Financing/Start Up Advice

Seeing that you asked for advice -

Do not buy a truck without doing these 3 things -

Oil sample, full mechanical inspection, Rig Dig report. I'd also prefer a dyno and an ECM download.

Banks often will not finance - trucking is classified as 'high risk', our first two loans were personally secured before we went with a loan under the business name.

On the finance topic, you stand a much better chance of survival if you buy cash, or a large downpayment.

Wait - before that, chances of success go up, if your initial starting situation is low debt, or your spouse has a decent paying job with benefits that will cover household expenses initially.

Truck? You know me - it's going to be 1990- 2000 year 12.7, N-14 or CAT, owned by a guy who is retiring that has full records on it and has kept it in good shape. Obviously this plan doesn't involve California.

The start up paperwork, I think, is better done yourself - that way you learn how and why, and what to do.


I've watched a guy (that bought my old truck) go from an office cubicle to own authority pulling van - succeed, (actually he knocked it right out of the park), by doing it the right way - to a guy that is still well in the hole 9 months later due to getting the wrong truck.

There's many threads on here of how to do it the right way - most of the ones that involve failure don't continue the story, but there's a few that were honest enough to admit their mistakes.

Research. Lots of it. Capitalization. Correct truck. Business plan.

 

The journey begins - purchased a truck.

Here's my thread - @double yellow has a good one also - he went own authority, I leased on to a company.

There's others in the O/O section that you may find useful.

Just do your research and be honest with yourself (primarily), and others too - and proceed carefully.

Good luck.

 

Double Yellow's Company Driver to Independent Thread

There you go.

 

I would stay away from Richie bro. For a truck, company I’m familiar with sends them junks, I wouldn’t take 5miles across state line!

 

Agreed, an auction truck can work, but you should have $30K set aside for the probable event of it needing major work.

In other words, it better be so cheap, you have to wear a mask when driving it from the auction site.....

 

A bit off-topic from the OP first thread, but has anyone heard any reviews on Currency Finance for a truck purchase? I've been running through TruckPaper and it seems they are the default agency the website is pushing. Have seen what appears to be a few decent trucks and thinking about trying them out. Thanks in advance!