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Buying first truck

Discussion in 'Ask An Owner Operator' started by cgc4200, Jun 8, 2010.

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  1. Jun 8, 2010 #1
    cgc4200

    cgc4200 Bobtail Member

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    I keep seeing O/O's in this forum mention that it is easy to find a used truck for less than $1,000/mo. I am finding this difficult. Have already crossed Navistar, MHC, and Selec Trucks off my list. Where do you go to buy your first truck? Oklahoma City Freightliner ATC seems to have the most straightforward deals on a decent truck but your still gonna pay $1,000 a month unless you find a dumb local banker and stay upside down. Any help?
     
    cgc4200, Jun 8, 2010
    cgc4200, Jun 8, 2010
    #1
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  3. Jun 8, 2010 #2
    milskired

    milskired Road Train Member

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    Is 1,000 a month that bad? I mean think about it, say its 1200 a month payment thats 300 bucks a week??? That is not all that bad buddy. Think about all these lease operators that are paying 500 a week and some that pay over 700 a week and are still profitting. If your paying about 300 a week you can proffit pretty good at the right company or under your own authority.

    That payment is paid for in about 500 miles after cost of fuel and mait. and everything else at what say a low pay of about 1.50 a mile??? 750 bucks take out 300 thats 450 for fuel, mait. account, insurance, paying yourself, fueltaxes. That would be 1 days work running easy.

    I dont know all that much about this but thats just what would make sense to me.
     
    milskired, Jun 8, 2010
    milskired, Jun 8, 2010
    #2
  4. Jun 9, 2010 #3
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    Arrow truck sales is always advertising used Volvos for under a grand a month. The problem is getting finacing for a truck that is worn out.
     
    Allow Me., Jun 9, 2010
    Allow Me., Jun 9, 2010
    #3
  5. Jun 9, 2010 #4
    milskired

    milskired Road Train Member

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    milskired, Jun 9, 2010
    milskired, Jun 9, 2010
    #4
  7. Jun 9, 2010 #5
    toofast82

    toofast82 Light Load Member

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    Do you plan on getting some type of warranty on the truck?
     
    toofast82, Jun 9, 2010
    toofast82, Jun 9, 2010
    #5
  8. Jun 9, 2010 #6
    broncrider

    broncrider Road Train Member

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    under a grand a month aint hard to find, all you need to do is lower your sights from an 06 and newer, to an older truck

    then spend about 100 hours researching, and writing a business plan to present to your local bank (you know the one that holds on to your money) and the SBA

    rates are starting to increase, and theres frieght on the dock in the midwest and east....west is a bit different
    timing might be good, but who knows what will happen in the next 6 months

    stop shopping the big lots, and searching the big banks.......find an O/O looking to upgrade (might be hard with the new emisson crap) and talk to your local banks
     
    broncrider, Jun 9, 2010
    broncrider, Jun 9, 2010
    #6
  9. Jun 9, 2010 #7
    lovesthedrive

    lovesthedrive R.I.P.

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    I have posted this before elsewhere. The FHA has a once in a life time company loan. 1% interest, alas you must come up with paper work of guaranteeing loan. Yet you can get up to 72 months on payback. So a 60 grand truck would give you about a grand a month with interest. Your dealer could care less where the money came from, they just want payment for the truck to leave the premises.
     
    lovesthedrive, Jun 9, 2010
    lovesthedrive, Jun 9, 2010
    #7
    toofast82 Thanks this.
  10. Jun 9, 2010 #8
    cgc4200

    cgc4200 Bobtail Member

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    Thanks for all the input. No I don't think $1K/mo is too much. Nearly every legitimate equity building scenario I have come up with is around that amount. I'm not going into this with nothing down I want to do this right.

    Yes, plan on having a warranty at that amount. Yes, I am working on a business plan to present to credit unions and banks to try and obtain cheaper interest rates. Didn't know about the FHA thing so thanks for that will definitely look into that.

    I appreciate everyone's input.
     
    cgc4200, Jun 9, 2010
    cgc4200, Jun 9, 2010
    #8
  11. Jun 9, 2010 #9
    outerspacehillbilly

    outerspacehillbilly "Instigator of the Legend"

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    A $30k truck for 3 years at 10% interest is less than $1000 a month. You can find a lot of nice trucks with lots of miles left on them right now for $30k and under.
     
    outerspacehillbilly, Jun 9, 2010
    outerspacehillbilly, Jun 9, 2010
    #9
  12. Jun 9, 2010 #10
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    OK, you're in Midland, Tx. so get on over to Dallas/OKC/Houston areas. A big used truck market there. Investigate on the web first. You will pay 10% interest on any used equipment. Lenders are squeamish on lending with equipment over 550,000 miles. They will demand repayment with-in 30-42 months. Even less. PLUS, they want a sizable downpayment. What you DON'T want is to buy something that gives you grief about the 4th day after you drive it off the lot. And be very careful of warranties. They promise you the moon, but try collecting if anything happens. The excuses are endless.
     
    Allow Me., Jun 9, 2010
    Allow Me., Jun 9, 2010
    #10
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