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!
Financing an overhaul?
Discussion in 'Ask An Owner Operator' started by CATunderHood, Dec 27, 2012.
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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 -
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. -
http://keepittruckin.com/repair-financing/ -
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. -
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. -
Ya, I would skip the 3rd party lenders and go to cat directly.
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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 somethingSHC Thanks this. -
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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