Common Fire Truck Financing Mistakes

Avoid paying too much

The lowest interest rate is always the best deal, right?

Focusing only on interest rate fails to measure a fire department’s Total Borrowing Cost.Total Borrowing Cost is considered the most accurate and comprehensive way to measure and analyze fire truck financing offers.

Measuring Total Borrowing Cost usually save most departments over $10,000… and the savings are getting higher as fire truck prices increase.

Most fire departments don’t know all the Total Borrowing Cost factors.

They maybe guess 1 of them… or at, most 2.

So, they pay too much to borrow money. And don’t even know it.

The FireLending Process helps departments analyze all Total Borrowing Cost factors.

The department can make informed financial decisions that usually save over $10,000 in wasted interest.

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Avoid legal problems and costs

How much time do you expect to spend on financing your fire truck?

Are you expecting to spend hours because someone dumped a bunch of documents in your lap? Or do you expect to have the specialized help to get the financing contract signed legally and properly?

The Sign Step of the FireLending Process is designed just to save fire fighters hours of time and hassle.

You have more important things to do. You can’t afford to spend your time figuring out legal documents and coordinating all the legal IRS requirements.

You shouldn’t fill out complex and confusing applications. You shouldn’t receive a bunch of documents to figure out on your own. You shouldn’t chase down all the legally required documents and signatures.

It’s all done for you AT NO EXTRA COST TO YOU. It’s included. NO surprise fees or charges showing up later.

Other banks make you complete all the legal filings and notices and expect you to pay for them, too!

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Avoid the wrong payment plan

Do you want more stress and hassle every year when the payment comes due?

It’s a mistake fire departments make every day … and haunts them for years.

They choose a wrong payment plan.

Then, they struggle with their payment each year and pay too much money.

The problem is that no one takes the time to help departments know how to avoid this mistake.

Until now…

You get useful information based your situation to avoid this mistake. It’ll mean peace of mind in the future… and lower Total Borrowing Cost.

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Avoid Hidden Terms and conditions

Have you ever heard of a lien release fee? Or a balance inquiry fee? Or a lost deal fee? Or would you commit to a financing contract that made you pay every penny of interest even if you wanted to pay it off early?

The fact is that departments commit to fees and terms like this every day without knowing it. It’s buried in the fine print. Banks know that they can win your business with a low rate but improve their profitability by nickel and diming you later on with a fee for everything. The banks even have a name for it, they call it “Yield Enhancement”. They know you have no choice except to pay whatever they want to charge you.

Our philosophy at First Bankers is simple and easy. We don’t charge any fees. You pay the payment we provide and nothing else.

Sometimes we may have a slightly higher interest rate, sometimes we won’t. But you will always know what you will spend with us. NO hidden fees that you will be forced to pay later.
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Avoid Borrowing yourself into a financial trap

How would you feel if the financial decision you made today prevented your department from buying a fire truck in the years ahead?

Or had to pay $10,000′s to get out of the last loan to get the new one?

What would your legacy be in your department?

It’s a common problem. Departments get caught up in the rates and payments of today’s purchase. And don’t get the help to see how it affects the next fire truck purchase.

The good news is this problem can be avoided:

From someone who only finances fire trucks; someone with the experience to see today and the future.

Someone who will offer you ideas to get the fire truck you need today AND make sure you can still get the fire truck you’ll need later.

In the Size-Up Step of the FireLending Process, we ask the questions that will help avoid this future problem.

In the Idea Step of the FireLending Process we offer some ideas that will help you get your fire truck today and prepare you for the next fire truck you’ll buy.

Financing a fire truck is more than just getting a loan; it should be part of an overall financial plan to keep your fire department safe and modern.
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