# Efa



## limbwalker54 (Feb 9, 2012)

So,

I am trying to purchase two nice pieces of equipment, one bucket truck (a Ford F800 with forestry body and Altec LRIII just inspected and dielectric tested), and one mini skid.

A previous ding on my credit, and no revolving accounts open, has put me at my wits end with banks. No one wants to lend 23g's to me that is a bank right now, or at least my local ones....

I had an Equipment Finance Agreement with another vehicle years ago that left a bad taste in my mouth, but I am considering doing it again with another company that is much more reputable. However, I don't want to pay "stupid money" to get what I need.

Does anyone know any banks that would lend or lenders who would lend based on assets or cash flow instead of solely personal credit? Its not like I am looking for a huge amount, its 23,000 bucks. The last company came back with a payment that once figured out came out to something like 39.9 percent interest.......

Ridiculous......

An EFA is a lease/purchase that has no buyout at the end, you are on the title the whole time but if you want to get out of it, you have to pay whats left on the lease minus a percentage discount for paying it off early......so it can be good, and it can be bad......

I tried separating the assets at first, however the payment for just the little mini loader was 298 a month for five years (total cost 18,000 grand for a 8000 dollar machine....no way!) then they came back with 380 a month for 3 years (total cost 13,000 ish and that was a little better....) but now they are working on a combined EFA for both pieces of equipment because they said it would work out better because their lenders dont like to lend on anything less than 10g's without excessive factoring.....

I need to do something soon, as the bucket will level me out with the competitions bids in the area (when we can get it to the work, which now seems to be about 75% of all the jobs we do) and the mini will just save so much backbreaking dragging and ballcarting in tight spots, and it will be combined with a log arch I have to pull larger stuff to the log truck if I can't get it in close.

All in all, I just want to make the right decision to move forward, even if I have to pay a little more interest....I just don't want to pay STUPID interest.......


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