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New owner operator, problem with truck/trailer financing

Discussion in 'Ask An Owner Operator' started by TruckerRuss, Jul 31, 2015.

Page 1 of 3
  1. Jul 31, 2015 #1
    TruckerRuss

    TruckerRuss Bobtail Member

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    Jul 31, 2015
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    So here's my situation, I've been driving 5 plus years and have managed to save money and get myself into a situation where I could possibly afford to be an entry level o/o. I have a company that wants me and has plenty of work my problem is truck financing? I have a 660 fico score but everywhere I turn they all want like 25% down on truck and up to 50% on the trailer? Do any of you guys know where I could possibly get funding without so much down or a bunch of collateral? From my research so far I'm gonna need around 80k to get started. 35k for trailer, same for truck and around 10k for odds and ends and to make it thru the first month.
     
    TruckerRuss, Jul 31, 2015
    TruckerRuss, Jul 31, 2015
    #1
    blairandgretchen Thanks this.
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  3. Jul 31, 2015 #2
    RustyBolt

    RustyBolt Road Train Member

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    Feb 21, 2015
    Bement, IL
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    Start with your local credit union. My score is better than yours but not by a whole lot. I got my loan with $0 down and a really good interest rate.
     
    RustyBolt, Jul 31, 2015
    RustyBolt, Jul 31, 2015
    #2
  4. Jul 31, 2015 #4
    TruckerRuss

    TruckerRuss Bobtail Member

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    Jul 31, 2015
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    Appreciate it man, I haven't went to my credit union yet but I think that may be the best thing to do or just continue to save and wait for my fico score to rise.
     
    TruckerRuss, Jul 31, 2015
    TruckerRuss, Jul 31, 2015
    #4
  5. Jul 31, 2015 #4
    blairandgretchen

    blairandgretchen Road Train Member

    13,376
    71,900
    Dec 9, 2011
    South west Missouri
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    Business loans are tough. Google "peer to peer lending" - another option.

    I went $13k cash on truck, finance trailer and start up. Its tough mate.
     
    blairandgretchen, Jul 31, 2015
    blairandgretchen, Jul 31, 2015
    #4
  7. Jul 31, 2015 #5
    Straight Stacks

    Straight Stacks Paper Cha$er

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    Jul 18, 2015
    Alabama Gulf Coast
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    Were you in the military?
     
    Straight Stacks, Jul 31, 2015
    Straight Stacks, Jul 31, 2015
    #5
  8. Jul 31, 2015 #6
    77fib77

    77fib77 Road Train Member

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    Jul 7, 2010
    St Louis
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    Power only? Ups seasonal driver is coming soon. 30 an hour.
     
    77fib77, Jul 31, 2015
    77fib77, Jul 31, 2015
    #6
  9. Jul 31, 2015 #7
    TruckerRuss

    TruckerRuss Bobtail Member

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    Jul 31, 2015
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    No military man just have been saving and saving and getting my ducks in a row. Research research and more research. Lol
    Fixed my credit last year just waiting for score to go up as a result.
     
    TruckerRuss, Jul 31, 2015
    TruckerRuss, Jul 31, 2015
    #7
  10. Jul 31, 2015 #8
    Straight Stacks

    Straight Stacks Paper Cha$er

    2,930
    20,768
    Jul 18, 2015
    Alabama Gulf Coast
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    Ah. Ok. USAA is a great option if you were. Good Luck
     
    Straight Stacks, Jul 31, 2015
    Straight Stacks, Jul 31, 2015
    #8
  11. Jul 31, 2015 #9
    Old Iron

    Old Iron Road Train Member

    1,157
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    Feb 19, 2011
    NW Wisconsin
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    What kind of trailer are you looking at for $35K ?
    Ive got $37k wrapped up in a 06 flat,95 flat, 99 hopper, and 79 hopper. Ive never seen a used trailer priced right at a dealer. My philosophy is start old, pay with cash and work your way up. That interest plus the full insurance coverage takes a big bite out of operating money. The problem with start up is you will have a substantial amount tied up until the checks start to roll in.
     
    Old Iron, Jul 31, 2015
    Old Iron, Jul 31, 2015
    #9
    areelius Thanks this.
  12. Jul 31, 2015 #10
    TruckerRuss

    TruckerRuss Bobtail Member

    21
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    Jul 31, 2015
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    7 car sun valley car hauler from my brother n law in excellent shape he's going bigger, 9 car. Truck wise looking for a pre emissions Pete 387 or ken worth t2000 with cat c15 motor. Have found many trucks just need the financing to get it going.
     
    TruckerRuss, Jul 31, 2015
    TruckerRuss, Jul 31, 2015
    #10
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