Becoming an O/O

Dumb question, because I’ve never done it, but, can’t you buy your current L/P truck? My thought is, since you’ve paid into it, wouldn’t that make your current truck cheaper to purchase than buying one off the lot? Or, is there no equity in these L/P deals?

 

They don’t count personal credit. We had 800+, but no business credit.

Bought cash used, financed trailer on personal loan - was 2 years before they would consider a business loan.

 

For traditional financing you will need 2 years in business good credit and a decent down payment. Once you meet these requirements you’ll be amazed at how much money they will give you..enough to get yourself into trouble if you’re not careful.

I set up my company in a S-corp and bought a used truck cash that I leased to another company that had trailers. Just short of two years I was given a loan for a new trailer without a rectal exam. Few months later a new tractor.
Since then, two more tractors and two trailers..Never questioned by the lenders, sign here

That’s the traditional way.

Not sure what Lone Mountain requires but have heard good things about them from other drivers.

 

Yep, two years in business and the doors open wide..

 

We see this question all the time. Talk to your local bank and save your money up.

Nobody wants to loan a stranger money. I wouldn’t so why would a bank that doesn’t know you?

My banker called me today asking if there was anything he could do for me. Yea, it’s a small town local bank that wants my business. Establish those relationships and things will be much easier.

 

I’ll give you the keys to the Peterbilt in my avatar free.. All you have to do is find it

(Was stolen Nov 2021)

 

Paccar will give you a truck loan on a new Pete with only personal credit. They do want to see good credit, years of driving, and other experiences can help. They still have folks that look at a loan app thru case by case.