Do I need a contract first?

Discussion in 'Ask An Owner Operator' started by The Big Shift, May 15, 2016.

  1. The Big Shift

    The Big Shift Bobtail Member

    2
    1
    May 15, 2016
    0
    hello all, I have been looking into becoming an O/O for awhile now. One question I have is do I need to have a contract or proof that I have work in line in order to purchase my own truck?
    My cousin worked for a year to get his credit high enough and when he went to get a loan. The bank told he he did not have enough work? Maybe not does exact words but along that
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. flatbeb mac

    flatbeb mac Medium Load Member

    508
    755
    Aug 16, 2015
    0
    Ask the bank?

    Cash is King
     
  4. fortycalglock

    fortycalglock Road Train Member

    6,160
    6,602
    Jun 25, 2011
    Tourist Town, FL
    0
    Of course you do. If you don't have a job lined up for it, why would any bank lend you money for a truck?
     
    TequilaSunrise Thanks this.
  5. CharlieK

    CharlieK Medium Load Member

    374
    4,454
    May 13, 2015
    Minnesota
    0
    Is this a trick question? If you have the credit and the means to make the payments, you can buy the truck and use it as a lawn ornament.

    If you're trying to sell the bank on the idea of making the payments with the money the truck makes, well... yeah, you'll need to prove you can make the payments...
     
    TequilaSunrise Thanks this.
  6. John quinton

    John quinton Light Load Member

    77
    20
    Jul 25, 2015
    0
    Let me help you with this. Yes, it depends how old your license is! The older the better. Also I would go to Lonemountain for first time purchase than these dealers because you get a better deal. Make sure you have a good broker or customer that will help you with loads and back-haul.
     
  7. Pepper24

    Pepper24 Road Train Member

    2,098
    1,639
    Dec 3, 2010
    0
    Yes you have to show where you are going to lease the truck on. After your finaced and have the truck you can do what you want.
     
  8. Pepper24

    Pepper24 Road Train Member

    2,098
    1,639
    Dec 3, 2010
    0
    Just call a company to lease to tell them your buying a truck fill out the app.that company will send the finace co. A letter of intent. After you have the truck if you don't want to lease there go where you want. I wouldn't do lone mountain unless had to. That's a lease not a buy different tax advantages also don't have as much control of what you might want to do .
     
  9. dboe197

    dboe197 Bobtail Member

    42
    12
    Jan 21, 2012
    0
    If you got cash to do it or the means to save cash to do it. There is no proof and no bank to deal with at all. The only smart way to do it in today's economy.
     
  10. Pepper24

    Pepper24 Road Train Member

    2,098
    1,639
    Dec 3, 2010
    0
    If I had a job where I could save 40,000 or 50,000 dollars don't think I buy a truck I want keep working that job
     
  11. dboe197

    dboe197 Bobtail Member

    42
    12
    Jan 21, 2012
    0
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.