Getting a truck with bad credit

My advise is not to ask for advise from this forum becau
se most people think if you don't have 10k in the bank to start with your going to fail which is not true there is a lot of discouragement on this forum. Just jump in with both feet if that's what you want to do

 

$40K for ONE apportioned plate? Or for 10? That seems way out of line, for an "average" 100K Miles a year for a single truck.

Usually (at least for Florida) there is a yearly fee (plus those pesky service charges that add up to a couple of hundred) that averages around $1,400, with those funds being "apportioned" to the states you've run in (by mileage) with a first-time registrant using "estimated" numbers, based on the states you want on your cab card (in my case, I used all 48 - but not Canada)...

Rick

 

I should have clarified..they were plates for multiple trucks in many states. It is a different scenario, but all-in-all, initially things get expensive very fast! Things have a way of piling up.

 

I don't think that anyone has stated that if you don't have $10,000 in the bank that you will fail if you want to become an owner operator. What most have suggested is that you will greatly insure your success if you have money in the bank before buying a truck. Everyone who has owned trucks for any length of time can attest that it can cost a lot of money if you have a major breakdown. Unless you have a line of credit or the means to secure funds to have your truck repaired, then you are out of business and anything that you have invested is gone down the toilet. There have been some who have started on a shoestring and made it work. You can start with little cash and be successful, providing nothing major happens to your equipment before you can save enough for any major repairs. In business we prepare for the worst that can happen. We don't plan for everything to go right, because it won't. If you don't prepare for the worst to happen then you won't be ready if things go bad.

It isn't that people are trying to be mean spirited or want to keep you from getting a truck. I detest seeing anyone fail. When you start out without cash, poor credit or little experience you are heading for a cliff with no brakes. Unless you turn the steering wheel in a different direction you are going to drive off the cliff. Better preparation would have had you check the brakes before driving so that when you headed for the cliff you could stop before getting to the edge.

I have made a lot of mistakes over the years. If you manage to get a truck you will make mistakes, too. You can listen to those of us who have gone before you and learn from our mistakes or ignore any suggestions and you will make some of the same mistakes as well as some of your own. You can ignore any advice given. It is free so you can do with it what you wish. Just because you may not agree with the advice doesn't mean that the advice is not sound. Apparently, you have never owned a truck so you may not be in a good position to even evaluate what is sound or what is poor advice.

Success doesn't come over night with anyone. Those who do achieve success in life prepare. They know that in order to become successful there are steps that they need to take to achieve their long term objective. In this business you get a CDL, drive a company truck and learn the business while you save your money so that you can buy a truck and become a successful owner operator. For some that is the success that they desire. Others may go on to purchase more trucks and build a fleet. One thing that all successful people have is that they plan for their success.

 

Your stories just don't add up.

 

I started out with $6500 in the bank, bought a truck for $4k, have done repairs totaling $2300 just for parts (doing all the work myself). Now the paid for truck is sitting in storage waiting for the bank account to build up again. I know if I had another $4k I could be rolling right now on my way to a successful business but the banks just aren't loaning to people who are smart with money. There's no profit in it. LOL The job I'm at now is going down hill fast, income is dropping by the month. I don't know how long it's going to take me to save up that $4k but I'm working on it.

Posted just to show another avenue to travel.

 

It is good to see someone using cash. You will be way ahead of many others who start out with a mountain of debt.

 

The only option for you is lease purchase, try atlanta, cure leasing, no one will lease to an individual, you will need to work for a company to pay the truck off. By the time the lease is paid your credit will improve.

 

Times have changed for sure but nobody ever succeeded without at least trying.

 

There are some buy here pay here lots that sell trucks to those with bad credit. They will usually require a decent down payment. I have seen some that require $10,000 down. If you look around you could probably find a decent truck for that amount of money and not have payments. Unless you do a lease purchase from a carrier you will usually need to have a good downpayment. Most lenders will require 20-30% down to purchase.