Loan using trailer as collateral?

Discussion in 'Ask An Owner Operator' started by zaroba, Feb 24, 2023.

  1. zaroba

    zaroba Heavy Load Member

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    Anybody know of any good banks or financial companies that will issue a loan using a trailer as collateral?

    Feel free to criticize if you want (the whole being a major breakdown away from being out of business thing), but I'm currently stuck in Wyoming at Little America with a blown turbo and BPV valve issue and the shop is quoting 13k for repairs. I simply don't have that much and the friends/family I know that would love to help I also know aren't able to.

    I have truck payments so can't take a loan on that.
    But I do fully own my 2018 Wabash Dry Van and it's in excellent condition.
     
    Last edited: Feb 24, 2023
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  3. Eddiec

    Eddiec Road Train Member

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    Sell the trailer outright. Use the cash to fix the truck and start over.
     
  4. Concorde

    Concorde Road Train Member

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    If you’re not underwater on your tractor call that lien holder. They’d maybe refi it if you have kept your payments on time.

    Or as suggested already, sell your trailer. Get enough for your trailer to cover repair costs and a down payment on a new trailer. Plenty of new trailers in stock now..
     
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  5. zaroba

    zaroba Heavy Load Member

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    Would be lieing if I said I haven't considered selling the trailer and doing power only or leasing onto a company.

    Wrench in that plan currently is that I'm under a load that needs to go to TX.
     
  6. JB7

    JB7 Medium Load Member

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    What year truck and engine? MX13? That price seems very high. Did turbo blow chunks? If so they may also be quoting the charge air cooler (CAC).
     
    Last edited: Feb 24, 2023
  7. zaroba

    zaroba Heavy Load Member

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    2016 t680, Paccar MX 13 engine with 690k miles. All original stuff far as I know except for various coolant related things I've replaced. Only my 3rd shop visit since buying the truck in 2019.

    My laptop stated the BPV valve was out of calibration (had a shop tell me 2 years ago it "was stuck" but they where able to fix it) and something about the turbo actuator not responding.

    Shop mechanics claimed they couldn't hook up their computer to the truck due to an ECM communication error and thought it might have been deleted. It's not, but I did have an issue a year ago when I tried to update the software using Davie 4 and it corrupted the DPF software, had to take the truck to Kenworth to get it fixed.
     
    Last edited: Feb 24, 2023
  8. JB7

    JB7 Medium Load Member

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    Did they quote a new or reman turbo? Reman could save you some bucks. Paccar reman with actuator, not some aftermarket.
     
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  9. Eddiec

    Eddiec Road Train Member

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    Call the broker - transfer the load. How much would your mechanic charge you to fix the truck?

    This should be a last resort - Commercial Truck Financing - Truck Financing by CAG
     
  10. zaroba

    zaroba Heavy Load Member

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    New far as I know. Just called the shop to see about looking into a remanufactured turbo. Wish I considered that on Wednesday when they gave me the estimate.
     
  11. lester

    lester Midwest's #1 Feed Hauler

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    No reason a bank wouldn't lend you money with collateral. I know mine would. But I've known my banker since I was 16.
    Call yours and see
     
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