What are my chances of getting financed?

6 years experience clean record
FICO 723
Experian 699
$5800 available for down deposit ($2500 cash and $3300 credit card)
You wont have to many problems finding financing a 50k truck. But you really need another $6700 for favorable conditions.

 

I would work longer in a company truck get a bigger down payment you be helping yourself down the road save everything you can. don't be eating truck stop food everyday stock up at Walmart. microwave ramen if you have to though that gonna taste awful. maybe canned beans, spam, peanut butter, bread.

 

Grossing 130k is about like making 65k or less depending on how bad that year is.

Seriously find the real numbers for O/O at that company, meanwhile, make that nice 86k with 401k match and insurance for a while to stack your chips.

 

You need a new CPA if you're paying 30% tax on $46K. Not even close...

 

The bank requires you to have x amount in bank for operating costs for x amount of months. That's why you need the start up capital in the bank to get financed.

 

A piece of advice from family of drivers with the exception of me who will never own his own truck once. Your father seems to choose company experience over the headache of running his own business. I maybe never will own my own truck but I have run a business landscaping company and sold it
what your suggesting is this from what I hear is like me purchase mowers, weed wackers or anything else from a rival or someone I know won't give me enough discount and have them repair it without even shopping around for a better deal. Then they tell me to drive their company trucks maybe they give you company pay for that. Better yet why is your truck in the shop for that long you can't make real money with it in a shop.

While trucking is another beast the idea is the same you have blinders on take them off and get the idea your running it not them your version of owner op and my relatives are different they never run for carrier companies they were all independent at one point in their careers. Some chose to get out entirely sold the trucks one them had as many 5 trucks with drivers before he sold his company. May not seem like much but coming from nothing it was a lot.

If you don't have a game plan your operation you will fail they are designed make you fail. last not least 130k owner op isn't much. if you think that's what your taking home your sadly mistake or you for sure will go in red somehow either by the IRS, truck or ignorance somewhere.

Ridgeline post also good stuff he writes every now and then might try listen

 

Man 130k gross as an o/o? You'll be bankrupt in short order.

Your current plan is bad, very bad.

 

I never have been much of a company driver, and didn't have a pot nor a window to throw it out of when I bought my first truck,just credit at the bank. no down payment.
Now all that said If my choice was 86,000 as a company man or 130 GROSS in my own rig, I would be a company driver. If I absolutely wanted a paid off truck and didn't want to save the money, I would buy it and park it in the driveway while I made payments out of that 86,000, it will be easier than paying on it out of 130 gross. Not to mention you will not be paying a company to wear out your truck.

 

There is no money here, only credit.

You don't even have enough of that.

When you want to raise up a business you need 6 months minimum cash on hand for everything that business needs to function at any price.

Before you try to run out and buy a truck etc.

That little bitty bit of money is going to vanish halfway through your month one.