Making The Move to Own MC

If it were me, I would stay from the SBA. I would not want the government in my business. With good credit you may qualify for a loan for your equipment. A line of credit would be better than doing the SBA loan. If you own a home you might qualify for a home equity loan. As far as I know, the SBA doesn't make direct loans. They are only a guarantor of a portion or all of the loan through a local bank. It may be different today, but the paperwork used to be really extensive. Personally, I would prefer dealing directly with a lender. With a line of credit or home equity loan, you only pay for the money you use. I would question whether you really need $150,000. Or even $100,000? I understand what you are saying about using someone else money, but most lenders, including the SBA, want you to have some "skin" in the game. With this economy and the current political climate, I would keep borrowing to a minimum. As you may know, I prefer paying cash. Depending on the type of equipment you decide to purchase, you could buy a truck and trailer for less than $30,000. Let your business pay it's own way. Start with less investment, save as much as you can and then trade up in a year or two.

 

Hummmmmm Something to think about for sure. Best thing I have is AWSOME Credit and 0 Debts. No home to use for equity loan. I so agree with you on borrowing to a Min. But I'm to scared to purchase junk at 30K and risk ruining CSA score , breakdowns etc.... on a riskey hunch I bought a decent one. Make sense? Besides I'm a neat freak and Non-smoker so living in a used shoebox is nerve racking. You do have me at a stand still. As I thought same things as you when i first ventured out on this. Along the line last 2 months I figured this is not a one year thing for me and a long term till retirement and figure I should get something half decent to live in without going deeply in debt. I already have 2 shippers locally and one company i use to haul for years ago I can get great loads from when needed. Plus all paperwork for Authority.Twic etc...... Just have to pull final trigger and I'm on way. Trying to be smart and research as much as possible.

 

not to put a damper on your spirits. but there have been TONS of posters. sight unseen, OR sight full seen. and still ended up with money pits.

i recall a husband and wife team that got HARPED ON BAD on this sight. for buying a truck with leaky axle seals. my truck had an oil leak. not evident when i first got it. lucky it was very cheap fix. but trucks get detailed and oil leaks go unseen untill purchased and driven down the road. how was the team supposed to know their's had axle leaks when the truck was thoroughly detailed and ALL LEAKS WASHED AWAY.

i seen a volvo in tucson that had all 4 brakes soaked in grease. and the washer guy was spraying solvent cleaner and washing the piss out of them axles to clean up the grease. for some unsupecting buyer.

buying ANY truck is a gamble. and while i understand the philosophy of buying used cheap. seems like everyone on here buys the cheapeast truck they can afford. the older, cheaper trucks seems to be bigger money pits then newer trucks. i've seen guys buy trucks under 10G and within the first year. they've literally bought a new truck, albeit old and worn out.

2 years ago i bobtailed from utah to maine. to pick up a gas tanker trailer. company bought sight unseen. the pics must have looked really good cuz the trailer literally looked like a POS. rusted frame and all. company was not happy at all when sight unseen became reality.

i for one would never buy sight unseen. regardless of the reports.

and on that note. good luck with your truck. may you be profitable and your money tree groweth. and don't be like another driver that's making so much money. he now feels the need to trade his ford pinto in for a jaguar.

 

nice looker

 

so, candy is the trick, eh?

sounds like you got a decent truck. congrats.

 

If you pay $30,000 for a truck, it should not be junk. I would not be too concerned about the price. Paying a higher price for a truck doesn't necessarily mean that you are buying a good truck. You can have problems with a new truck. I have known of some who bought new trucks where the engine blew at 150,000 miles. Granted, blowing an engine with only 150,000 miles is not the norm, but it can happen. The main thing is to check out any truck before buying. I don't necessarily buy the cheapest truck that I can find, but I do take the time to find a good value. You want to think about the type of freight you wish to haul and where you want to run. If you plan to run California, then you need to buy something newer than if you run other states. You can buy something new or newer, but you can still get a lemon. I don't smoke either. I don't like being around smoke. My wife is terribly allergic to cigarette smoke. You can get rid of the smoke and film by using vinegar and water. It eliminates the odor and cleans everything. I am still amazed at how many drivers are heavy smokers.

I have a friend who got a pretty good deal on a newer Cascadia in Oklahoma City. It was a former Crete truck. So far, he is happy with the truck. I will be interested in seeing how well the truck holds up compared to his older Freightliner.