Financing an overhaul?

Discussion in 'Ask An Owner Operator' started by CATunderHood, Dec 27, 2012.

  1. CATunderHood

    CATunderHood Bobtail Member

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    Dec 27, 2012
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    I am facing an inframe overhaul on my 1998 CAT 3406E and it hit me @ just the wrong time when cash is too low. I saw that OOIDA recommends a website called driveontruck.com that will give loans for truck purchase or repair.. I put in an a call and they said they won't finance a truck older than 2006. I submitted an application anyway, but it doesn't seem promising.

    Has anyone heard of of used any other similar company that finances truck repairs? I had too many things go wrong this past year, and if I can't get a loan I'll be out of business.

    Any suggestions appriciated!

    Thanks!
     
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  3. Izlomik Supatrucka

    Izlomik Supatrucka Light Load Member

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    May try a credit union...

    May have to put the title up for coladeradle...

    Its possible being a 98' that the inframe will cost more than the book value of the truck....
    so you maybe in a pickle
     
  4. dannythetrucker

    dannythetrucker Road Train Member

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    Maybe if you could find a good deal on another truck it would be easier to finance buying a running truck vs. financing the overhaul. At which point you could slap a 4 sale - AS IS on yours. IF you don't get your price you could maybe save up for the overhaul and when it's done put that 4 sale sign in the other truck. At least you keep some cash flow going the whole time rather than sitting while they overhaul your truck.
     
    BAYOU Thanks this.
  5. losttrucker

    losttrucker Road Train Member

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    You could always try:
    http://keepittruckin.com/repair-financing/
     
  6. nightrider1

    nightrider1 Bobtail Member

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    If all else fails go to ND work in the oilfields as a driver save the money you make in about 7mo you should have the money.... they need drivers bad and pay very good.....
     
    rockyroad74 Thanks this.
  7. 53STEP

    53STEP Bobtail Member

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    We had that dilemma earlier this year. Fortunately, we were already at a CAT dealer and we inquired directly with them and they financed the full Plantinum Package = $18,000 at 2.9% for 24 Months / No Money Down / and our first payment was 60 days after the repair. Best of luck to you.
     
    58Skylane Thanks this.
  8. Cat sdp

    Cat sdp . .

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    Ya, I would skip the 3rd party lenders and go to cat directly.
     
  9. chalupa

    chalupa Road Train Member

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    Q: Platinum? Out of frame or in frame ? Everything new including cam and heads, turbo(s) ?
     
  10. BAYOU

    BAYOU Road Train Member

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    same thing i did with my volvo it was going to run me $14,k to inframe it (dropped a valve) i found a 2000 freightliner for $10,k and was on the road a week later the inframe was going to take 6-8 weeks i just couldnt be down that long in the summer

    If you dont have any money to put down on a used truck i would start looking for a new truck and make sure you could get financed first than sale yours for the down payment i sold my volvo in about a week and a half for $7,500 and wouldnt even start so yours is still worth something
     
    SHC Thanks this.
  11. rockyroad74

    rockyroad74 Heavy Load Member

    I might would ask the shop about a inhouse finance deal; however, I think of being in debt and slavery as the same. So I will have to go with the smart guy's idea and go work in the oil patch for a while. Heck, you might stumble across a contact that works you into a dream job you never would have thought of. Best of all, you are still FREE!
     
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