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Financing an older chip truck

Discussion in 'Business Management' started by TreeHuggers, Jul 16, 2016.

  1. TreeHuggers

    TreeHuggers ArboristSite Lurker

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    Good morning! We recently started our tree service and are finding it challenging to purchase a chipper truck that isn't less than 7 years old. We're currently looking at a 17 year old truck in good condition as a starter and aren't finding many options aside from rip-off leasing contracts in order to finance that purchase. Has anyone had a good experience purchasing an older vehicle with startup financing?
     
  2. ValleyFirewood

    ValleyFirewood Addicted to ArboristSite

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    Why won't your bank do it?

    I don't have any trucks that new, though I paid outright for them.

    How big is this truck, single rear axle?

    Could always pickup a flatbed truck for 5-7k and fab a box and put a dump hoist. Be in it under 10k still.

    My newest truck is a 97 f450 7.3L 4x4. I paid 3k for it, didn't have a bed and needed a bit of engine work (injector o- rings)
    Had brand new tires, batteries and brakes from previous owner.
    I'll have about 6.5k into it total to turn it into a dump truck.
     
    Backyard Lumberjack likes this.
  3. TreeHuggers

    TreeHuggers ArboristSite Lurker

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    The bank won't finance anything older than a 2009.
     
  4. TreeHuggers

    TreeHuggers ArboristSite Lurker

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    In case someone stumbles on this thread, we did end up finding someone who would finance it for us...at 36%?!? So we ended up taking a personal loan at 8.5% with a payment agreement between ourselves and our LLC. It was a pain in the a$$ but new businesses get no love from the banks, unfortunately, and we didn't want to drop $60K on a new truck.
     
  5. ValleyFirewood

    ValleyFirewood Addicted to ArboristSite

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    Odd deal.
     
  6. Griff93

    Griff93 ArboristSite Operative

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    That's odd. Time to find a new bank. I had no issues with a 2006 skid steer or a 2001 f550 for financing.
     

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