In this video I discuss how to use an SBA loan to buy or refinance a truck and what you will need for a lenders to make an SBA loans for a trucking business. If you watch any of my other videos on how to start a business or buy business with an SBA loan you know that these funds can be used for start-up costs and purchase of equipment.
I’ve gotten several questions on my other videos when I talk about my trucking business as to how I bought my truck, what was the process, and how complicated is it. I wanted to do a breakout video that is strictly on purchasing a semi truck with an SBA loan. and when I say purchase I also mean a possible refinance.
Learn how to write a business plan here:
Business Plan Course: mystery-of-money.teachable.com
3:37 you will need a business plan!
6:34 When to apply to the lender
6:48 working capital breakdown
9:33 Down payment needs
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*This video is for educational purposes only, always consult your attorney or accountant for specific advice when borrowing money or signing any contracts. This channel represents only my opinions and not any of my past, present, or future employers. By watching this video you agree to hold harmless myself and any person or persons mentioned in this video. I truly appreciate you taking the time to watch and I wish you the best in your future endeavors.