Lease Options

Discussion in 'Ask An Owner Operator' started by TDFair, Feb 9, 2014.

  1. TDFair

    TDFair Bobtail Member

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    Feb 9, 2014
    Missouri
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    Hello everyone. I am happy to be a new member.
    My husband and I have decided to buy our first truck, it only took 5 years to convince him. As he makes the most money currently, I will be driving the new truck because even though it has the potential to exceed my current salary, we wanted to make sure we could maintain our current standard of living and maintain our bills without relying heavily on money we haven't made yet.
    Our plan is to lease the truck to the company we both currently work for and, Hopefully, transport goods using their trailer, at first.
    I was wondering if I would need to put their name on the truck or my own or is it even necessary to start? Also, what is the best way to register the truck, Do I put my name only or can we register both names?
    I know these questions seem silly compared to the vast problems we potentially face but I think I have a pretty good understanding of the finances. And we have planned for miscellaneous expenses.
    My only other question would be whether we should finance the truck through a dealership or seek financing through a bank? It seems to me it would be easier to go through the dealership as they know and understand the potential income associated with the truck and a banker would question your business plan and scrutinize every aspect. But as experienced owner operators I wanted to see what you thought. My husband and I have worked for years to increase and maintain our credit rating so that should not be an issue.
    I want to thank you in advance and I am looking forward to your input in our situation.
     
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  3. TDFair

    TDFair Bobtail Member

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    Feb 9, 2014
    Missouri
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    Also, I have been reading posts here for a while and am wondering how to thank someone, just post a quick reply or is there a button I am not seeing?
     
  4. 77smartin

    77smartin Road Train Member

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    I dunno.
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    Look directly below their screen name for the "thanks" button.
     
    road_runner Thanks this.
  5. TDFair

    TDFair Bobtail Member

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    Missouri
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    Thank you. I did find it, finally.
     
  6. snowwy

    snowwy Road Train Member

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    from the dealers i've been talking too. their finance options are the same as you going to your own bank.

    you need 20% down. and a contract. one even said i need 2 years o/o taxes.

    so, it seems to be a crap shoot in buying that first truck.
     
    TDFair Thanks this.
  7. TDFair

    TDFair Bobtail Member

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    Feb 9, 2014
    Missouri
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    I have noticed several lenders posted in the truckpaper.com but am unsure on their legitimacy or policies. Agile financial co claims to help first time buyers but because I currently have a lot of credit inquiries on my report I am hesitant to just start applying at places.
     
    Last edited: Feb 10, 2014
  8. snowwy

    snowwy Road Train Member

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    i wouldn't worry too much about the credit inquires. they fall off after 2 years. and i didn't see any difference in my score when they started falling off. maybe a point or 2 is all. but if you got a lot that aren't supposed to be there. you might look into freezing your credit. no one can see frozen credit unless you unlock it.

    a lot on this forum have mentioned lone mountain. you can't have the usual active bankruptcies, liens, judgements, child support, or reposessions (12 months).

    agile has a A+ rating with BBB. zero complaints last 3 years. might be worth looking in to.
     
    TDFair Thanks this.
  9. TDFair

    TDFair Bobtail Member

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    Feb 9, 2014
    Missouri
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    I think I will. I am extremely nervous about this, as it is a lot of money. But hearing what my brother as well as several o/o's at the company I work for have made I think it is worth the investment. I don't want to work forever and even tho my husband and I do pretty good as company drivers, we are just getting by. I think it's time to jump in and take that next step. And if we don't spend every dollar we get I just might get to retire some day.
     
  10. snowwy

    snowwy Road Train Member

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    key word being company driver.

    i've been at that point of not wanting to be company ###### anymore for awhile now.
     
  11. TDFair

    TDFair Bobtail Member

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    Feb 9, 2014
    Missouri
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    Just nervous.
     
    Last edited: Feb 10, 2014
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