In need of some solid advice from experienced O/O

Manufacturers can't get the parts they need to make new trucks. Supply chains are crumbling. Computer chips, steel and other key components are getting hard to find. A shortage of new trucks creates a run on the used truck inventory.

 

Dreams more than often are deferred. But they never expire.

I'd need to see the truck to make an honest call.

What you could do is payback the ten large, thus bolstering your credit rating. That's never a bad thing.

I would not even recommend getting a brand new or like new truck. Way too much money.

You work your way towards that.

 

Hold tight until next year and see what the company is planning.
Keep the $10K in the bank for now.

 

1. Truck Manufacturer Raiding Finished Vehicles for Parts
   https://www.businessinsider.com/volkswagen-chip...
   2 days ago · The latest weirdness: a Volkswagen trucking subsidiary is stealing parts from finished but unsold vehicles and sticking them in trucks with waiting customers.
   

 

To original poster.. Listen I mean you greatness in every way. Before you get to moving forward on a truck you should write your self a business plan.
Yes your current company put you put 16-24 months but, take this time and review a few things as well continue to bank cash.
Before you consider what truck, price, age. Look at where do you do most of your running? Are you going to lease on with some one or get your own authority.? What are you going to haul?
What are you going to pay your self.?
Emotionally I know you just took a hit. So back up and regroup..
If it where me, I would give the money back to the bank before the next payment is do. You already know they will lend it to you, so why keep making payments. Instead of making that payment save that money.
Being a owner operator of any type of business is a numbers game. And all number games need to be treated like poker. You came on here and showed you have no back up plan. If that motor would have blown you would be out of business. Regroup -rethink- let every one eles foot the bill Untill your back up plan has a back up plan.
I was a company driver when I first started hanging out here. And now ive up graded from that do to all the wisdom here. You will too if you slow it down and do it right.

 

Should you choose to ignore my above advise. In florida there is a peterbuilt or ken worth. 2011. Asking 11k for it I know you can get it cheaper..its my buddies buddy. Also all over ga Craigslist trucks form 16 to 20k all over the place.
Just don't ask them to take payments. Also if you do this make sure you have trip registration and insurance.

 

I know the feeling people get when they have a dream
But dreams can and do occasionally turn into nightmares

Having a backup plan of a $10,000 loan is not a plan at all

You really should have $20,000 in the bank. Free and clear after any truck purchase and the ability to add to that at a rate of no less than $1000 a month

That’s a truck account not new home or grocery money account
At the end of a year or two Max you should have $35-40,000 for a rainy day

Being a new owner will still make you a new owner
No bank will look at repayment of that $10k loan as business as you still haven’t been there done that

Pay that back
Beans and rice it and work until you have the funds to fail
That way you have less chance of failing