Commissioners approve 3.789% Camden Bank loan to finance four county vehicles
Summary
Strafford County commissioners approved a 3.789% five‑year auto loan from Camden Bank to finance four budgeted vehicles and authorized staff to complete loan documents before year‑end.
Strafford County commissioners voted to accept a 3.789% five‑year auto loan from Camden Bank to finance four vehicles the county previously budgeted.
The vote came after a presentation from staff comparing two financing scenarios: an M&T Bank lease‑purchase at 4.336% and Camden Bank’s traditional auto loan at 3.789%. Speaker 4 told commissioners the total package for the four vehicles and equipment was $290,018.50 and that Camden’s auto‑loan rate was “a great rate” for this number of vehicles. Finance staff recommended Camden Bank.
Speaker 1 moved to award the financing to Camden Bank at the 3.789% rate; the motion was seconded and recorded as approved unanimously. Staff said Camden is willing to meet on site with county officials this week so the county can execute the paperwork and complete insurance and vendor payment steps before the end of the year.
Why it matters: the vehicles were in the county’s budget and staff said they are near delivery, but executing financing before the bank year‑end was presented as necessary to secure the favorable rate and allow the vendor to be paid and vehicles delivered.
What’s next: staff will schedule the bank to bring loan documents to county offices, finalize insurance and invoicing, and arrange pickup of the vehicles once vendor quality control and minor mounting work finish.
