Nobody plans on making a mistake. But mistakes happen when you are inexperienced in doing something. It happens every day – fire departments make these 5 Common Fire Truck Financing Mistakes – and pay the price. Most don’t even know that they are making a mistake - until it’s too late.
Mistake #1 – Miss Key Financing Factors
Can you name all 7 Key Financing Factors that determine your payment (and how much you’ll pay to finance your new truck)? Most departments can’t. They can name at most 1 or 2 factors. So, they miss the other factors and end up paying more interest than they should. For more information on all 7 factors, please request the Truck Financing Facts: 7 Key Financing Factors.
Mistake #2 – Agree to wrong payment plan
Most departments are forced to kind of trust their gut to choose the right plan. They don’t have the experience to ask all the right questions they should ask. And most banks lack the daily fire truck financing experience to customize a plan to the situation. So, the department pays higher payments and perhaps gets into trouble by having a payment due at the wrong time in their budget cycle… or worse, pay for a truck that is useless.
Mistake #3 - Spend too much time
Most banks will make you complete all the work to meet stringent IRS rules. So you, in your spare time, are forced to publish legal notices and chase down required signatures. This can take hours.
But most departments don’t know that some companies will actually do all this work for them. Imagine, having the professional do this work.
Mistake #4 – Miss hidden, expensive terms & conditions
Many contracts include hidden fees and conditions that magically appear later… and the department is forced to pay them. Would you willingly agree to a contract that requires you to pay every cent of interest –even if you pay it off early??? It happens every day.
Mistake #5 – Dig themselves into a financial trap
Most departments get wrapped up in the current purchase details and fail to plan for the next truck purchase. So, they discover big problems during the next truck purchase. Financing a fire truck is more than just getting a loan; it is part of an overall financial plan to keep your fire department safe and modern.
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