Getting a truck with bad credit

Probably not...try ya local loan shark...and if you don't have capital to start and keep with repairs and or general maintance your a flat tire away from repo...good luck

 

You are not ready or capable to buy and own a truck. Improve your personal finances first and stay a company driver.

 

Try Lone Mountain and there are plenty of Buy Here Pay Here truck lots, just look in Truckpaper, read every ad, especially the ones near the back for what you are looking for. Buyer Beware!!

 

And just what do you plan on DOING with this truck?

Leasing on (experience required - low rates, maintenance escrows, etc.)?

Own Authority (paying for ALL your up-front expenses - IRP Tag, TL Insurance, etc.) PLUS minimum 3 months operating expenses (this include truck payments, tolls, fuel, IFT/Permits, maintenance account of AT LEAST 8-10K to start). PLUS you need a trailer to drag, add another $10-20K for even a decent used one that's not going to get you OOS every coop you roll through.

Either way - this is not a cheap business to get into (or stay in), especially with bad credit. I've got a "business plan" (you do have a WRITTEN PLAN, like a spreadsheet at least that you can factor all your costs and variables), that calls for a MINIMUM of 100K to get in (and that's leasing on, dragging someone else's box - late model
Volvo 780 - around 75K for truck alone).

HVUT - $500
NonTL Insurance $2,200 (full TL, anywhere from $8-$15K for a new authority)
IRP Tag - $1,300-$1,800

and that's even before you can MOVE the truck (and with bad credit, look to pay the highest possible rates for insurance, and pretty much ALL CASH)

I've been researching this for literally YEARS, and may finally be at the "jumping off point". There's no such thing as "just buying a truck" at a buy-here-pay-here, and becoming an O/O. O/O is more than "just buying a truck and driving".

If you don't have a good business head, you might as well just get the truck, drive it around for an hour and hand the keys back.

I wish you luck either way - and don't mean to come off so negative - but there's a TON of research, planning and angles to consider before going out "truck shopping".

Start READING HERE, taking notes, making a BUSINESS PLAN. Plenty of places will sell you a truck, no questions asked, with a low downpayment/no credit check - because they KNOW they'll have the truck back on their lot to sell to someone else sooner than later.

Rick

 

I would'nt want to finance a trk to someone with bad credit.My 2 questions to myself would be,how do I know if he's going to make the trk payments and how many late payments.

 

There are places you can look into for financing, However with bad credit your probly going to need atleast half down. Plus all the initial stuff like rick says, and then you need atleast 10k set aside for repairs.

Jumping into trucking as an O/O is not somthing you do coming in empty handed. It takes allot of money.

 

A decent Dry Van can be had for around $7k, but as far as the other costs, they are about right

It doesnt take no $100k to "get in"!! He's looking to get financed, not pay cash.


The HVUT will be $550 not $500.

NonTL and Physical Damage Insurance will be anywhere from $0 to $200 (the highest Ive heard, could be more) to start the policy. Of course if leasing on, could just buy the carriers and have no out of pocket expense other then the Temp Insurance to get to orientation.

IRP Tag price is about right, but once again, if leasing on could just use a company plate for no out of pocket expense and use the temp registration that most dealers will give you to get to orientation.

Sure there is!! Maybe not in your "YEARS Of Research" But many people have started, myself included, at a "Bad Credit" Truck Lot!!

So he could put down $3k on a truck, pay the 2290, get temp insurance and be on the way to lease on to a company for about $4k. Is it the best way??

Don't know but to say he will fail because he doesnt have the same "business plan" as you is ludacris!!

 

Deleted - not worth arguing...

 

Sure, your way might be better and safer, because of the extra cash. It's not, however, the only way. To think you're the only person with a decent plan is arrogant as hell.