How to get a truck with no money down and bad credit

Discussion in 'Trucker Taxes and Truck Financing' started by Truckers_Cow_Girl, Oct 14, 2009.

  1. S C Rydah

    S C Rydah Light Load Member

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    Oct 28, 2009
    Jersey
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    Cowgirl, I'm in the same predicament. I can't get a company job right now cuz of a careless driving ticket. I don't wanna work for a company again bcuz of all the BS they put u thru. And I wanna make MORE money with my time. My advice, DON'T GET A TRUCK IF YOU CAN'T COME UP WITH THE DOWN PAYMENT - AT LEAST - ON YOUR OWN. I'm looking at trucks and getting ready to go O/O ONLY bcuz I'm coming into enough money at tax time.

    I'm looking at trucks right now. And if you're gonna get a truck, look at the ENTIRE Truck Paper, and any truck ads you can find. Look at EVERY TRUCK, ALL THE SPECS, ALL THE PRICES. Compare and contrast and find the best deals. THAT'S HOW YOU KNOW IF YOU'RE GETTING A GOOD DEAL OR NOT when you're ready to buy a truck. Talk to O/O's - online AND in person - and truck dealers and see what they tell you about different trucks and their pros n cons.

    THEN you'll KNOW what to look for. And if you're gonna go for funding, go to a SBA or SCORE office (look them up in your area), get THEIR advice too. THEN SET UP A BUSINESS PLAN. If you need funding, and you're REALLY READY TO GO O/O, that's the ONLY WAY they'll take you seriously. The average starter truck will be about $20,000-$30,000, 00' to 06', 400-600k miles (or more, depending on how much you'll run it and where), and about $5000-$6000 down. That's what i'm being told. ANYTHING LESS IS FINANCIAL SUICIDE.

    We're all here to help you with ANY advice or answers you need. So just ask away. Don't think we're being dream killers.
     
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  3. mrE

    mrE Light Load Member

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    Oct 15, 2009
    somewhere down south
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    hate to say it but with no money down no money to start out or start up money, you are doomed from the start not to mention trying to run a 11 year old truck and not knowing nothing about it.GOOD LUCK!!! :biggrin_25521:
     
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  4. RickG

    RickG Road Train Member

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    Jul 22, 2008
    Owensboro , KY
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    11 year old truck ? Did they find another truck , a 1999 instead of a 1987 ? The mileage given may be since the "new rebuild " on the engine .
     
  5. Mr. PlumCrazy

    Mr. PlumCrazy Road Train Member

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    Jul 30, 2009
    Lexington NC
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    You both are broke trying to come up with $1200 down for a truck forget about it you gonna need a lot more than $1200 more like around $16,000 and with that truck maybe a little more Insurance(about $8000) highway tax($550) tags (around $2000) operating authority ($300) Fuel for one month ($3500) food for one month ($500) money set aside for breakdown, towing, truck rental, weight scales, its not cheap and being broke you may want to consider being a company driver saving up money and building up your credit
     
    Dominick253 and DEEMO Thank this.
  6. truckinganarchy

    truckinganarchy Bobtail Member

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    Dec 12, 2009
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    If I am not mistaken isnt "inframe rebuild" a glorified name for "we did a head gasket" or "yup, we just replaced the head"?
     
    Bogey Thanks this.
  7. Skunk_Truck_2590

    Skunk_Truck_2590 Road Train Member

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    Feb 16, 2007
    Stonewall, LA.
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    In this case I would say pay off your debt's and then try other wise you will just get yourself further in if you don't know what your doing. It's not as easy as it seem's. There's a lot of number crunching going on. One thing to tell if you have what it takes to be an O/O is to stick $100 in your wallet and never touch it for a whole year. No matter when you hit a time that you zero in your pocket and you don't have anythign to eat or your a couple dollars short to pay a toll, don't touch it. If you do then you don't have what it takes to be an O/O. Try it and you'll see the meaning behind it. I won't explain why.
     
  8. kjkbnapier

    kjkbnapier Light Load Member

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    Jan 3, 2010
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    First truck I bought was a 1992 freigtliner with a flate top had a nice clean detrioit engine. Run east coast to west coast with it only had 450,000 miles and i run the DARN thing into the ground and made good money. Started out the gate with 500.00 in my pocket, but I had gone thur the entire package deal with he company I was leased too . they paid the permits tags ifta and plates up front and I was to pay them back within three months. I was also on their fuel plan as well and it all worked out great and made good money. Was on a dedicated run and got 600 miles a day six days a week. After I paid them off and had a nice cash supply in the bank I moved on to the company that I wanted too do in the first place. I cant and wont tell anyone it was easy I didnt pay myself for months on end to make all the payments and pay the company back and save save save. I was taking a chance that was stupid to be honest i was going for broke. But the hard work paid off great. Anything that went wrong with the truck i had my tools with me at all times I wrenched that truck every minute of the day keeping it running in top notch condition. The bunk was my tool shed. Grease gun was out at least once a week !!! With all this I was able to keep the chrome looking real nice as well. I sold that truck and made more on it then I paid for it. Dream busters are a reality but if you want to make it in these condistions you must be able to work hard to make it happen casue it will not happen on its own just becasue the truck is sitting in your drive way.

    Keep them wheels rolling and the doors closed. I once thought about welding the driver door closed on my truck just to keep me behind the wheel.
     
  9. Bogey

    Bogey Light Load Member

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    Jan 12, 2010
    columbus,OH & elkhart,IN
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    good post napier, and Rydah, I'm in the same boat as you cow girl. I'm getting my CDL-A after learning that I love the road after hauling FEMA campers to the gulf and then campers nationwide. I also don't have much cash but I'm fortunate enought to have parents that want me to provide for my children so They'll put the $5000 cash up front for deposit on a Penske Rental tandem sleeper. The rent is $575/week plus 9 cents per mile, so about $1000/week plus fuel. I figure since it's a newer truck that I don't have to worry AT ALL about breakdowns, tires, etc. I'll probably get better fuel mileage anyway so it may work out for the better. I'm admitting I don't have it all figured out, but I sure don't want to put the same $5000 down on a truck that might need an inframe rebuild or worse in less than a month. That would be devistating for me, so I might make less in the long run, but I won't look like a stooge with constant breakdowns and days or weeks at the shop in a far-away town. Hopefully this route will allow me to save, albeit slower, but nonetheless I'll make money constantly instead of just when my clunker isn't broke, like your intended route MIGHT take you on. There's probably better routes for me than a Penske Rental and I beg someone to give us details that would put us in a truck for the same or cheaper with "NO WORRIES". If we can just stay on the road for weeks or months with no breakdowns and 2000 or more miles/week we'll probably be able to save up for an '04-'07 truck that has a warranty. I want to be able to gradually pay off the deposit to my parents so when I have a truck in my sights that requires the $5000 deposit thats sitting when I return the truck rental for good. Buying vs. renting isn't always a better option especially if you don't have $3K-$8K for a backup plan even if its just a pre-set-up loan to keep you moving. Hope this helps and I hope the experienced truckers know of a better option available to us.
     
  10. Wiseguywireless

    Wiseguywireless Road Train Member

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    Dec 21, 2007
    Petoskey, MI
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    I am just curious how things went for Cow Girl, Did they get the truck? ETC.
     
    Dominick253 Thanks this.
  11. Bogey

    Bogey Light Load Member

    129
    34
    Jan 12, 2010
    columbus,OH & elkhart,IN
    0
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