Getting a truck with bad credit

If this is true, than I will not be signing any contract with them... I have worse than bad credit, specially since loosing house. I have worked since the day I could walk, only went 20mo's without a job, and that was when I was in college, got a job one week after graduating college. Having a family of 5 kids and a wife that don't feel the same way about credit as I DID, doesn't help things, not to mention deploying to Iraq when I was 36, first time away from wife that long ever. Anyway,, would like to know if this is a normal thing? Doesn't make a whole lot of sence to me: your truck, your trailer, their cargo ins... what are they worried about? Same everywhere, people think because you have a bad credit score your a thief, liar or deadbeat. I am none of those, not saying I never was but haven't been for years and never will be again, don't give a rats patute what my credit score says.

 

This thread has got me fired up again and refocused. I have planned from the beginning to do it with cash and I plan on sticking with my plan. My friend has been doing it for two years, not rich by no means and for sure did it the wrong way but, he is making it. Makes me want to jump in sometimes but after all the research I have done, I just cant do it any other way than the way I have planned. Yes, I am in kind of a hurry. I squondered the first half of my life and frankly, I just am not sure how long I will be around, no one does. I don't want to work at no McD's or be a Wal-Mart greeter when I get too old to do anything else because I have no income stream to live on. I sure wish I had the "care" I have now, 25years ago.... I feel terriable for those that worked their whole life and now, depend on their SS to live on. I cant do that! I just cant depend on anyone, never could and never will. Everyday I am reminded why I want my own truck. Working for a company, depending on them for everything and dealing with people that just dont care about your income one way or the other. Again, reading this thread, has got me refocused, thanks everyone,,,, You see, even if the OP started this thread and never came back, there is some good to all the info and posts made, regardless. I for one, respect many on this forum and have a lot of knowledge regarding the business of trucking thanks to you all.. Imagine if this kind of information was around 30 years ago... I wish my dad was around, he would still be driving truck and I think he would be giving some great input to the new generation of drivers. Not sure how he would feel about me driving though, wasn't doing it before he passed on, never had no intention and he knew that. Darn it!

 

Buy one cash...

 

Good man.......

 

Some people think that if they buy a new truck with a warranty that they won't have any maintenance expenses out of pocket or any expenses that are not covered with the warranty.

 

Well, here it is Sept, I first posted this in May... The truck still needs about $1800 worth of work on it (Batteries, King pins, A/C, Tranny work) and I'm breaking down just sitting there (wheel seals, engine gaskets). I'm figuring $3k to get it legal and on the road (plates, 2290, insurance, first tank of fuel) So, $4800 to go. I'm really getting squeezed at the company gig I have since the pay that the runs have is still dropping. I've only got a 690 credit score and if the pay keeps dropping that'll start dropping too. I've gotten rid of some perks at home like cable and such, but the other utilities are increasing by 50%. My electric jumped $100 a month (thanks EPA) My water jumped $50 a month.

Now as I sit here going through all the threads trying to figure out what the heck to do I'm contemplating selling this truck at a loss and going to another company... The company I'm at is starting to put cameras inside the truck. That is a deal breaker for me. I'm just not going to put up with it even if it means I lose everything and become a moocher.

I'm looking at 3 choices here. Sell the truck and go OTR with another company putting up with all of their BS controlling issues, put my pickup back in hock for the $5k I need to get going or saying the hell with it all and get some of that obama money and become part of the 47%...

I've tried getting a title loan on the semi, no go. I've tried twice for a small business loan, no go. My Credit Union doesn't loan for start up capital (that is who will refinance my pickup with out any problems)

If anyone has a line on someone that will do an equipment loan or startup cash I'd appreciate it. Yes, I'm down in the dumps.. I don't like being here believe me.

 

I don't know of anyone who does start up financing, but there are some around who might refinance your truck to get the cash you need. I remember some years ago seeing ads from a couple of companies that did financing for engines or other major repairs. Interest rates are usually pretty high on these types of loans. You might find them listed in The Truck Paper. We are heading into the slower time of year. Rates tend to be pushed lower during this time. It is just one of those business cycles we see every year. If you can manage the repairs on the truck to get it legal and where it will pass a DOT inspection, you could lease the truck on with a carrier. You will still need to pay the 2290, but they will usually pay for the liability and cargo insurance. Most carriers who deal with owner operators will advance the money for base plates and deduct the cost from your settlements. You would then only need bobtail (or unladen liability) and an occupational accident policy. Some carriers also offer those type of policies and deduct the cost from your settlements. If I were to go this route, I would want to make sure that the truck was road ready. You would not want to get started and have a major breakdown before you can put some funds back. Most carriers will offer fuel advances once you are loaded. I don't usually recommend that anyone start out without money, but this is certainly an option. Another would be to stay where you are a little longer or find another company driving position and save everything you can until you can get your truck ready. You need to have some patience.

 

A 100k? How do you guys come up with this crap? Do you have a truck?

 

That was pretty much what I was going to type.

Simply buying and having a truck does not automatically put you in business,.. nor does it provide the means which to sustain such a business.

I started with $30k cash and still borrowed money from my mother inlaw to have a cushion after I paid cash for my first truck.

The way I went about it was that when I lost my job in construction I knew I didnt want to work for anyone else any more. I knew before I got back into truck that I my goal was to be an O/O. I started putting money away over a year before I ever got back in the seat, and then it took me 2.5 MORE yrs to set $30k aside. My method was to set a min amount that I would devote each month into an account. If I could do more, then great,.. if not,.. its not like I had a loan to pay back. This way I could do this on my terms and not be under the stress of loosing my truck if things got difficult. And in the beginning it was rough.

I paid $20k for my first truck last March,.. and since then between maintenance, repairs, day to day operations, I have nearly another $20k into it. And this is all for a truck that I'd be lucky to get $15k if I had to sell it now.

But it makes me money and as long as it does that, then this is just the cost of doing business for me. It had issues when I bought it. I knew that getting into it. I look at it this way. Spend $50k on a truck and your still buying someone elses problems. Or spend $50k the easy way and you know what you have.

If someone has bad credit, that is usually an indication that their life is not in order. Throw good money after bad is not the answer to getting out of financial dept.

If I had to start over I wouldnt change much. I would bid my time as a company driver, minimize my expenses, suck it up and do with out for a while in order to get what I want later down the road. Set goals and follow through to achieve them. If someone lacks the self control to set a plan in motion and see it through to the end, they will probably have a difficult time trying to maintain anything that requires budgeting money.

Get your life in order and have the means to pay a loan before actually borrowing money.

Just my opinion, No offense meant.

Hurst