Advice please LONG READ BUT HELP!!

I just put a 31,612$ motor in my w9 a month ago,didn't have the money to pay out of pocket.i ended up going to the bank and that's exactly what my Banker told me.he said you've got cash flow so I'm not worried about you not making your payments.he said im a banker,not a truck driver.i don't want your truck,I want your business.im not telling you to go do this whole thing tomorrow,investigate.ask questions.talk to other people doing it.do everything you can to stack the odds in your favor.repair bills happen,there's never a good time to replace a motor.theres never a good time to put a transmission in,or drives on.thats just part of business.roll with it.

 

Seems like you agree with the folks who are telling you to go for it, so why come here to ask? Easy come, easy go. You got very lucky, and the devil is saying "double down son", which really means "step right up kid, double or nothing. Either way you'll kick yourself in the ### for a long time. Been there and done that. And personally I sleep a lot better with money in the bank. Good luck.

 

What exactly are you doing if you have somebody
Else driving your truck.
Are you paying any taxes on all this money.
How are you paying your driver 1099 or w2.
With the big numbers your throwing around why wouldn't
The boss man just add another One of his own trucks.
Maybe he knows something you don't.
Just saying be careful.

 

May I asked how long you tried otr? Just curious is all. Sounds like in the space of around 4 months you paid back a 15k loan, have been paying a driver, paid for insurance/base plates/fuel, taxes and miscelleaneous operating expenses as well as making a buck for your own upkeep....which is really doing well. Really well. Cant help but wonder why the boss doesnt add another truck though. Nobody but you can make the call on this one..I personally wouldn't even consider asking anyones opinion on this..but thats just me. Good luck whatever path you take.

 

Your cash flow will allow you to get a commercial loan. Whatever bank you have your commercial account with go and talk to them. If you do not have a commercial account, set one up ... and talk to them about what your options are (like how much will they lend at what interest rate).

Commercial banking aside. Again, your cash flow will be more than enough to entice Arrow or another buy here pay here type truck sales outfit to lend you money at a strikingly high interest rate. My advice would be to add to your fleet and grow. If you do not have an established commercial account ... get one. Credit unions tend to offer better rates than large main stream banks. And above all else, with the money you have coming in, fix whatever is making your credit score 530. Pay off whatever you have defaulted on, or just negotiate a payment arrangment. You will be in the 6 to 700's in no time as long as you pay your bills on time.

Edit: Got side tracked. I would not sacrifice my whole operating budget to purchase a truck. I would do a down payment I was comfortable with, and use a line of credit for the rest.

 

Just go for it. It may seem like a lot of money now but in the grand scheme of things it isn't. Also, a month or two or even three isn't a long time. If you can recoup all the money you laid out pay a driver and save some too!? It's a no brainer. When an opportunity comes along you must jump on it. You can always turn the around and re-sell the truck.