truck financing

An LLC is a legal organization that the IRS does NOT recognize. Gotta think big picture.

 

Exactly. So make sure you stack the deck in your favor.

 

How do you figure?

I paid like $4k down and financed $15k at 5.75%. I pay roughly $500 a month and only owe around $9k after running under Landstar for a little over a year now.

That is not super risky and way more profitable. I could give my truck away for what I owe in a day. Seriously I doubt it would last 24 hours on Craigslist for $9k.

My maintenance has been maybe $6k total. Way, way less than any lease. And I have a pile of cash I've made just sitting there. I could pay off the truck tomorrow, and then rebuild the motor the next day and still be ahead of a lease op.

 

Plenty of ways to play the game.

Check out Searchtempest.com

Nationwide Craigslist search. Tons of trucks under $20k, but do you due diligence. Crawl under the truck, and just sit there a while looking up her skirt. Pay to have it gone through.

 

I was initially approved with freightliner for a 40k+ ish truck and 8k down. Then three weeks later I was rejected. I was in Texas and oil field was dying. I don't have a home for collateral. I did have 13k in cash, 5 k in credit debt and excellent credit. 500k mile freightliner was out. I bought a $13000 truck out right 611k miles 2004 9200i. I took out a 20000 dollar loan, before I bought it.

I have spent 3k in repairs, $1250 to the IRS, $2000 on plate and 2290. I work intermodal and don't get work everyday. I have 13k plus in cash owe 4k on that credit card and 19 k on that loan. I'm 3 months in. Of course I need to fix more on the truck; clutch and brake clutch, get overhead done. On the plus side I went threw a gallon of oil between the 16,000 miles before my second oil change and I get 7 to 7.4 mpg, since half my time is dragging an empty container up and down hills.

Now a lot of companies won't hire my old truck and some won't look at me with 7 mo otr. I have 1.5 years in the oil field too. I didn't count on the 1 year OTR, being a stopper when I have 2.5 years of driving. I have to figure out how to increase my revenue stream. But it is possible. Making 1200 to 1300 a week after fuel and insurance for 3.5 days of work isn't terrible, but its not where I want to be.

 

That one full and complete year of OTR within last three years is crucial.

With that said, you sound like you have a brain, so why don't you just go get your own authority? First year will be tough, but it's better than a bad lease to someone.