Saving money on fire truck financing begins with high quality information
We learn about your department (and you learn about us) during the Size-Up Step.
This conversation is not like the “what’s your rate?, what’s my options?” kind of conversation you expect (and receive) from most banks.
This conversation lays the foundation for some very large savings. These are just a few of our customer’s stories.
Learn how fire departments saved $10,000′s below:
How timing and using money wisely saved $16,446
Background: An Ohio fire department wanted a 5 year term for their fire truck. They thought they would pay annual payments and had $80,000 for a down payment.
How they saved: They learned that they received their money twice a year. They also learned that they had money in FY2011 they could use before their mortgage payments started.
Results: The fire department learned that moving their payments and using the current year budget more effectively, they could shorten their term and pay off 1 year faster… with the same payment.
Savings: The Department saved $16,446. Read their IDEA Report here.
How using the payment budget saved $36,220
Background: An Illinois fire department wanted a 7 year term for their aerial. They had money for their down payment and thought a 7 year term was best.
How they saved: They learned that they would earn very little on the savings from their replacement fund. They could afford a higher payment easily within their budget.
Results: The fire department determined that their best return on investment was to choose a 5 year term instead of the 7 year term they insisted upon at the beginning.
Savings: The Department saved $36,220. Read their IDEA Report here.
Using resources and money wisely saves $135,890
Background: An Virginia fire department wanted the lowest payment. They had money for their down payment so wanted to stretch out the loan for as long as possible. They also had excess reserves (more than 1 year income rainy day fund) and a County payment due in 2014.
How they saved: They learned that they would earn very little on the savings from their excess savings. They could use the County payment differently and pay off the truck 8 years sooner…all with the same payment.
Results: The fire department learned that just aiming at the lowest payment carries a very high cost. They learned that using the resources they have and will have creatively can lead to big savings.
Savings: The Department saved $135,890. Read their IDEA Report here.
Did you know that the typical First Bankers customer learns how to save $10,000 when financing their fire truck?
That is the kind of useful information that helps fire departments show they are wise with their money.
To learn more about how we help fire departments save $10,000, click here to learn about the FireLending Approach™
To learn even more, call toll-free (877) 323-1776