Advice on Purchasing a Truck as a Non Operator

Don't do it.

Your cousin doesn't have bad credit because he makes good decisions.

Also ask yourself this: if your pal with the trucking business has so much work, why hasn't he jumped on the opportunity to co-sign your cousin and hook him into a lease-purchase or the like?

Probably because he knows better than to do something like that.

 

Listen to @RedForeman don't do it.

You'll regret it, family fight, hurt feelings, money lost.

Fold your money in half, thereby doubling it, put it in your pocket, and walk away.

 

your cousin needs to suck it up and deal with the bad interest rate. What happens if he decides he doesn’t want to drive anymore?

your friend gets to sell you loads and make money on you without taking any risks.

If you cant identify the easy mark at the table then leave asap.

 

Partnerships never go well weather it’s best friends or brothers.

He can get a truck through loan mountain. They have some decent deals. If he can’t afford one of their trucks on their deals they have then maybe it’s better that he stays as a driver snd fixes his credit.

 

If he is asking you for a co sign he probably doesn’t have 50-100k in the bank for expenses after the purchase. That buffer is necessary these days to run a O/O business. In my opinion if he doesn’t have that he is no where near in a position to thrive. Plenty of trucking companies out there you can work for 2-3 years and have such a buffer. Too easy, if you put work 1st and always 1st over pleasures.

 

Don’t do it. It’s a bad deal.

Your cousin is suspect. And if it’s such a good idea, your FRIEND, who too is suspect IMO, would help cuz get a truck. In fact, he would do a lease purchase agreement, right @Dave_in_AZ ? It seems as if you are the only one taking the risk. 3 involved, but only 1 takes the risk? No way.

EDIT: realized I repeated Mr Foreman. Apologies.

 

Is your friend still going to be your friend when things are approached in a business type relationship???

Ask yourself what will happen should your new partner mess up one or two of your friends loads?

 

It’s always wise to enter into a partnership with someone who can’t handle money and has bad credit.

 

I agree with all of the other answers.

 

You should totally do it! You only live once. The market is HOT right now. You guys will regret it forever if you miss this opportunity to jump in and take the industry by the horns.