business plan" when I started).. I tried to get a loan in 2010(I think it was) for a 2006 for E350 with 41,000 miles and a Apex with 900 hours for $23,000, I was denied(are you kidding me)!LOL I told the loan officer "you know I'm going to buy this thing, Right?" he looked at me all crazy! I used a no interest credit card and payed it off in a year. Then I bought a house in 2013.. I hate debt and like to send big payments when I have the money.

 

[mirf]

Are you interested in selling a cat pump if is what size is it?

 

[Shane Deubell]

Your bank is the best place.

Now if you have $1k in savings and are looking to borrow $20k...
Thats not going to work out.

 

[FB7777]

LOL, some of you really need to take a finance course, or at least learn how to save some money over a couple decades so you have something to collateralize a loan.

Banks aren't interested in losing money anymore than you are. One of the reasons people looking for used equipment is cause they can't afford new.

Hard for a bank to monetize a used random piece of equipment.

The old adage will always be true... Those that can get a loan are typically the ones that don't need one

 

[steve_64]

you mean all that crap i get in the mail offering me thousands of dollars isnt true???

 

[knoxclean]

Another way around financing is to Price your jobs high enough to put money aside from each job to pay for your next tm and van. Mark Kennedy has a great pricing form that's takes into account how to price jobs so you are profitable. Of the last 5 vans and tms I bought I only financed the vehicle on 2 of them paid cash on all the rest of the vans and paid cash on all the tms. Mark Kennedy does not get enough credit in this industry for what he teaches but I am forever grateful what I learned from him.

 

[Louis]

I have been saving a lot. I lost every thing about3 years ago and a little over a year ago my van and tm blew up right after thanksgiving. Still rebuilding. I would prefer not to finance but it may be my only choice this time around. My area is just starting to recover from the recession. This last year has been the best in7 years.

When my van blew up I bought a used van cash and finished the machine I had been building in record time.

Is a credit union more forgiving than a bank? I'm with chase and never owed them any money and they will not give me any credit and I have 4 accounts with them.

 

[Russ T.]

That's awesome guys, to buy your equipment with cash!

I had some cash @ 6 years ago and bought my Chevy/Chem-tex with it. The used van and new TM with equipment (hoses, wand, etc) I bought ran me @ 27K.

Knowing what I know now, I think I would put a chunky down payment (5-10K) on a new or very young Butler/Cleanco/SS 1200/HM CDS and used the rest of that capital to develop my website, buy extra equipment like a Cimex, rotary extractor, CRB, etc. and keep a cushion for the Winter.

How long have you guys been in business, to be able to buy a new rig with cash?

 

[knoxclean]

Louis Credit unions are more willing to work with you and have better rates

 

[mirf]

Have you looked into a lease?

 

[Russ T.]

I financed most of the '10 Cleanco that I bought last Summer. It's technically a lease with a $1 buyout at the end. Ken Snow gave me the company's info. You can PM me and I'll share that with you, if you'd like. I have pretty good credit (over 700) and the process was really quick and easy. My rate is higher than I'd be paying for new but still just north of 5%.

Ken said you have to find a bank who "gets it". I think be was right. He turned me on to this company who acted like they were working for me rather than the dog and pony show I got at my local bank here, making it feel like I was putting them out or something.

My local bank missed an opportunity with me and my growing business. I didn't take it personal, I just know they don't "get it", like Ken said.

 

[Russ T.]

It was also a good opportunity to start building the credit attached to my business.

 

[Shane Deubell]

I took out a line of credit with my bank when we started $10k.
Then they kept increasing it as our cash reserves increased.

Personally like it this way because we can pay anything down any way we choose and whenever. The risk is if interest rates spiked in a short period of time excessively.
Its not that much though, only like a little bit of debt. Nothing i cant pay down overnight.

Sort of agree with david but at some point inflation eats away any interest from saving/checking account.

 

[tracywalker]

I thought he he was nuts too for asking so much. Bet he has more than one for sale right?

Yep. I guess you spoke to him too? What would be a good price on them?

 

[Dan]

Well, after he told me I was asking for a lot for him to take pictures and once he did he was to damn lazy to even open the door for an interior shot and he also stated he just did over 10K in repairs on one truck and 2500 on the other I quickly realized he was lazy and pathetic and could only imagine real life of seeing them.... The trucks are over priced and baby shit yellow to boot.

Yep. I guess you spoke to him too? What would be a good price on them?

 

[tracywalker]

Yeah. I think they are old relabeled service master trucks.

 

[John Olson]

If it was at a suppliers with a good reputation you should be able to get financing with Aztec. They financing our used machines but they KNOW what they are financing is worth more the. What we are selling it for and they won't have any problem selling it again. Well actually us because if it was repo'ed it would come back to us to go over and offer up for sale. Now if they are asking more the the machine is worth and do not have the reputation of turning over equipment quick and in better then used condition then it might be hard to get it done. You should call them tomorrow or call me and I'll get you hooked up with my girl Ashly before you call them and you'll be ready to deal

 

[Dan]

They are.

 

[Able 1]

LOL, some of you really need to take a finance course, or at least learn how to save some money over a couple decades so you have something to collateralize a loan.

Banks aren't interested in losing money anymore than you are. One of the reasons people looking for used equipment is cause they can't afford new.

Hard for a bank to monetize a used random piece of equipment.

The old adage will always be true... Those that can get a loan are typically the ones that don't need one

Yeah, I've haven't been in business for a decade.. Saving is just like paying the shit out of something(some people think different). A finance course would say a no interest loan is bad? LOL! I love those no interest cards they haven't caught me with interest yet..

I understand that banks are NO longer are interested in losing money, but they had a good period that that was all they were doing(so things tightened up with lending). We are still bailing them out!

"Hard for a bank to monetize a used random piece of equipment."
I agree..

I love used equipment as a matter of fact, I don't think I would buy anything new you lose too much. My next van will be a 2014 Ford E-350 with 20,000 miles or so,and I will save at least $5,000 over buying new(I need a class for that?). Not really about what you can afford, but rather what you want to lose..

As far as a truck mounts I don't think I will ever buy new.. I'll buy broken shit and make it new, all slide in's are is a frame(everything else is replaceable).. If you can't turn a wrench, I would go with a brand new DD every time.. I kind of like to work on things, so... Who cares!

 

[tmdry]

I wouldn't mind buying new to have a new truckmount, but than I already own 3 truckmounts that I've paid cash for them and I go back to the cash mindset for TM's at least.

 

[mirf]

Sometimes using the banks money to grow faster, save time, and have less down time is a better choice.