Value of Equipment

[niceviews]

I am trying to seek out a loan to buy a bucket truck, and my bank is asking me what the value is of the truck I want to purchase. I told them how much it costs, as well as a range for other trucks in similar condition. I also told them how much they go for new. That doesnt seem to suffice for them. Typically they rely on KBB for personal vehicle values. Is there anything like that for used commercial vehicles that have add-ons, such as a bucket and forestry package?

 

[AmericanArborist]

there is nothing like that that i know of.

my advice: try a smaller bank. I got my first loan for 10 k for a chipper. After establishing payments and a history with the bank, they have given me every loan I've asked for. Get to know a loan officer on a personal level.

 

[Jeff_Cochran]

get it appraised

 

[treecareinc]

This would be an unusual request for a bank versed in commercial lending... I would recommend looking at other lending institutions. You don't have to give up with your bank, but I would explore my options if I was you.