Best Dump Truck Loans Of 2023

When you borrow a dump truck loan, you’ll receive a lump sum upfront, which you can use to purchase the vehicle. After receiving your loan, you’ll start paying it back in monthly installments.

Along with paying back the principal amount you borrowed, you’ll also have to pay interest and any associated fees. The higher your interest rate, the more interest charges you’ll pay over the life of your loan.

The Forbes Advisor business loan calculator can help you estimate your monthly payments and long-term costs on a dump truck loan before you borrow. Some lenders might also require you to make a down payment upfront.

The rates and terms you receive on a dump truck loan will vary by lender and depend on a variety of factors, including your credit, business finances and the truck itself. Since the dump truck secures your loan, it may come with longer terms, higher amounts and lower interest rates than you’d see on an unsecured loan.

Dump truck loans typically offer up to $500,000, which should cover the purchase price of your truck. You may have a choice of repayment terms, which could range between two and six years.

A shorter term will get you out of debt faster and save you money on interest, but it will also come with higher monthly payments. A longer term, on the other hand, can make your monthly payments more affordable but will lead to higher interest charges over time.

Tips for Passing the Series 6 Exam

The Series 6 is a securities license entitling the holder to register as a company's representative and sell certain types of mutual funds, variable annuities, and insurance. Holders of the Series 6 license are not authorized to sell corporate or municipal securities, direct participation programs, and options. With Series 6, an individual can purchase or sell certain types of mutual funds, variable life insurance, municipal fund securities, variable annuities, and unit investment trusts.

As you begin your study and preparation for the Series 6, be aware of two things:

The Series 6 exam is administered by the Financial Industry Regulatory Authority, better known as FINRA (Formerly NASD's).

The official name of the Series 6 is the Investment Company/Variable Contracts Products Limited Representative Qualification Exam, and it is used to qualify financial professionals seeking registration to transact in certain types of investment trusts, mutual funds, variable annuities, and insurance. Holders of the Series 6 license are not authorized to sell corporate or municipal securities, direct participation programs, and options (for this you would need the Series 7).

Simply put, a person who wishes to become a registered representative (RR) and sell mutual funds, unit investment trusts (UITs), variable annuities, or variable life insurance must pass the Series 6 exam. A Series 6 RR cannot sell closed-end funds except at their IPO (a prospectus offering).

The Series 6 exam is now heavily oriented toward professional interactions with customers and divided into four main syllabu sections. The exam must be completed within 90 minutes and contains 50 questions (there are also 5 experimental questions that will appear on the exam, which are ungraded, for a total of 55 questions. Test takers will not know which ones these are). The passing score is 70%.

There are no prerequisites for the exam, but the Securities Industry Essentials (SIE) exam is a co-requisite for Series 6.

Scratch paper, pencils, and calculators are made available to candidates at the testing center.

The Series 6 exam has 50 multiple-choice questions broken up into the four major syllabu areas, each concerned about the main functions of an RR:

Because there are 50 questions (plus 5 additional experimental questions) on the exam and just an hour-and-a-half to complete them all, candidates have just over one minute and a half to complete each question. Therefore, candidates should carefully budget their time.

Series 6 candidates will normally encounter several questions on the exam that are long and wordy. These are situation-type questions and can take quite a bit of time to work through and answer. Although it is easy to get wrapped up in these questions, you should remember that the simple questions count just as much as those that are long and complex.

A good strategy, therefore, might be to flag a question—the computer program at your testing center will allow you to do this—that will take more time. That way, you can go back and work on answering it after you've finished the test. Choose the questions that you flag carefully: you won't want to do it for 30 questions in a row!

Those who have recently taken the exam report that the structure of the questions is a "bell curve." That is, the first question and the last question on the exam are quite simple. The level of difficulty increases until one is past the midway point, then drops off steadily until the end. Be aware that this is likely to be your experience and don't let the increasingly complex questions frustrate you. Press on. Easier questions will be on the way.

The majority of those who take the Series 6 report that they had time remaining after answering all the questions. If this also happens to you, finish the exam, wait for the congratulatory message, smile and go on about your life! Don't go back and change answers! Statistically, when you change answers, you're wrong most of the time. If you must guess, your first guess is usually the best.

To help increase your speed in answering questions, do many practice questions. As you do the questions, keep track of your progress by noting your weakest Topics If you are not performing well—especially in those areas that have a significant number of questions—you'll need to review the subject matter more closely.

When you go to the testing center, be sure to arrive early. After you've signed in and put your personal effects in a locker, you'll be given scratch paper, pencils and a calculator to use during the exam.

You will normally only need to use the calculator two or three times during the whole session. The current test is much less a mathematical exercise than it was several years ago. You must, however, be aware of the basic formulas for mutual funds. The database has a number of questions that require a candidate to recognize the formulas, although you won't have to use them to do computations.

The scratch paper is another matter. Before you start the exam, make all the notes you need on the scratch paper. One of the most useful tools is the teeter-totter illustrating the yields on discount and premium bonds. You may be able to use these to simplify answering several questions. Anything else that you want to use as you take the exam should be on your scratch paper before you start the exam.

Licensees must fulfill continuing education (CE) requirements and receive sponsorship from a FINRA registered company to keep their Series 6 licenses.

FINRA’s continuing education program includes two elements: a regulatory element and a firm element. On the regulatory side, FINRA requires licensees to complete a computer-based training session within 120 days of the second anniversary of registration. FINRA also requires a computer-based training session every three years after that. The firm element requires broker-dealers to establish and maintain a continuing education program.

If you follow the advice we've outlined here, you will be well on your way to passing your upcoming exam. To ensure you are at your best, go to bed early the night before the exam and do not try cram in study time immediately before your test. Relax as much as possible and go into the exam confident that you'll pass the first time. Remember: 70% is a passing score—an A. 71% is an A+!

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