Truck & trailer financing

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MoneyMan

New Member
Dec 3, 2018
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Hey folks.

I was introduced to this forum by Jon at DBR Transport. He thought it would be beneficial for everyone (myself included) to post on here. I have been financing trucks, trailers and heavy equipment since 1988 and have worked in all aspects of the Finance Industry - I have worked at banks, a manufacturer's finance company (who remembers John Deere Credit when they did truck financing?) and have been an independent broker since 2002.

I prefer the independence as a broker as I have built up relations with several financing sources over the years. A good broker looks after the best interests of the customer - both now and in the future. A happy customer is far more likely to call again and also tell his friends about me. . . .

My primary market is Ontario but I can provide service Canada wide. I work with everyone from a new O/O through to large fleets.

Posted this in the Coffee Shop as I usually end up meeting most guys there or at their house. I think the Moderators may want to consider Finance as it's own category as it is an integral part of everyone's business. Drop me a line for an honest and frank discussion about anything money.
 
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I can certainly vouch for Dan, he's the Money Man!

We have been working with Dan on our equipment financing since 2009 and we have always been very pleased with his service.

He is often able to beat the rates of the larger finance companies and is great at getting approvals for the little guy.

Thanks for all your help over the years Dan!
 
Ahh yes. . . . we started with TwoTone Tony many years ago!!!

Hope all is well!!! Drop me a line if something comes up.
 
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What are the interest rates? If i find my own trailer, will you finance it? Or do you have your own inventory?
 
Hey Henry. Thanks for the inquiry. Sorry for being late to reply - I went to sign a new end dump trailer deal for a new to me customer tonight.

The interest rate will depend on a couple of key factors:
1) Your Credit Rating. The cleaner the credit, the less the risk - which in turn will give you a lower rate
2) Age of the asset. The rates for something brand new will be less than if you ask me to finance a 1996 Peterbilt 379.
3) $ amount financed. The larger the deal, the easier it is for a finance company to make money on volume and can take a smaller spread.
The vast majority of my customers getting approved now are in the 6-7% range. It used to be in the high 4's to high 5's range earlier this year but lending rates have been creeping up since early spring.
Some of my larger customers are still in the 5's as the deal size and their strength warrant it. I also have some guys who are also paying rates north of 10% but usually these deals are smaller ticker size and the rate differential is under $ 100 per month. They pay those rates because either their credit has some bruises or they're buying something that the majority of finance companies won't finance due to the age of the asset. There are some finance guys floating around still claiming rates in the 4's and 5's but the vast majority of those guys are not telling you the truth. They just want to make it sound good and hope you never catch on. Ask them to put it in writing and you'll see them squirm.

You can certainly get your own equipment. Private sales are okay (except I can't do those in Quebec) but have some additional costs associated with them (to cover the additional expenses like lien searches & waivers, paying out other finance companies, obtaining discharges etc). This fee is usually around $350.

I can also source out equipment as I have built up a large customer base and keep in contact with lots of vendors. As an example, I know where there are some brand new 48' & 53' tandem axle aluminum flat bed trailers currently available - and not the junky stuff that no one wants. Same goes for aluminum end dump trailers. Know a couple of 2019 'old stock' trailers that are about $ 10K cheaper than ones coming in now. My customer tonight bought one of those.

I don't get any Finders Fees from the dealers so I'm not interested in pushing stuff to you. I do my deal with you and hopefully you are so happy you will come back for your next truck or trailer. And tell your friends about me.

Just so you guys get a bit of a background about me. I grew up on a dairy farm. Farmer turned finance guy. Hate banks. I am genuinely interested in equipment and love to get feedback from everyone on their experiences with whatever you got. It helps me when I then talk to the next guy as to avoid the pitfalls of what's out there.

Kinda like this forum.
 
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MoneyMan, PM me your contact details. Always good to have connections in this industry.
 
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