Mission- $5000 truck

Just call companies up and tell them what you need done. It' probably gonna be pretty costly. Have you looked at Truck Paper? I've seen some decent reefers in that price range you'll probably find some great dry vans there. Then you may find some that are closer.

This I'm not sure of.

You don't have to. I guess you could but remember in order to get your authority you have to have the 1 million dollar liability of the public in place. You'll be paying on that every month once you file regardless of you having the truck. We are in this situation right now. Lenders haven't even asked us, I don't think they care. I'll tell you our experience. I have a credit score of 780, virtually no debt, not one negative thing on my credit report, I have had auto loan in my name but not a mortgage. I'm a first time buyer and it's been very hard to get financing. The 'Bad Credit, No Credit, No Problem' places said no. All on account of us getting our own authority. They are too scared to finance a truck that doesn't have a home and a proven plan to earn. They want you leasing on to a company or you'll need contracts in place as to who you'll be hauling for with your own authority in order for them to consider. I went through one place that deals with several lenders, they all said No without even running my credit. They said they won't touch a 1st time buyer right now, it's just too risky. We did get a yes from a large chain dealership but that's been it so far.
I'm in the works of trying a few things out now, finding loopholes so to speak. If you want to know how it turns out let me know.... I'm not gonna keep rambling along on your thread. I wish you luck.

 

Why would you buy a trailer if you don't have truck? Trailers are a dime a dozen, just wait till you've got a truck and you're ready to roll. That's that much less you can put towards buying a truck, plus you've wasted the money paying someone to deliver it for you. I suppose if you find one for a song, maybe find another owner operator you could lease it to until you get up and running.

 

Why would you even be worried about a trailer right now? I know you talking about a good deal but dry vans are literally "a dime a dozen". You can and have been able to find deals like that on them for several years probably longer. If it were me I wouldn't worry about a trailer till you get a truck. Lets say you buy a trailer now but it takes you 1-2 yrs to get a truck. What do you think will happen to that trailer in that 1-2 yrs? It will begin rusting from setting, you'll have to worry about brakes, air lines, tires, etc....... that have sat for all that time and will most likely cause you way to many headaches. What happens if you never end up getting a truck? Well then you'll be lucky to get 1/2 your money back out of the trailer. I would get my plan together, then get my truck, and then get a trailer if need be or you might decide to lease on to a carrier to start with instead of getting your own authority and then not need your own trailer for sometime. I think Tankergirl gave you some very good advice. I'm no expert by any means it's JMO from experience.

 

Getting into trucking now !! Not sure how you can walk, cause ya got big ones.................. Best Of Luck...

 

It's been mind boggling for us too, and quite a learning experience. My mother always taught me to be honest and I have been. But honesty won't get you financed right now.

I'm not sure how some make it on $0.90 a mile either. Except to run your rump off. The finance companies want contracts if you're running your own authority. They want a letter of intent from a company if you are leasing on. It's just a letter of intent, not a binding contract. Say you got a letter of intent from Gordon today and in 3 wks you go pick up the truck and say, maybe Gordon changed their rates and /or hiring requirements. Well you're not going to go to work them now.... hint hint. Get your letter of intent to get financing and then get the truck. Then it's yours do what you want and they shouldn't care provided you carry their minimum requirements on insurance and pay the note every month.
It is confusing as hell and right now they want you to jump through hoops to finance you. I do think buying the trailer out right is a good plan. I would wait til you have the truck though. You may end up buying a truck in OK, then look for a good cheap dry van near OK.

You have to figure loan rates for first time buyers is running 13-30%. That's scary in itself. At least you will own the trailer out right. That is actually the route we are looking at going with a reefer.