Thread: mini ex or ctl
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  #25  
Old 02-12-2013, 03:32 AM
buzzyng buzzyng is offline
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Join Date: Jul 2006
Location: OR
Posts: 79
Wish you the best in your pursuit. I started out wanting to buy new and finance but stayed on CL/MT/etc until I found a great deal. I got tired of renting even though I was making money on it, I really wanted to have my own equipment. THree years ago ended up with a 257b2 with 80 hours for 30k. Financed it by using my truck as collateral and paid 2.9%. Even with the ~$2k in interest, it was thousands cheaper than a new one at 0%

I also picked up a Cat 305 with less than 500hrs for $40k, 4 buckets, thumb, cab. Used my truck again as collateral.

THe advice on here is priceless and I also wouldn't buy new, still a lot of good deals if you are willing to search. Two of the credit unions we use offer a low interest loan if it is secured by a savings account. So you could have $40k in savings to get $40k to buy equipment. The work gets you money to make the payments but your capital is safe and not tapped out.

Good luck
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