First time buyer

Depends how much cash you put down

 

Personal credit??? Too much liability as a sole proprietor. It's advised to start an LLC, build business credit and finance your truck through your "business". You, as the driver, can still be sued but you'd still have your business.

There's a recent thread, on this forum, started by someone with the same question. CLICK HERE

 

Ever heard of E. Dean Cole? I saw a few of my fav Youtube truckers speaking highly of him. He's very approachable (I got a responce in less than 5 minutes). He also has a book about building business credit.

 

Oh! After learning about the success of many truckers using his advice, E. Dean Cole decided to go into the trucking business himself. This video shows how he financed 2 (or 3) trucks with $30,000 in business credit. He has no CDL. Plans to lease them out through a fleet mngmnt company (RR).

 

Are you talking about financing a brand new truck? I have a friend who just bought a new FL for 135k, put down 13k, financed at 9.9%. FICO in the 700's.

The likelihood of financing a new truck via a newly established business entity WITHOUT signing a personal guarantee on the loan is not very good.

 

Why did you start a llc?