Fire truck financing is more complex than car or house financingOver the next few weeks, we'll share what you need to know.
Here's the questions that are always asked:
- What's the interest rate? Many people don't know that rate can be legally calculated several different ways. Also, fees and costs are not included in the rate. This is a good question but misses some key information.
- Can we prepay early? Yes, you can. Sometimes a fee is charged and sometimes not. There is an unspoken strategy behind this question that always fails to accomplish the goal - read more here.
- What is the process? The process for financing a fire truck is largely determined by Federal and State laws. Your banker should be knowledgeable about them and help you comply with them.
- How long does it take? The process usually takes 2-3 weeks, mostly due to complying with the laws.
SummarySad to say, these are the questions that most people ask. Next week, we'll share the SAQ's (Should ask questions). The questions that will really help you and your department.
John R. Hill