Introducing FinanceGuy

FinanceGuy · Apr 8, 2011

Good Morning, my name is Steve Kochensparger and I am the new moderator for the new Finance Forum. I currently manage Expediter Equipment Finance located in Columbus, Ohio.

I have several years of truck and trailer finance experiance and for the past seven years I have specialized in providing financing for owner-operators.

I 2004 I started the Truck & Trailer Financing Program for the OOIDA. At that time OOIDA had 119,000 members. They have now grown to over 160,000 members.

While the recession and the banking crisis have certainly brought some big changes to the truck finance marketplace there are still some good financing options for owner-operator looking to finance expediter equipment.

I would like to hear from you about your recent finance experiences when you purchased your last truck. How did the process go for you? Were you able to find the financing that you needed to purchase the truck that you wanted to buy?

I am looking forward to seeing your truck finance experences and answering any questions that you may have about financing equipment in general.

I am currently planning to answer questions or continue discussions twice a day, early in the morning and again in the late afternoon because I do have a day job - financing trucks.

Have a great day!

FinanceGuy

greg334 · Apr 8, 2011

Steve,
Welcome.

I wonder if you would like to fill us in on your qualifications and experience in more detail.

AND how do you see the forum as?

Meaning if you expect to see things beyond trucking financing like how to handle everyday expenses or how to deal with business planning?

purgoose10 · Apr 8, 2011

Other than questions from people who have never financed anything at all, what can people discuss on a public forum about personnel and business situations?? Just curious.

Lawrence · Apr 10, 2011

purgoose10 said:
Other than questions from people who have never financed anything at all, what can people discuss on a public forum about personnel and business situations?? Just curious.

There's lots to discuss. The financing environment has changed dramatically over the last 3 years. If you are looking to finance anything over a cargo van - it's a whole new world. My advice for personal information? I would use private messaging to communicate those questions.

FinanceGuy · Apr 12, 2011

Greg,

I have been involved in the world of finance for over 30 years. I have been a investment banker and Certified Financial Planner. For the past 10 years I have been National Sales Manager for an equipment financing company. The last seven years has been primarily devoted to financing trucks and trailers for owner-operators.

I feel it is important to discuss all aspects of the financial side of being an owner-operator so I would be glad to answer any questions about those topics as well. An owner-operator is not just a driver that owns his truck, he or she is a business owner and needs to use all the business tools that are available to him or her.

Purgoose 10,

I very much agree with Larry's post that there is a lot to discuss about how the truck finance business has changed over the past few years.

In fact, experienced owner-operators may need these discussions more than first-time buyers. First-time buyers don't know what to expect while experienced owner-operators may get surprised when they apply to financing and get offered terms not as favorable as the last time, or worse, not get an offer at all.

FinanceGuy

TeamCaffee · Apr 12, 2011

Hi Steve welcome to the forums. We were lucky enough to speak with you at the workshop in Knoxville. I believe you gave the most informative workshop I have ever had the pleasure of listening to. I hope you are planning on holding a workshop at the Expo in Wilmington as well.

vandriver2 · Apr 12, 2011

Good afternoon Finance Guy and all others,
I am looking to purchase a Sprinter Cargo Van and visited my local bank recently to check out their business/commercial loans.
i was told i could finance at 5 1/2 % with 25% down on the Van. This i assume for April 2011 is a common rate, yes.

purgoose10 · Apr 12, 2011

FinanceGuy said:
Greg,

Purgoose 10,

I very much agree with Larry's post that there is a lot to discuss about how the truck finance business has changed over the past few years.

In fact, experienced owner-operators may need these discussions more than first-time buyers. First-time buyers don't know what to expect while experienced owner-operators may get surprised when they apply to financing and get offered terms not as favorable as the last time, or worse, not get an offer at all.

I say Uncle,
Yes you are right and I guess I wasn't thinking. For so long I have just called my banker and had a check waiting. But now competition for money vs. equipment is all together different. And yes when you get over the $40k deals it makes a difference.

Yesteryear · Apr 24, 2011

vandriver2 said:
Good afternoon Finance Guy and all others,
I am looking to purchase a Sprinter Cargo Van and visited my local bank recently to check out their business/commercial loans.
i was told i could finance at 5 1/2 % with 25% down on the Van. This i assume for April 2011 is a common rate, yes.

This is a question I am curious about also. Previously we checked into buying a straight truck. We were asked if we could put 5000.00 to which we anwsered yes. We were then asked if we owned our home. We do own our home in Kansas outright with no mortgage. (We own our home in Kansas and rent a house in Georgia so that we are in the freight lane) We assume from this question they would want us to put our house up for collateral which we will not do, so we just let it go and did not follow through. I recently spoke with Maniac and his wife, who just purchased a straight truck, they said the truck it's self was the collateral, so then why would they want to know if we own our home or not? I would rather have to put a larger down payment then put my house up for collateral. We are going to buy a truck but have decided to wait until our son is out of college first.

Phoenix4774 · May 30, 2011

So what happened to the finance guy?

I was wondering any opinions on where to buy to get a used van financed?

jjoerger · May 30, 2011

I sent him an email a few weeks ago. Never heard back from him.

FinanceGuy · Jun 1, 2011

Good Morning Jim & Shayne:

I am sorry but I never received an e-mail from you that I can find in either of my e-mail accounts. Please resend your original e-mail and I will be glad to answer any questions you may have about truck financing or any other finance topic.

Thanks for your interest in the Finance Forum.

jjoerger · Jun 1, 2011

Hi Steve,
I resent it.
Thanks

iceroadtrucker · Dec 5, 2011

FinanceGuy said:
Good Morning Jim & Shayne:

I am sorry but I never received an e-mail from you that I can find in either of my e-mail accounts. Please resend your original e-mail and I will be glad to answer any questions you may have about truck financing or any other finance topic.

Thanks for your interest in the Finance Forum.

25% down for a Tractor is awful steep dont you think.

mxzane933 · Jan 25, 2012

I definately would like to attened a class at the expo of you are teaching since im so young "22" I have no clue about this subject at all. Ive been trying to get credit started and most places i talk to say im to immature in credit terms to be eligible for a loan or to finance and my credit score as of now is good.?

AMonger · Jan 25, 2012

Mxzane said: I definately would like to attened a class at the expo of you are teaching since im so young "22" I have no clue about this subject at all. Ive been trying to get credit started and most places i talk to say im to immature in credit terms to be eligible for a loan or to finance and my credit score as of now is good.?

******
Zane, first piece of advice would be to apply for finance from somebody not on EO.

It's "definitely," not definately...another one that boils my potatoes.

--

You know the problem with bad cops? They make the other 5% look bad.

mxzane933 · Jan 26, 2012

AMonger said:
Mxzane said: I definately would like to attened a class at the expo of you are teaching since im so young "22" I have no clue about this subject at all. Ive been trying to get credit started and most places i talk to say im to immature in credit terms to be eligible for a loan or to finance and my credit score as of now is good.?

******
Zane, first piece of advice would be to apply for finance from somebody not on EO.

It's "definitely," not definately...another one that boils my potatoes.

--

You know the problem with bad cops? They make the other 5% look bad.

so you have bake brotatoes then?lol

ConfusedMuse · May 1, 2012

January 26th and no reply from the finance guy??? I know it's our repsonsibilities to check people out, but that being said you mean to tell me any old money loan shark, shyster could open a forum here, and lead more blind sided newbies into the smog filled skies of bankruptcy?
There should be some way that people such as Finance Guy would have to 'prove' their intentions beyond some fancy list of numbers whether they be cell phones, or fax numbers. So easy to be led astray at anytime........

mrgoodtude · May 1, 2012

ConfusedMuse said:
January 26th and no reply from the finance guy??? I know it's our repsonsibilities to check people out, but that being said you mean to tell me any old money loan shark, shyster could open a forum here, and lead more blind sided newbies into the smog filled skies of bankruptcy?
There should be some way that people such as Finance Guy would have to 'prove' their intentions beyond some fancy list of numbers whether they be cell phones, or fax numbers. So easy to be led astray at anytime........

Has a point^