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Buying a Truck, Please Advise

Discussion in 'Ask An Owner Operator' started by BFL123, Sep 17, 2012.

  1. Sep 17, 2012 #1
    BFL123

    BFL123 Light Load Member

    222
    83
    May 27, 2012
    gaffney, sc
    0
    Hi, I'm very curious here, and not sure about the whole process. If I find a company that I would like to be an owner operator with, can you guys tell me the steps needed to buy a truck. In other words, where is a good place to buy a used truck and what is the process? I'm confused, a company wont hire me unless I have a truck but I cant buy one if I dont have a job to lease it with. Thanks Guys
     
    BFL123, Sep 17, 2012
    BFL123, Sep 17, 2012
    #1
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  3. Sep 17, 2012 #2
    pilottravel2002

    pilottravel2002 Medium Load Member

    688
    156
    May 25, 2011
    Tucson,az
    0
    You just need money,i guess you already have experience driving,nothing else.
     
    pilottravel2002, Sep 17, 2012
    pilottravel2002, Sep 17, 2012
    #2
  4. Sep 17, 2012 #3
    vikingswen

    vikingswen Road Train Member

    1,436
    1,990
    Jun 14, 2012
    In the Stratosphere
    0
    Are you trying to buy a truck or lease a truck? Those are two different things. Any used or new truck dealer will sell you a truck if you have the cash or the credit to buy it. If you wanted to lease a truck that can be done through a lot of the carriers that have their own lease programs. Just make sure you have a good understanding and business plan of whatever you decide to do. Buying or leasing a truck is the easy part. having a sucessful business is a whole different story.
     
    vikingswen, Sep 17, 2012
    vikingswen, Sep 17, 2012
    #3
  5. Sep 19, 2012 #4
    G/MAN

    G/MAN Road Train Member

    7,031
    8,624
    Sep 3, 2010
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    You purchase a truck about the same way you buy a car. You do need to check a truck over more carefully. Unless you plan on paying cash you will need from 10-30% down with most lenders. If you go with many of the usual lenders they will require a good credit rating, experience in the industry and may require a lease from a carrier. Some will accept a letter of intent from a carrier where they agree to lease you on providing you purchase an acceptable truck. It would be better if you had your own financing. Once you buy the truck you will need to pay the 2290 and get a receipt to show the carrier.
     
    G/MAN, Sep 19, 2012
    G/MAN, Sep 19, 2012
    #4
  7. Sep 19, 2012 #5
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

    10,743
    12,469
    May 28, 2009
    Rancho Mirage, Ca.
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    A lot of dealers won't finance you if you don't have years of trucking experience. You can get a letter from a potential truck co.saying they will lease you on if you get a truck.
     
    Allow Me., Sep 19, 2012
    Allow Me., Sep 19, 2012
    #5
  8. Sep 19, 2012 #6
    ReeferOhio

    ReeferOhio Medium Load Member

    596
    557
    Nov 29, 2010
    Ohio
    0
    You will not get approved for a truck loan with out experience, credit, or money down. If they do approve you with out having those items, then I would walk away it's probably a buy here pay here rental rip off program.
     
    ReeferOhio, Sep 19, 2012
    ReeferOhio, Sep 19, 2012
    #6
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