Financing question for hotshot owner ops

Discussion in 'Ask An Owner Operator' started by CQCollins, Mar 19, 2019.

  1. CQCollins

    CQCollins Bobtail Member

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    In the next 6 months I'm looking to finace and open my own hotshot company. I'm looking to get an F450 with a longer trailer. My question is what are my best finacing options with a 500 credit score I will have about $24,000 saved up around the 6 month mark. So should I put a down payment on a truck and trailer loan. Or should I try to put a downpayment on a bussiness loan. Just need guidance, Thanks
     
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  3. Socal Xpress

    Socal Xpress Road Train Member

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    This could get ugly!! You aren't gonna like alot of comments coming your way.

    Screenshot_20181022-134003_Google.jpg
     
  4. CQCollins

    CQCollins Bobtail Member

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    Whys that...
     
  5. Socal Xpress

    Socal Xpress Road Train Member

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    Don't take this personally......... but with that score it would seem you are unable to manage personal finances but somehow you will manage business finances better.? Also unlikely you will secure a business loan and if you could the interest rate would be much higher.

    Bad credit already puts you in a difficult situation. You will need a larger down payment on any piece of equipment. Then insurance down payment on top of the equipment purchases.

    Work on getting the score into the 600 or better if you really want to succeed.
     
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  6. CQCollins

    CQCollins Bobtail Member

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    I made some mistakes when I was younger that I'm just now getting taken care of. I think I can get it up to at least 620 in 6 months. I recently hired a credit sweep company and I've ordered a couple secured credit cards. Im working my ### off to save the money and fix the credit as much as possible, I'm gonna make sure that happens no matter what. But My main question would be what kind of route do I go with attaining the loan.
     
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  7. Socal Xpress

    Socal Xpress Road Train Member

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    I would start with who you bank with. If you have established a good relationship with them they might be easier to make something work.
     
    Last edited: Mar 19, 2019
  8. Socal Xpress

    Socal Xpress Road Train Member

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    I will add this.......might want to make friends with a few hotshots and get a feel for what the market is right now. In 6months it might be worse and may not be worth jumping in.

    Alot will say this would be the wrong time to buy and start a business. Would be a shame to trash your credit after working on improving it.


    Good luck
     
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