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Planning to finance two dump trucks

Discussion in 'General Truck Discussions' started by JoseScales, Jul 4, 2018.

  1. JoseScales

    JoseScalesNew Member

    Likes Received:
    Jul 4, 2018
    My younger brother is planning to finance two dump trucks and some equipment to get his business started. We planned to consult truck financing in London. We want to know what to look for and the do's and don'ts in financing dump trucks and equipment. Many of my researches point to the risk if it is not paid back.
    I enquired it to my friend who had financed a dump truck. When he had his small business running, he started with some very basic tools which he was able to buy with his severance package from his former employer. He rent machines. Business was booming back then and it was tough not to succeed if we did quality work. Then in 2007 business took a nose dive, he saw it coming and was able to pay off all his loans before it got really bad.
    He told me that my brother has to do some extensive market research and find a proper income to pay back the loan. He just reminds me of the risk involved.
    This is just an experience. We would like to know more experiences and suggestions.
  2. 7mopar

    7moparWell-Known Member

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    Dec 21, 2013
    Kingsville, MO
    Rental is ok. Test the waters. Having to take a rental back would be way better than defulting a loan.
    • Agree Agree x 1