Anyone able to help me get a truck?

check with the SBA.

I am working with them now on a Patriot Express loan and also a Microloan to get started.

IF you need help with it, they can help you with a business plan as well.

http://www.thetruckersreport.com/truckingindustryforum/blog.php?b=5277

 

The SBA doesn't usually get involved in financing for trucks, unless things have changed in recent years. The reason they used to give was that other financing is available. At one time you had to pledge hard assets, such as a home, in order to qualify. They wanted you to have significant assets at risk in order to qualify.

 

First off make sure this is the right move for you. You seem to have some experience but are you financially secure right now? You are going to want to have at the very least $15,000-$20,000 in the bank AFTER you buy the truck. You do have to put fuel in there and at $800 a fill up it is a big expense. So is permitting and insurance etc... Another big factor in your success is going to be breakdowns. A costly breakdown could set you back. Not only will you have the cost to fix but you if you are making payments and are shut down for two weeks you still have to pay for the truck!

I have owned many trucks and can tell your first hand, it is costly and you really have to hustle to make it out there. Lot of responsibility too!

Have you considered leasing? Though many caution against it, it could be something that will help you break into the owner op thing. Its a good transition between company driving and actual owner operator. Also a lot less money upfront and advances and loans are there to help get you started were something to happen.

If this is something you maybe interested in then find a company that offers a leasing program. Don't jump right into it however. You do not know if you will like the company, what they are getting for miles and who your dispatcher is going to be. Run as a company driver for a few months and see how you do. Another good thing about going this route is that you will have the option to train. Taking on a trainee will help immensely in getting the bills paid and making some better money.

Good luck....

 

It is not a good idea to borrow everything you need to start a business without having some of your own money. In fact, most lenders won't make a loan without your having money at risk. When you have some of your own money that you are risking in your venture, you have a much greater chance of being successful. You won't usually just walk away when it is your own money. When you have nothing to lose, it is much easier to just walk away. I have seen others do this very thing. When things get rough and they don't have anything of their own at risk, they will walk away. It isn't so easy to walk away when it is your money.

 

I'll let you know Monday. They already approved me supposedly last February. And all I've been doing since then is working like a dog, saving money and paying off debt.

 

Be very careful. I know that there is companies that do lease purchases. Everyone that I know that has gone this route regrets the decision. There is places such as Arrow Truck Sales that will work with you however a sizable down payment is required and of course the trucks are almost always overpriced or have hidden defects. If you decide to go this route by all means get the vin number of the truck go online and purchase a rig dig report if everything checks out take the truck to a certified mechanic and have the truck thoroughly checked out. Have a pressure test done,brakes checked out,front end jacked up so the front suspension (king pins) can be properly checked. I have been an O/O for 12 years and have purchased several trucks over the years. I had to learn the hard way (expensive way) how to purchase a used truck. There is so much info. I could pass your way.Whatever you do try not to spend more than 25-30,000 on your first truck and don't buy a truck with more than 700,000 miles on it. One other place to check for financing is OOIDA. I have been a member for a long time. They have been very helpful over the years. Good Luck !

 

my bank is making it rather "difficult" for me to get financing.

600K or less miles on the engine and there needs to be documentation on an old truck for a rebuild if it's over 800K or so to show it's been done is the biggest.

 

I passed a 'buy here pay here' no money down lot full of Class-8 tractors on I-81 today. Can't remember if it was in WV or PA...

 

I would suggest you steer clear of the buy here pay here lots. They usually have sky high interest rates,trucks are over priced and most of the time the trucks have hidden defects. I pass a buy here pay here place on I-65 in south Indiana a lot of times. I stopped buy once just to look at their trucks. The trucks looked nice on the outside but once I got to really looking I saw so many things that needed repair it was unbelievable. A real mechanic's dream. So be very careful, take your time and don't nobody fast talk you into signing anything.