Ok so if my truck cost 35,000 and I want to get a loan from the back for 45k will 10k be enough to start up everything
I just went through this ENTIRE process this past few months. I have written more checks in the last 60 days than I have in the last 60 MONTHS. This is a breakdown of my expenses so far: Truck (2002 KW w/ fresh 6NZ) - $40000 Flight to get truck - $500 Diesel to get truck home - $600 Local sales tax on truck - $1300 Repairs / Upgrades to truck - $28000 Authority One-Stop Shopping (thru OOIDA) - $900 Drug consortium registration - $200 IRP / IFTA - $300 (and plate renews in April) Insurance - $24120 (payable 50% dn / balance due in 30 days) Elog & Back office software - $800 (including y-harness & self-installation) DAT MembersEdge Loadboard membership - $90 / mo Incorporation Expenses - $1000 Then...... Misc. Truck Stuff: $10000 (computer, gps, printer, scanner, new seats, new inverter, new batteries, dash cam, headache rack, chains, straps, corner protection, tarps, cooler, new mattress, hotspot thru AT&T, new antennas, DOT inspection, logo design & vinyl lettering for name / logo / #'s, etc......) Home Office Stuff: $2500 (computer, two folding tables, filing cabinets, printer, paper & other misc. office supplies) AND to top it all off..... 1) have to keep 60 days of operating capital liquid - until the checks start coming in 2) still have not bought a trailer - gonna have to rent for now to keep cash reserves for operating costs 3) STRESS. Butthole puckers a lil tighter every time I write a check or sign my name I say all this not to create fear or make it seem overwhelming.... but there's DEFINITLY more to it than "Buy a truck - Collect a check". Each hurdle leads to the next. I CHOSE to not hedge my bets on newer EGR/DEF outfitted equipment so I am basically rebuilding an older truck to "new" BEFORE I hit the road. I want to know what I have and who I can count on BEFORE I go into revenue service. All the planning in the world is not going to account for every possible scenario, and the above list is abbreviated and in no way meant to be complete. There will be SOMETHING that pops up. That something could be a business-killer before you even get started. Don't be the guy that is one $15000 major repair bill from being bankrupt. I've invested over a YEAR into research, talking to brokers / drivers / owner ops / banks / mechanics / etc. Shoot, just the record-keeping mandates can make your head swim. My advice is to give yourself the BEST possible foundation that you can build on. Be sure-footed, be stable, make informed decisions, ask other people how / why - then VERIFY that information independently, talk to a good accountant AND a good attorney and keep their numbers handy, and for the love of all that is holy - DONT HAUL CHEAP FREIGHT JUST BECAUSE YOURE ITCHING TO RECOUP SOME QUICK CASH. My two cents (for what they are worth).....
Well the truck that I am buying cost 35k might be able to talk them down but the reason I’m buying this truck from Maverick is because I know that they kept there trucks service a lot and keep them up and I shouldn’t have to do must work to it hopefully get to running good enuff to save up some money with no breakdowns I pray and pay the truck off
Only if you are leasing on to a friendly carrier (best if the owner is your uncle or a friend) and they will advance you money for fuel and repairs, if needed. To start with own authority, it won't be enough.
10K is all right if you know that the truck is solid and the boss will help you out when you break down. 10 K can evaporate really fast. For example, when my turbo went bust, I spend 7.5K in one day to replace it with the actuator and the charger cooler too. On the same trip ,1 day later, I spent $350 to replace a trailer tire at Love's. Good to have a solid credit card to have some more cushion. But not that many start up with more than what you have. There is always risk to lose it all though. On the other hand, to save up more than what you have is not easy either, so what to do? Be a driver forever, or have a shot at it? When I first leased on, I knew that they would help me out with potential break downs and they were advancing fuel money. I knew them long time and the knew me too, so I felt secure in that set up. If you have a similar set up, I'd go for it.
