Buying a truck

The truck paper is as good a place to start as any, available at many of your local truckstops. They have many ads with NO CREDIT CHECK in humongous letters placed strategically in there. Just a warning though: you always trade something for something else. No credit check? You are gonna hafta look at what they are getting out of the bargain. I'd be willing to bet in the long run it's alot more money...but I could be wrong.

 

The only real "no credit check" buying option is to save up your money and pay cash.

 

There are some good l/p deals out there. Dont believe the naysayers as long as you go at it with a business point of view youll be fine. A good one if you have 6months of flatbed exp. is PGT. Contact Rhonda Yost at ryost@pgt.com she can fill you in. Just remember if you have the wrong attitude and dont know how to manage money you will probably fail. Good thing with pgt is they want you to succeed they dont want the truck.

 

that right there is so true

 

If I were going to do this, and I strongly recomend against it, I would look into Lone Mountain Truck Leasing. They seem to be as good as the best and better than most. There are a several TTR members that have used them. You can do a search on the TTR Forum and find a wealth of good information on them and some scary information on many others.

My truck has had $5,000 spent on repairs in the past 4-6 weeks and the other one just had an $11,000 in-frame overhaul. They have both had $6,000 - $8,000 worth of tires in the past year and many more repairs. This kind of expense is more normal than it is extreme.

If you don't have the money and credit to make a down payment and a wad of cash reserve, your chances of success are slim and none. It can be done but for every one that makes it this way at least ten more fail. If I were going to do this I'd buy a half-dozen lottery tickets too and I haven't bought that many in my entire lifetime. What you need to understand is this will be the biggest long shot you have ever played short of a lottery ticket and you are one major repair from failure right from the start.

 

You didn't mention how much money you have saved for a down payment or for operating expenses. Unless you have money to pay down you will likely need to go with one of the carriers that do lease purchases. Some of them are strictly leases. If you have bad credit and no experience as an owner operator then it will be difficult to buy a truck. Those that advertise "no credit check" actually do check credit, but may make you a loan anyway. You can expect to need a good down payment and will pay a very high cost for the truck. Ads that I have see require $5,000-10,000 or more as a down payment. If you are currently driving a truck you should be able to save your money and pay cash in a couple of years. Leasing from a carrier you can pay $600-800/week for lease payments and still be required to contribute to a maintenance account.

 

Welli flew in wed nite i picked up my 2010 Pete 387 yesterday from Lone Mountain in Pacific Junction,Ia and drove it home to Evansville,In with no problems.
First let me tell other driver what to expect ,If you fly in they send a taxi for you on them , I flew in late at night so i booked a room in Council Bluffs ,Ia They sent a taxi for me the next morning ,There is a cheap local motel and a cafe down the road from them about !/4 mile. There terms are there terms and they will not budge . So if you do not have money for motel,food,they will not front you any.
I booked a flight and 1st hotel through priceline $209 flight $ 58 motel and $25 for carry on.
$40 taxi ride was on them 1st day ask which truck i said i need to look them over first so she handed me 4 keys to petes and a prostar so climed in look around each one ,went back in hande her 3 keys back said i might wnat to look at this pete a little longer she handed me 3 more keys to other prostar and volvo and a columbia i looked them over adn gave her keys to the others back and went back to the pete got my flashlight out got my fat ### under the truck and looked at the brakes ,drums ,fuel lines,engins for leaks ,tranny ,driveline climbed out went to the top looked at every hose line radiator,ac/alternator and such .
I then got the vin numbers off the truck and went inside to run the vin on rigdig [ they allow you to use there desktop computers] i found it had been in a accident so i called prime the last owner the accident was on 12/22/11 in wyoming so i called prime safety dept explained the deal and he wanted the prime truck number said i do not have that so he looked up the date said we had two accident that date in wy ,i said mm 122.5 he said tyes i have that i said it says 2 trucks involved one was towed he said ours was not towed ,the other truck rearended the trailer, thank you ,
it was about #pm by now so i said i need a dyno done they said great i sadi after i get this done and am good i will pay the down payment so they put 30 gal of fuel in the truck and thats is all they are gonna put into the truck no more ever .so i drove to Select trucks in Council Bluffs Ia to have it dyno and dot insp done they said the dot insp was free this month and the dyno would be $213 with tax i said ok and if they give me a ride to the motel 6 across $48 . So next day have them pick me up the dyno was 87% 396 horse to the ground on a isx 455 cummins, after looking up the meaning of the numbers on the dyno is 80% is considered 100% ok .
Drove it back to LM and proceeded to give them my down payment $5800 called there insurance agent for a quote and it was 1/2 of what my agent back hoem quoted me with one payment Truenorth $265 filled out all the paper work .
The apu would not crank so i told them i will not sign until it worked no problem the fix it and it runs great. So Friday about noon i was ready to go had not gotten my 2290 yet forgot so greatwide was getting close to weekendd so i decided to drive it home ,they give you a intransit paper ,so i drove it 680 mile homes with no problems

 

Here is what I am considering. A home equity line of credit. I will be an S-Corp and have a really good tax person. According to her, with an S-Corp they can only take anything associated with the corporation. In other words they wouldn't be able to take my house, only the truck.