When you finance a fire truck, it's like an amatuer playing against a professional. Like you playing golf against Tiger Woods. You will lose. Most fire department makes at least one of five common financing mistakes. We'll look at each one in this series of articles.
Mistake #2 - Choosing the wrong payment plan
This website is filled with articles about departments who made or almost made very bad choices in how they finance their fire truck.
In fact, just a few weeks ago, we learned about one department who almost paid twice the amount of interest that they needed to pay.
How this mistake happens
Learn about financing or get the help you need. Don't focus on one aspect and miss whole new ideas that usually will save tens of thousands of dollars.
Financing a fire truck is a complex and unique challenge.
If you aren't aware or ask about all the possibilities, you'll agree to a wrong plan. When this happens, you will overpay interest and may have some trouble making your payments.
Summary
Money is a highly customizable product. There are literally tens of thousands of ways to finance a fire apparatus. Either learn your financial situation and needs completely or employ the help of someone who can help you request the correct financing terms.
Stay safe!
John R. Hill
Apparatus Budgeting Consultant
ENVIZION Financial
www.envizionfire.com
Wednesday, November 25, 2009
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