2.
Re: Small Business with good revenue needs equipment loan. May 12, 2008 3:50 PM

in response to:
LUCKIEST
I have just recently gotten my LLC, and opened my business account. I have been with this company for 2 years but have been a truck driver almost 30 years. I work out of Wichita Falls, Tx. Bellevue, Tx is my son's home where I receive my mail and occasionally lay my head down.
The truck is a 2005 Peterbilt. It was originally purchased by my son with a hefty help from me. The down payment was from inheritance we received when my Mother passed away. My son ran it until last September when he decided he didn't know how to be an owner/operator. At that point he sold it, unbeknownst to me, to the company that I am with. This upset me greatly, as the money that purchased it originally was half mine, and I entered into a contract to make the payments. The contract is for 60 months. I pay $1445 a month to the company. I am making money with it but have no control over the escrow which is upwards of $6000 a month. I gross about $18000 a month. With that kind of money going into a non interest bearing account it is reasonable to me to want that money working for me as hard as I am working for it. The truck is very beautiful and in excellent condition. It is show quality. I want to add an alternate power unit to it so as to cancel out any idleing time and increasing revenue. I also want to add the Turbo3000D to increase my mpg.
Once the truck is out debt with them the escrow will drop to 10% to cover base plates, insurance, and taxes. I have proven to many people already that you can make money in todays market.
My plan is to repay a $100,000 note in 36 to 48 months.
Any other questions I will be happy to address.