So you want to "own " your own company

How what? Not sure who hires out in the CA area but I can say this, stay with what your doing for that first year and then that will help a lot getting into somewhere else with the ability to get home on the weekends.

 

Check with McElroy or Maverick.

 

Correct me if Im wrong but isnt Watkins-Shepard the bottom of the barrel? How can anybody smart enough to support Ron Paul end up at Watkins-Shepard?

 

Why is it so hard to get financing. I've been driving truck since 18 years old im now 30, I dont like this industry as a company driver only because I work so many hours for very little money, and get treated like crap for doing it. If I become an owner operator I dont really expect anything to change other then it'll be my truck, and there wont be some stupid company owner who has never been behind the wheel of a truck trying to tell me how to drive it, and asking what time will his truck be back in the yard so some other victim can get in it while im off.

My question is im trying to get financing on a truck 2006-2007 40-45k. Im having alot of problems because banks are saying they dont fund startups due the the high failure rate. If your credit is decent, you have 10k down- payment available, 20k in the bank, and no debt what so ever, the only liabilities are truck payment and insurance for said truck whats the problem.

I wouldnt care if i ran all over the place paid my payments and the maintenance costs and only ended up making 300-500 bucks a week, ( I do that as a company driver now 80-100 hours a week!) if your truck is covered under warranty for major problems and you have capital in the bank why would they worry about failure??????????

 

Once bitten twice shy.
Maybe you wouldn't care if you made 3-500 bucks a week, but the bank would. That's why these places like Lone Mountain and such are so popular.

 

Definitely a starter company, but I'm doing a lot better with them than I would with any of the scam companies out there. Avg about $615 wk., 90 days I get a .03 cpm raise (45 days left), not getting rich, but learning a whole heck of a lot..

Bottom of the barrel, I would say based on my experience thus far, no, but that could change at any time. Almost all my interaction have been pleasant, had a few ups and downs, but overall it's been fun. Check out my thread, "Watkins Shepard After Orientation", I'm pretty straight forward with my ups and downs...

Not sure what you added by popping and criticizing my choices, but hey, to each his own, I guess some get off with not contributing to the conversation, but rather critiquing what is being said...

Regards.

 

We are actually planning on a move to Arizona at the beginning of next year, so anyone in the Phoenix area would work great.

Thanks.

 

If you have $30,000 saved up why don't you take $20,000 and buy a good used truck and use the rest as a reserve or maintenance account? You will save thousands in finance costs. Once your truck starts making money you should start to add to your maintenance or emergency account and you could then use that money to trade up in a couple of years.

Lenders don't like risk. Owner operators are a high risk group, especially those with no experience as an owner operator. Your credit is only one factor most lenders look at when making a decision as to whether to finance a truck for you. They look at length of time in the business and if you will be leasing your truck to a carrier who pulls the same type of freight that you have been accustomed to hauling. If you are in a specialized area of the industry then you may find it even more difficult to get a truck financed. Many banks don't lend money to purchase class 8 equipment. If you want to finance your purchase, then your best bet would be to go to your current bank. Some will loan on class 8 trucks for good customers. They may consider it a commercial loan instead of an equipment loan. I know it is semantics, but that is how some do it. Some credit unions also loan money on class 8 equipment. There are a number of lenders who will do a lease or purchase for inexperienced owner operators, but you may pay a premium interest rate.

Personally, I would pay cash, given your current financial situation. If the economy takes another dive, then you can more easily ride it out when you don't have big payments. It is a great feeling to know that your truck is paid for and that the repo man won't come and take it because you cannot afford to make the payments. It doesn't cost much to let a truck sit when it is paid off.

 

The issue i have with buying a truck in the 20k range is there all rust buckets with 2million miles and im worried about the up keep of something like that.

I would hate to pay that money then the motor blows then im up sh#t creek without a paddle.

With 2290, insurance down payment, and living expenses i'd only have 7-8k left over all kinds of stuff could go wrong. what if my truck goes down and needs towing there goes 1000-1500 bucs plus any shop cost plus parts just seems risky.

 

I dont know all the trucks 20k and under in my region just seem to be not worth much more then a paper weight, also alot of companies wont lease you on with an older truck.

I wouldnt mind buying an older truck but with the cali laws and the age as far as leasing to a company seems to be my bigest problem.