[Heavy Duty]

Originally Posted by brycey2004

does anyone on here have any good advice on the best kind of corporation to set up???

None!

[mbozz282]

hey brycey2004 i feel your pain on buying used truck.Ive been shoping for a couple of months and finally found my truck.They are financing me through paccar.They origanally told me 13.75 % interest on loan with triple a credit. I told them no deal and they got it down to 9.25%.Im taking the deal because im putting a large down payment down and my payments are reasonable.They tell me if i pay loan off early there will be a penalty.They sure dont make it easy on you.I pick my truck up friday and will be working on monday.Good luck.

[brycey2004]

Hi
Congratulations, well today i have been speaking to a credit union, they are quoting me 8% on a home equity loan, so im thinking of going that route, ill know more tomorrow, its a battle just gotta keep on trying!!

[heavyhaulerss]

8 % is high. the current rate is 3.25 % 4 should be absolutley tops. I would ask why so high?

as far as the other person paying a penalty if paid off early?? I would not go with any one who will not let me pay off loan before due date. I have bought a lot of property & always paid off early. no penalty. it is just financially responsible if you are willing & able to pay off early. imo.

[heavyhaulerss]

at the rate things are going they should be begging us to buy something. not the other way around. keep that in mind. do not be too anxious when talking to these people. they can sense it. if you act like you really, really need them, they will make you jump thru hoops to get the loan. if you had a low fico score, i would say there is not much you can do. with your score, there is no way I'd kiss a@@ talk to these people like they need your business. not the other way around. dont be or sound arrogant, just be professoinal & business like. I am not trying to sound like a know it all. I have done it. talk to family or close friends that have some experience dealing with loan officials. one time long ago I financed something for 10 % later same type of transaction I financed for 6% just because I asked, then slightley demanded, by saying look at my record of transactions with you. you want more business from me or do you want to take a chance on others with great risk? he knew I was serious about the 6 % and just as serious about making payments. he knew I would never be late or default, no matter what. I got the 6% and then some.. please be patient. take your time, on the loan & the type of truck. best of luck...

[brycey2004]

thanks for the info, i agree with your comments, my fico is, 731,771,781 so not to bad, i have an appointment with the credit union in the morning.

[GMAN]

Originally Posted by brycey2004

does anyone on here have any good advice on the best kind of corporation to set up???

Setting up a corporation is an individual thing but for the smaller company I suggest an S Corporation. You incorporate as you would a regular corporation and file a S election with the IRS. It is just a paper you fill out. A regular corporation is taxed and then any dividends or profits that are paid to shareholders is tax again. With the S election you are taxed like a partnership. Untaxed profits can pass on to the shareholders and then they pay taxes on those dividends. You don't need to pay self employment or social security tax on dividends (YET). Some people incorporate as an LLC. There is little difference between the two types of corporations. To me it is easier to work with the S corporation. I suppose it is what one gets used to. You may want to check with your CPA to see which might work best in your situation.

[heavyhaulerss]

I will say to you, to be specific. the loan I was offered was a heloc. about 1 month ago it was offered to me at 4.00% last week it was offered at 3.25 % this is actual gauranteed rate. if you want to tell your bank/credit union about the interest rate I can get, pm me & i'll give u my num & tell you the financial institution I deal with, & then you can go to your bank & ask why some one you know in AL, can get a loan for 3.25% and you can't ? about all I can do is give you truthfull info. I will be glad to help any way I can.

[Baldy]

Hey Brycey,

I agree with everything that Heavyhaulers has said with respect to the Credit Union. As a point of reference from another source, here are all of the rates from my Credit Union.

Good Luck,
Baldy



Account Dividend Rate APY

Share Account
$ 500.01 - $2000.00 0.75% 0.75%
$2000.00 - $4999.99 0.99% 1.00%
Over $5000.00 1.24% 1.25%

Holiday Club
0.99% 1.00%

Vacation Club
1.24% 1.25%

Share Draft Account
$1,000.00 and up 0.49% .50%

APY = Annual Percentage Yield
Certificate of Deposit
BALANCE $1000 - $9,999.99 $10,000 - $24,999.99 $25,000 AND OVER
RATE APY RATE APY RATE APY
3 MONTH 1.34% 1.35% 1.39% 1.40% 1.44% 1.45%
6 MONTH 2.62% 2.65% 2.66% 2.70% 2.71% 2.75%
12 MONTH 2.71% 2.75% 2.76% 2.80% 2.81% 2.85%
18 MONTH 2.52% 2.55% 2.57% 2.60% 2.62% 2.65%
24 MONTH 2.37% 2.40% 2.42% 2.45% 2.47% 2.50%
36 MONTH 2.47% 2.50% 2.52% 2.55% 2.57% 2.60%
48 MONTH 2.47% 2.50% 2.52% 2.55% 2.57% 2.60%
60 MONTH 2.47% 2.50% 2.52% 2.55% 2.57% 2.60%

APY = Annual Percentage Yield
$1000 minimum balance required. Penalty for early withdrawal.
Rates are subject to change during the month at the discretion of the Board of Directors


HOME EQUITY LOANS
** Up to 100% of Market Value for Qualified Members**
Minimum of $20,000 - Maximum $200,000

Fixed 3 yr 3.74% to 5.74%
Fixed 4 yr 3.99% to 5.99%
Fixed 5 yr 4.99% to 6.99%
Fixed 7 yr 5.49% to 7.49%
Fixed 10 yr 5.74% to 7.74%
Home Equity Line 3.25%
15 yr Adj Loan 5.12%
** Please call our Loan Department for complete details.



Auto Loans
New 100% 90% 80% 70%
Term
24 MO . 4.74% 4.49% 4.24% 3.99%
36 MO 4.99% 4.74% 4.49% 4.24%
48 MO 5.24% 4.99% 4.74% 4.49%
60 MO 5.49% 5.24% 4.99% 4.74%
72 MO 5.74% 5.49% 5.24% 4.99%

Auto Loans
Used Rates from 5.5% - 12% (based on Credit Bureau Risk Score)



Personal Loans/Unsecured Up to $10,000 maximum
Up to 60 MO
Closed End 16.00%
Open End - Credit Line As low as 12.00%



Due to the increasing cost of processing all loans, there will be a $5 fee assessed to member's account if loan is not approved due to derogatory or delinquent credit.



Visa Cards
Gold 10.9% APR $5000 - $15,000 Credit Limit
Classic 12.9% APR $500 - $5000 Credit Limit

[Heavy Duty]

Originally Posted by brycey2004

Hi
Congratulations, well today i have been speaking to a credit union, they are quoting me 8% on a home equity loan, so im thinking of going that route, ill know more tomorrow, its a battle just gotta keep on trying!!

Putting your house up to buy a truck is a bad idea, if the truck doesn't work they take your home, but you can still live in your truck.

Why does a one truck operation, just making wages need to incorporate? Talk to a tax professional, not one that wants to sell you incorporation papers. Save your money for your truck, you'll need it.