Seeking Guidance As A New O/O With A Lease . .

You should be more concerned about fixing your credit issues. Start with paying off your old debt and teach yourself to do a better job at maintaining your debt to income ratio. The last thing you need at this point is more debt IMO.

Edit: just seen this was already an answer from someone else. My bad.

 

So basically a business or truck cannot run while carrying $8k-$14k in debt ? I know at least 10 guys on the road that have $5-$20k in credit cards maxed out for repairs and truck payments yet some how keep on rolling down the road, isn't everyone' s dream to be 100% debt free and not run in the red ? i don't know any startup that can run in the black from day 1

 

Most people live their lives in debt till they're dead, that's the american dream. Lets consider something though, if someone's credit score is around 500 the only credit card they will most likely get will be high interest. Now take that credit card and max it out at 20k with an interest rate of 19-20%, twll me what will you get? A bigger shovel to dig a bigger hole with. If you are an owner operator with maxed out credit cards on a normal basis, then how are you being successful? I am not an O/O but to me that seems like common sense...

 

Funny thing is, you'll never get to have a darn thing unless you are lend money..
But then again, you can always hit the lotto

 

Let me comment from a long, long lifetime of experience. For one thing, not all debt is created equal. High interest consumer debt is making rich people richer. Equity debt is about using debt to earn income. Mortgages are (used to be) a sure thing for long term income, using mortgage debt. Note: enough cash to avoid Mortgage Interest is a big component. A truck is a tool with which we make money, earned income, by transporting goods of various kinds. So some equity debt for an income producing tool is not bad on the face of it. It can be bad if the debtor doesn't mind the details closely.

Last thing on debt: Having no consumer debt is a good way to live, leaving more discretionary income than other ways to live. When buying any commodity or equity, there is nothing on earth that will overcome the consequences of a bad purchase. That's why we all say be careful.

 

First of all, english is not my first language so ill keep it short. If ou have any questions feel free to ask.

First truck I bought was about 8 years ago. Used truck, 1998 t200 with 200k kilometers. Found myself a contract with a bakery doing road train in Canada. As time went by, I goy offered more and more runs with the same company.

Always bought used until this month. Bought 19 used truck in the last 8 years. I have been carefull on what I bought and good luck so far, exept for the last 3 trucks... I have had 3 of the engine blow à piston or went dry, no oil going to the top engine. One 2008 cummins, and two 2008 detroits.

First t200 is still running strong, just put a new from the crate engine at 2 700 000 km!!!

Older engines seems to hold a lot better then 2007 2009 engines.

I just sold 2 of my 2008 cummins and 2008 detroit and went straight up with 5 new 2015 freightcrapers. Last one os getting delivered this morning.

First one I bought was a month ago. Tryed it ony longest run, 1598 km, on that run alone I save up to 150 litres of fuel.