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
Do I need a contract first?
Discussion in 'Ask An Owner Operator' started by The Big Shift, May 15, 2016.
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Ask the bank?
Cash is King -
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. -
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. -
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.
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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.
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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 .
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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.
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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
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