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 #4 - Miss hidden, expensive terms & conditions
Would you agree to a contract where you had to pay every penny of interest - even if you pay it off early?
Or, pay a fee to get your balance?
Well, it happens every day. I've seen fire departments agree to deplorable terms and conditions. Conditions that impacted the financial status of the department and cost them thousands of unnecessary dollars.
Summary
Read your contract carefully and understand every single part of it before you sign. Or enlist the help to make sure you aren't agreeing to unfavorable terms.
Stay safe!
John R. Hill
Apparatus Budgeting Consultant
ENVIZION Financial
www.envizionfire.com
Wednesday, December 9, 2009
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