# Ford credit



## Rubber City Landscaping (Nov 2, 2018)

I’m having a hard time finding a true commercial loan for a new truck. Has anyone used ford credit? they seem to have a reasonable rate. I’m just worried the dealership is going to make extra money on me I always bring outside financing. Do you have any other companies you recommend to help fund a new truck?


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## BossPlow2010 (Sep 29, 2010)

Rubber City Landscaping said:


> I'm having a hard time finding a true commercial loan for a new truck. Has anyone used ford credit? they seem to have a reasonable rate. I'm just worried the dealership is going to make extra money on me I always bring outside financing. Do you have any other companies you recommend to help fund a new truck?


Have you tried your own bank or credit union?


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## Hydromaster (Jun 11, 2018)

Rubber City Landscaping said:


> I'm having a hard time finding a true commercial loan for a new truck. Has anyone used ford credit? they seem to have a reasonable rate. I'm just worried the dealership is going to make extra money on me I always bring outside financing. Do you have any other companies you recommend to help fund a new truck?


Why are you having difficulty finding
A commercial loan?

The reason that I know of is a business doesn't have enough cash flow ,a large enough bank account ,or has not been in business long enough to be a good risk.

Other options a second mortgage on your house a cosigner Using your other business equipment as collateral for the loan

Or you buy the truck personally and then Lease it to your business.


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## cwren2472 (Aug 15, 2014)

Hydromaster said:


> Other options a second mortgage on your house


Certainly an option but i hope its the last resort option


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## Hydromaster (Jun 11, 2018)

cwren2472 said:


> Certainly an option but i hope its the last resort option


 With the low interest rates a second mortgage to free up some money isn't the worst idea.

Shirley, the rate should be less then for a collateralized or Having a cosigner on the loan


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## EWSplow (Dec 4, 2012)

cwren2472 said:


> Certainly an option but i hope its the last resort option


Might end up like your old house ...


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## EWSplow (Dec 4, 2012)

I've never used Ford credit, but financed a vehicle with GMAC when I was in my early 20s.


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## cwren2472 (Aug 15, 2014)

Hydromaster said:


> With the low interest rates a second mortgage to free up some money isn't the worst idea.
> 
> Shirley, the rate should be less then for a collateralized or Having a cosigner on the loan


If the only reason for choosing the mortgage is interest rate, then sure. If the reason for choosing it is cu you have lousy credit and cant get anyone to give you a truck loan then after you default on your truck, you're also homeless


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## Hydromaster (Jun 11, 2018)

cwren2472 said:


> If the only reason for choosing the mortgage is interest rate, then sure. If the reason for choosing it is cu you have lousy credit and cant get anyone to give you a truck loan then after you default on your truck, you're also homeless


 Perils of being a businessman .
Can always work for somebody else or a retailer

It's tough for small business is just starting out and ones that don't have enough money to get a business loan .

Sometimes this leads to creative financing


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## BossPlow2010 (Sep 29, 2010)

Hydromaster said:


> It's tough for small business is just starting out and ones that don't have enough money to get a business loan .


Echo?


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## cwren2472 (Aug 15, 2014)

Hydromaster said:


> Perils of being a businessman .
> Can always work for somebody else


Clearly we know your position on the whole "survival of the fitness" thing


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## Hydromaster (Jun 11, 2018)

cwren2472 said:


> Clearly we know your position on the whole "survival of the fitness" thing


I didn't make the rules.


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## FredG (Oct 15, 2012)

Hydromaster said:


> With the low interest rates a second mortgage to free up some money isn't the worst idea.
> 
> Shirley, the rate should be less then for a collateralized or Having a cosigner on the loan


 Securing a loan with your home is not bad at all for cash flow etc. Even a vehicle or equipment been doing it for a long time, the rates are better unless you can get zero on new.


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## Hydromaster (Jun 11, 2018)

cwren2472 said:


> Certainly an option but i hope its the last resort option


Why?
The result is more skin in the game.

It's like loaning the money to yourself. you pay it back to yourself by purchasing the home you're living in minus the interest and you get a truck

So I guess it would depend on how much confidence you have in yourself .

I dun-no


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## cwren2472 (Aug 15, 2014)

Hydromaster said:


> Why?
> The result is more skin in the game.
> 
> It's like loaning the money to yourself. you pay it back to yourself by purchasing the home you're living in minus the interest and you get a truck
> ...


Perhaps because from the retail end of it, I see plenty of customers who are clearly vastly over-extended in credit. Right now, we have a customer struggling to find a way to pay the balance on $30k worth of equipment special ordered cuz no one will give him credit. That is not the kind of person who should be "loaning himself money" and risking his house in the process. I dont argue that used wisely and responsibly, there is nothing wrong with using a line of credit.

For the record, I'm not saying that any of this applies to the OP. I dont think he gave any indication that his credit was an issue.


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## Mark Oomkes (Dec 10, 2000)

cwren2472 said:


> Perhaps because from the retail end of it, I see plenty of customers who are clearly vastly over-extended in credit. Right now, we have a customer struggling to find a way to pay the balance on $30k worth of equipment special ordered cuz no one will give him credit. That is not the kind of person who should be "loaning himself money" and risking his house in the process. I dont argue that used wisely and responsibly, there is nothing wrong with using a line of credit.
> 
> For the record, I'm not saying that any of this applies to the OP. I dont think he gave any indication that his credit was an issue.


So are you saying that we as a country are in the same position (if not worse) than 2008ish?


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## FredG (Oct 15, 2012)

cwren2472 said:


> Perhaps because from the retail end of it, I see plenty of customers who are clearly vastly over-extended in credit. Right now, we have a customer struggling to find a way to pay the balance on $30k worth of equipment special ordered cuz no one will give him credit. That is not the kind of person who should be "loaning himself money" and risking his house in the process. I dont argue that used wisely and responsibly, there is nothing wrong with using a line of credit.
> 
> For the record, I'm not saying that any of this applies to the OP. I dont think he gave any indication that his credit was an issue.


 $30K in today's world is a relatively small amount. Yes if your over extended it would not be smart to use your home to secure monies, this is if the bank will even take your home. The bank technically don't want your home they would rather just get paid back. Lot of expensive legal work to get you out. You still have to have good credit even with using your home to secure money.

I would rather walk away from the business liquidate and then figure away to pay your debt but still have a roof over my head. Rule of thumb and did it myself once, when your over extended even if you find away to get monies usually the end is near. Some get lucky and make the grade, for most it's over.

My thoughts on that now if I don't have the funds to purchase the equipment I don't borrow to get it. Over extended is a place I never want to be again.


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## cwren2472 (Aug 15, 2014)

Mark Oomkes said:


> So are you saying that we as a country are in the same position (if not worse) than 2008ish?


No, not really. Overall, I think the economy is much better than at that point.

But that doesnt change the fact that, no matter how good the economy is, there will always be some people who can't be trusted to handle their own finances without screwing them up.


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## FredG (Oct 15, 2012)

cwren2472 said:


> No, not really. Overall, I think the economy is much better than at that point.
> 
> But that doesnt change the fact that, no matter how good the economy is, there will always be some people who can't be trusted to handle their own finances without screwing them up.


 Most that been in financial trouble do not repeat. The economy is good around here. Then again you got the dishonest just trying to screw people sandbag and open up under a different name.

Back then when I went bad I spent about $20K of my Family's money and mine still could not recover. :hammerhead:


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## Mark Oomkes (Dec 10, 2000)

cwren2472 said:


> No, not really. Overall, I think the economy is much better than at that point.
> 
> But that doesnt change the fact that, no matter how good the economy is, there will always be some people who can't be trusted to handle their own finances without screwing them up.


You're more optimistic about the intelligence of the Murcan people than I am.


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## cwren2472 (Aug 15, 2014)

Mark Oomkes said:


> You're more optimistic about the intelligence of the Murcan people than I am.


Or perhaps I just use the phrase "some people" instead of "most people" so I don't sound like a total asocial.


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## Mark Oomkes (Dec 10, 2000)

cwren2472 said:


> Or perhaps I just use the phrase "some people" instead of "most people" so I don't sound like a total asocial.


If you say so.

OP...I have used Ford Credit in the past. No better or worse than anyone else.

I would try a local CU or bank though.


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## Mr.Markus (Jan 7, 2010)

Get your best price on the Ford credit then ask how much you save for cash. Do the math.


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## FredG (Oct 15, 2012)

Mr.Markus said:


> Get your best price on the Ford credit then ask how much you save for cash. Do the math.


 I don't live or never purchased a car in Canada. The Franchise in the states hate cash deals or your own financing source. Cash buyers usually don't buy the first extended warranty and the finance dept earns squat.

Better be the end of the month where the franchise is looking for a volume - performance bonus.


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