I want to buy a used truck want your opinions guys

Is the approved $50k loan using the tractor as collateral?
And are you counting on spending $25k for the tractor and the other $25k for the fix up?

in other words are you borrowing the fix up money too ?

the loan will most likely be based on the initial purchase price of the tractor , they are most likely not going to loan the fix up money too.
Minus 25%


also tell us about your driving experience .

you came to the right place for advice but you might not like the advice you get .

I’d suggest working as a company driver for at least a year, and saving as much money as you can , while learning as much as you can about the business .

 

How long has your friend had his authority ?
Has he been through tough times and survived or is he new and this year is the first rough economy he has seen?
With only 4 months experience in trucking , you are going to have to lean on him a lot
The last few years has been amazing in trucking and everyone was a winner
But this industry is cyclical and you need to be able to make it during the hard times
If you wait 6 months those trucks might be a lot cheaper as more companies go out of business
You really have picked a bad time to buy a truck but who knows?

 

You really need to take a mechanic with you to inspect the truck the best he can. Sometimes you can get a nice piece of equipment at an auction, however you are taking a chance as it could need major mechanical repairs.

 

I honestly don’t know. The Cat is more expensive to work on, but probably debatably a better engine. I’ve ran mostly Detroit and really like them mechanically. Fuel mileage not so much.

 

Kinda vague. No mention of how many hours are on the oil.