Starting Out

No bank will loan you money to start a new trucking company. If you have equity in your home you could refinance take a loan that way.

 

This has been discussed many times in the forum, do a search.
Work hard as needed(overtime, two jobs, whatever it takes) to save money and have some cash to start. .
Personally, I will never use my home as collateral to finance a truck! No matter the risk, my home comes first. I need a home more than I need a truck...
Best wishes

 

Better off to save up and pay cash to start. Or sell unused boats/cars etc.

You’d be very hard pressed to find a financial institute that would loan money on what they deem a ‘high risk industry’.

I bought the first truck for $12.5 k and personal financed a new $30k flatbed.

 

If you have the credit. It shouldn't be hard to obtain a personal loan without collateral.

Both my credit unions do it. Although one has a $25g max. The other one said no max but they probably didn't know what they're talking about.

 

Almost exactly what I did. $15.5k for truck, $24k for used flatbed.

 

The PPP loans might still be available. The interest on those is ridiculously low.

 

Me too
I paid $14k for the tractor and I used $8k cash I had saved and borrowed $6k on a pickup I owned and had paid cash for.

the local bank wouldn’t loan money on a big truck but they were happy to loan On a 3 yr old 4wd pickup.
I got the pickup a few months earlier for exactly 1/2 what the owner paid for it new.

 

I got loan on a $13k truck and $22k trailer but had cash on hand to cover most of it so the bank felt comfortable. End of the first year I was down to literally $2k cash on hand but every payment was made and im still driving that truck 5 years later.