>Go ahead and try like A team suggests, I am informing you
>that banks are clueless to the Expediting Industry. And
>also my credit score is even higher than yours and
>unbenounced to others advice I had over a $100K saved up and
>still turned down.
>
>Banks do not forget about what did not work, the only ones
>who know this industry are the dealers. 8% vs 6.5% I made
>it work. I had a wonderfull business plan everything but
>could not get Senior Management to look at all of my History
>no Expierence in a new start up business, no loan.
>
>Banks want a 100% guarantee on items such as this its not
>like a home that generally increases in value its a fast
>depriciating item that they cannot unload once they take it
>back. Give yourself a year or two after purchasing a truck
>and than there is a track record. A Team are Politicans
>maybee they have strings to pull I do not just a straight
>forward business person.
>
>If there were money in lending us money don't you think that
>there would be a couple of banks at the Trade Show? See I
>am telling you we do not fit the mold for a good risk.
First: While we've been politically active in the past, we are truck drivers today. We pulled no strings to find a lender. Like anyone else, we shopped around until we found one that met our needs.
Second: Before we walked in the door, neither the loan officer nor her boss had ever heard of expediting. Our written business plan and the truck tour we provided in their parking lot explained it to their satisfaction. Some lenders are less concerned about knowing the expediting industry and more concerned with knowing the expediter. Those give loans on the strength of the borrower, not the industry.
Third: While many banks don't know the expediting business, some do. An accountant that does expediter tax returns may know of several. To find banks that lend money to expediters try hanging out at a truck stop to ask every expediter you see for the name of the lender that financed his (her) first-ever truck purchase.
Fourth: Fleet owners buy multiple expediting trucks. Contact a few of them and ask how they finance their trucks (be respectful of their time). One I called before writing this said he uses three banks, pitting each against the others for the best rate when he buys a truck. As a first time truck buyer and non-fleet owner, you do not have that luxury. But you can learn lender names and apply. Those lenders would be familiar with expediter trucks at least, and perhaps very familiar with the industry.
Finally: The world is a big place with numerous options and variables. Just because one person's experience played out a certain way, it does not follow that everyone else's will be the same. Broompilot knows his way and I know mine. There are no doubt many other ways that have also worked.
