Fire truck and apparatus financing, leasing, and loans are complex financial transactions. Small mistakes add up to large costs for your fire department. The mistakes can prevent your next fire truck purchase, create legal issues with the IRS, and will increase your department’s Total Borrowing Cost.
Mistake #1 – Pay too much
The average fire department pays over $10,000 in wasted interest when getting a fire apparatus loan. We know because we show them where. Learn how to avoid this problem
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Mistake #2 – Get into legal trouble
Did you know you are responsible to the IRS for all filings about your tax-exempt loan even if someone else prepared them? The rules are specific with high penalties if done incorrectly.
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Mistake #3 – Mistime their payment
This little error costs $6,000 for the typical fire truck… and no one usually catches it. Don’t make the smallest mistake with the biggest bang.
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Mistake #4 – Miss or ignore hidden fees and terms
It’s easy to see the interest rate but miss the costs of hidden fees and terms. These hidden costs can easily add 1/2% or even 1% to your true borrowing cost.
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Mistake #5 – Borrow yourself into a financial trap
Are you doing something today that will hurt your department’s chances to buy their next truck?
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