Becoming an Owner Operator Question.

Thats a good deal there MN.

 

do just as fortycaglock said,,,,

talk or apply to a carrier, get a letter of commitment or intent. that is a commonplace item and a carrier will have done it before

it simply states if you have or acquire a tractor they will lease you on.

a pretty simple deal actually.


and the guy bill spoke of , should have got the loan, got the truck, and then do what he had to do.

 

And my bank also threw the big wrench into the work. They wanted 30% down payment and 2 months operating expenses.

They also started to tell me what type of truck to buy and it started to not seem so appealing to me.

 

dang how can they tell you what type of truck to buy thats just not right.

 

The explanation I had is that they thought a $59,000 truck was a better investment than a $20,000 truck. Payments were getting higher than I wanted to have. Almost $1,600 per month.

 

So if you finance the truck, what will you do for the maintenance fund?
Can the bank advance you that too?

Yea, I would have no issue obtaining financing for a $60k Mercedes but a $40k rig?
They laugh me out the door unless I had all of these signed lease/contracts
and stuff already and thats the 'chicken & egg' scenario as you mentioned.

 

You could consider lease/purchase through a trucking company. Basically, this makes your trucking company also your bank. I think you can find a thread or two on here warning how a lot of guys get ripped off in these agreements. Just keep in mind if you go this route you have to negotiate the price of the truck, don't take their first offer ! I would suggest Buchanan Hauling & Rigging as an option if you want to pull flats, drops, RGN's, etc...

 

Umm, I may be missing something.......
I walked into my bank (BB&T) sat down asked for loan for a truck and walked out with the check. No hassle no problems. Didnt ask for buisness loan since its a new company. I just asked for personel loan. Granted, my credit is good, my bills consist of mortage and nothing else and I did have 20% down on the truck.

 

And theres your reasons. Especially the last part. I also did a similar thing. Ended up going the lease route for now rather then dive in head first though. But my bank preapproved me for way more then I even wanted to spend. And unless something changes if I choose to walk away from my lease I can still go buy my own truck.