Like I have posted in the past regarding finances - (((If you need 100% financing - then maybe you need to evaluate your situation)))

just because a dealer or bank is willing to loan you 100% - does not make it a good idea.

Assuming you have a solid trucking background - and have a support network of expeinced o/o's (with their own authority as oposed to training wheel lease ons) - then you should also have enough money put back for operations and failures.

I kept 25,000$ in escrow for each power unit. That covered long haul tow if a guy quit on me and money to cover a frame in (12K$) tranny (7K$) or anything else that may come up.

One should also have bonding cash available and hard assets to cover delay and loss if a recvr' sticks it in you and twist...

Number one reason for failure is lack of operational cash when the bad times strike you.

Numer two reason for failure is ignorance.

Number three? probably poor biz skills and poor organizational skills...






If you are incorpotating (smart idea not only for tax purposes but liability incase you cream someone - *** if you need more info on that - email me*** hahahhaha) anyway - if you are incorporating and have a biz plan you should be able to get a solid 60% of your financing from a REAL bank - assuming you have some history with them as a consumer.

be aware that a lot of financing at buy /here pay / here type dealers never makes it onto your credit report as viable positive or negative history (until you miss a payment!) - be alert and shop around...

It is not hard to get a truck - but it is easy to get a bad deal if your ignorance guides you throught the process...

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TEAMSTERS LOCAL 100

Heck Elliot if you are in Steamboat you just need to run over to Phippsburg. You could buy half the town for $30,000 and be mayor. Good luck to you. I'm sure you will do well.$$$$$ Watch out for those coal trains.

I love these kinds of stories where a guy is told that he can't do something or has all of the odds against him; it brings me great pleasure to know that he told the world where to stick it and then did his own thing and found success.


I thought about doing this. But I drove a cabover for about five or six months, and I don't really care to drive one OTR. I'm willing to make the sacrifice, if you want to call it that, of spending more on a conventional.


Herein lies some of my problem. I don't have much history as a purchaser in general. I own a 200K mile car, a big chainsaw, a comfortable saddle, and the clothes on my back. That's it, and that's how I like it. My assets are few, and I've been in and out of college for awhile which uses up most of my savings each time that I go back. The one thing that I have going for me is zero debt. I pay cash for college expenses and everything else. Lenders don't like guys like me.

I wonder if being mayor of Phippsburg would get me freebies at the new feed store! My physical address is actually in Oak Creek, which is the next town up from Phippsburg; I wonder if they'd throw in Toponas and Yampa as part of the deal! I'd own a quarter of Hwy 131!!

my wife learned the hard way that paying cash (even though it is sound living) - can hurt you if you are not established

no credit history is worse than bad credit history...

do you own any property to borrow against? the interest on a home eq. loan is tax deductable at least...

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TEAMSTERS LOCAL 100

I want to wrap up this thread as it looks like everything is going to work out just fine for me. Thanks to everyone who commented about this; I especially want to thank Nightwind - without her invaluable wisdom and encouragement none of this would be possible. See ya' down the road!

100% financing??? yup its posible, without to much of a headache no less....all you need is a good business plan and the sba will back the majority of the loan
and the intrest rate on mine is 10.25% over 3 years

this is how, and the only way i could, have gotten started

and by the way...my banker checks my account every monday, and now wants to loan me even more money for a new truck....lol

i must be doin something right

Great Post MC!

To: Elliot
I hope you get started, and are successful. My goal is to be brutally honest and tell the FACTS. To teach others by my mistakes and help them make good sound business decisions, not discourage them. IF I was intent on discouraging everyone I'd never post one word and sit here and watch them fail. If you want sugar coated facts then you are in the wrong forum and getting in the wrong business. Trucking isn't for people that can't handle the cold hard facts of life. It's for people that have the guts to do what ever it takes to accomplish the goals they have set for themselves.


To: MedicineMan;248182
Well I beg to differ with you. What I have I got by planing, setting goals, and a lot of hard work, living in a company truck, eating sandwiches that I made and NEVER eating in the truck-stops and saving every dime, forgoing home time to make that extra load. I got started by buying a house rebuilding it and selling it for a profit and bying a used truck and trailer, yes it was financed. I had the money to take care of ALL my expenses for 3 months saved. I did the RIGHT things by keeping the debt down. Anytime you have to make a payment it doesn't help in an industry that has such a slim profit margin and high expenses. I had a sixth grade education and only got my GED in 2003 and started collage this year so I can better myself.

I've been so broke I couldn't pay attention so DON'T assume you know ANYTHING about me, you don't. You know I am sure what ASSUME means.

I didn't get 100% on my first truck, but I didn't have much experiance either. Also i didn't ask for 100%, so who knows... maybe I would have gotten it. I kind of just threw myself into the fire on it. But it all worked out and thank goodness I didn't have any major problems out of the truck or I would have been belly up quick. Good luck on your adventure.

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20% down at my bank







I've offered more than once to buy the truck back.

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