A Question about Financing Equipment
melodious
Posts: 1,719
I am considering a entering into a loan for a big rig. I have to put forth 5000.00 in down payment plus placing down collateral using another big rig that is paid for. The loan itself looks pretty good as I am to pay 1038 a month for 42 months. According to the contract, I won't have to pay any interest if I can pay it off sooner. The interest rate is at 15%.
The loan company is gonna require me to have a GPS tracking device which I am not toooo happy about but I don't mind so much. The loan company also requires that they have me sign a Power of Attorney and I understand this is probably protocol in this kind of loan, but I don't understand what the terms of this PoT implies.
Has anybody had any experience with purchase of commercial equipment. Any help would be appreciated.
Thank you
In Love and LIGHT.
The loan company is gonna require me to have a GPS tracking device which I am not toooo happy about but I don't mind so much. The loan company also requires that they have me sign a Power of Attorney and I understand this is probably protocol in this kind of loan, but I don't understand what the terms of this PoT implies.
Has anybody had any experience with purchase of commercial equipment. Any help would be appreciated.
Thank you
In Love and LIGHT.
all insanity:
a derivitive of nature.
nature is god
god is love
love is light
a derivitive of nature.
nature is god
god is love
love is light
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