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.
Loan using trailer as collateral?
Discussion in 'Ask An Owner Operator' started by zaroba, Feb 24, 2023.
Page 1 of 13
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
Sell the trailer outright. Use the cash to fix the truck and start over.
Coffey, Keepforgettingmypassword, m16ty and 1 other person Thank this. -
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.. -
Wrench in that plan currently is that I'm under a load that needs to go to TX. -
Last edited: Feb 24, 2023
-
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
-
zaroba Thanks this.
-
This should be a last resort - Commercial Truck Financing - Truck Financing by CAG -
-
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 seeMidwest Trucker and Opendeckin Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 1 of 13