Used trucks and trailers purchase, where are good places to look.

If you loan money to a new trucker to buy a truck and trailer , you’ll regret it.

 

About once a week someone comes here, and asks a similar question.

DON'T DO IT!!!

If he wants a truck and trailer, tell him to buy his own.

Why are you buying him a truck?

This is a terrible idea, save your cash, instead of wasting it.

 

Go look at my post here New owner torn on a new truck. that should give you a pretty good idea. Keep in mind i have been driving a truck for nearly a decade now. I come from an entire family of truckers and owner ops and i generally speaking know what the hell i was doing going in.

A brand new driver is a bad BAD investment because of how easy this job can go south on you

 

Let's do some simple math. The truck has to produce a "consistent" amount of income to pay its operating expenses and maintenance #1. Then it has to produce enough income to pay driver of said truck your cousin($1300-1500). I'm considering the market is paying at least $.60/mile they could find an excellent company job doing at 2500 miles a week.

Did I mention it comes with benefits. There is also peace of mind certain companies have an excellent support network should anything happen they come to your rescue. Where you have make sure you're covered for "what if" when it happens.

Now onto being able to produce enough to pay back that loan to you if you are the "loaner". This is just some vague math where these things have to be considered before opening the wallet to your investment but I'm sure all this has been considered with a real mathematical model. I want to say it starts with a dream turns into plan then it is executed.

End the year on a good note & start the new one out blowing the horn loud. If there is no note & horn. Well that's more dreaming & planning. Happy End & New Year

 

Right on, I'd think their 1st stop should be a psychiatrist, and go from there,,,

 

If he had good credit an an adequate down payment , he would be able to obtain financing from a business that , is in the business of loaning money to finance trucks and trailers .

If the people who loan money for a living , don’t want to loan money to someone , then they have a valid reason to not loan them money.

a truck is a rapidly depreciating asset, has a very high risk of being damaged or destroyed in an accident, and is constantly moving and impossible to locate to repossess .

If all that wasn’t enough , you mentioned that this is a family member.
That alone is enough reason to not do this .
Imagine how awkward thanksgiving dinner is gonna be when he makes excuses instead of making payments.
Are you willing to repossess the truck ?
From a family member ?

 

He is a new trucker, has none of his money at risk, and is "family".
Being new, he will not "prosper right off". (Unable to make operating money, let alone pay you)
Not having any skin at risk, he will happily stretch yours. (The old: There is always more where that came from.)
Being family, the obligation to work hard and repay is much weaker. (You will understand and wait system).
Just say no... Quote him these reasons if you want. Have the "falling out" now, with you still having your money.
Incidentally, If you are to be considered a "co maker" on a deal with him, just think. If the finance arm will not risk him, with all their expertise and abilities to collect.. Are you more capable of putting the screws to ole cuz when needed?