Financing with bad credit

Right, next your gonna tell me that Santa Clause and The Easter Bunny don't exist.....

 

We have no credit rating as I do not borrow money. So let me as an investment principle give you a clue but not the entire picture.

Where I believe, owner operators make their main mistake is they model the purchase of a truck like people do the purchase of their automobiles. They should look to the Railroads for inspiration instead. For example, those of you who pull out of rail yards have seen TTX cars. Those are Trailer carrying Flatcars. The rail cars are all number such as TTX 1234.
The X at the end of the letter portion means that the rail car is not owned by the railroad but by a separate body. You will see all types of rail cars like this. The rail road uses the cars but pays for the usage. People invest in rail cars. It is called Rolling Stock.

Our nations stock companies are divided by type. Low $$$ amounts are not financed in New York on Wall Street. So, if you are serious about getting a trucking company started, you need to figure out the Denver, Co or Vancouver, BC markets.

You should also rent a movie called, Other People's Money. It is a comedy with some business insights.

 

yes becuase this guy tried to sas me but graham had nothing to do with light bulbs.

 

I used Dostal and everything has been ok. I was looking on here for finance options also and just figured I would chime in on an old blog.

 

First see if you can save 30 to 40k n your bank first, best way to find out if you are gong to make it being independent is learn to save, then fix your credit and use that credit to buy a truck, and use that 30-40k saved as a maintenance fund to keep your truck outta the shop

 

5 years later You should have a fleet by now and be the mayor of a small town??

 

Don’t forget Henry Ford

 

Wat no way but I know the Tooth Fairy Is for real, lol

 

So many folks advice is to save thousands of dollars first. Not very realistic.Better IMO to keep your money if you have it. Borrow money for Truck/ business and let the business pay for it and pay you. If a business can’t do those 2 basic things it’s not a business it’s an expensive hobby.

 

Tribalone

I do not know your situation, but if you research on the internet, and call some finance companies explaining your ordeal in the past. You may get lucky and find one that will give you a chance to be an O/O.

I will say this. As some of my compadres have stated in previous posts.
Work with the financing company, as you may have to pick a different truck than you planned on initiallyto get the bad credit financing you desire.
Having the 10%-20% down
Having $10,000 - $20,000 in bank. (this is low end)
Find a good, trustworthy CPA, and tax professional
Find a Good company to lease onto, but only after having a Lawyer look at the lease. Thus, being able to tell you if any questionable stuff is contained within the lease where you could get screwed.
Talk to a Tax professional as to what is deductible for your work (work clothes, gloves, cleaning supplies, equipment, etc;etc). Keep records and all food, fuel, repair, and deductible receipts to turn in to tax person on a quarterly basis.
Make copies of all receipts for your records in case of an audit, and if tax person should lose some of them.

This is my best advice.