Is buying used the best Option?

I went to a smaller regional bank and got an equipment finance loan on a 2012 truck. There are good deals to be had, just shop around. If you want to jump out on your own I think it will be harder to obtain the loan. If you lease on with someone you can provide the lender with average figures and show you have the support of an established carrier behind you.

If you buy used the dealer should be able to provide the records from the fleet that had it. Make sure it was serviced at proper intervals. Especially in regards to the emissions system. Many fleets trade trucks out so soon they will try and pass this along to the used truck buyer. If those components have not been serviced, keep looking.

Glider or DEF isn't too much of a concern. Just understand that the emissions system does have a service schedule and costs a little more to run than a pre emission truck. My 2012 Cummins has been doing great.

 

Well all the manufacturers have their own finance companies. And they are usually going to be the best rates for a first time buyer, but as mentioned before, it's much easier if you plan on leading to a carrier than striking out on your own. This is because of the extremely high failure rate in our industry. It's way to easy for a guy that has no business aptitude to spend 300 bucks and get a dot number.

Side note: i have dealt with ge capital for financing equipment in the past and got very favorable terms. However i had several years of periodicals business history at that point. So while they may not be an option for your first truck, keep their name in the back of your head for your 2nd or 3rd. Or even trailer purchases.

Now with all that being said, and without knowing you or your background, work ethic, education level, ability to network, etc, etc. I would advise no one run out and get a dot number to strike out on their own until they get some experience running a truck as a business. Leasing to a good percentage pay carrier will help you learn the ups and downs of freight markets. Note, i did not say lease purchase. Their are no good lease purchase programs through any carrier.

But all that is really getting ahead of the game. You first have to decide if you want a new truck, slightly used truck, used truck, or old truck. Make that decision first. Then figure out what you will be pulling and who for, then find the truck specced for that type of freight.

 

Lone mountain is the only one i know of that i dont consider a scam. You lease the truck from them and sign it on to whatever carrier you want. They have used and new. Two things, i do not have personal experience with them, so this is not an endorsement. Tho i have looked at their program and it actually matches up well to buying from a normal dealer using the manufacturers financing co. Also all the negative reviews I've read about them are typical used truck didn't inspect type of complaints. When buying used you must do your due deligence on the equipment no matter who you buy it from. This includes a full in depth inspection, dyno, oil sample, reviewing maintenance records, and rigdig report. Expect to spend 500 dollars on each truck you look at. That money is to eliminate a a truck from your list. Much better to spend some money to find a reason not to buy a truck than to spend a lot of money on a truck that will send you to bankruptcy.

 

Did you get a truck yet ?