Getting a truck with bad credit

It is good to see someone using cash. You will be way ahead of many others who start out with a mountain of debt.

And he is not starting out with more TRUCK than he can afford or trying to run produce from the west coast with a truck that can barely make it across town.

 

So, why is it not working and producing revenue, if it's ready to run?

 

my reading of it is he's got the truck road worthy and used his cash to do that.

Now he's trying to save up operating funds.

 

With his job going in the toilet, that could be awhile. Put it on a good lease and boogie on. No upfront money required and the carrier will put up advances for fuel.

 

facing a similar situation here....

So I can feel his pain.

My personal suggestion to him would be to contact BigBadBill and head over there to get things happening.

 

Bill can only help out so many

 

But, for example - the payments on an (average) 400K+ truck from Mountain, ends up being around 40% OVER what the truck would cost. Example: 08 Volvo 780 - average $50K from Arrow. you'll be $6200 down, $1,655 for 39 months - $70,745 total $20K more than it's worth, if paid cash, and probably $10K more than financing through "normal channels" (ie: good credit).

Again - not to discourage - but to inform.

Personally, as G-Man suggests - I'd rather hang in & save the $$ - or in a worst case - come up with 2X the down and get the payments/interest down reasonably...

Rick

 

Yes, you can be consumed trying to prevent the lender from making money and go on welfair. Never mind that you could sure use that 1000 a week take home after the payments and maintaince account is made. Call paying your dues.

 

You could make $1,000/week as a company driver. There is nothing wrong with a lender making money from lending money to those who need it. Starting out in any business, it is important to keep debt low. It makes a lot more sense to pay cash, save your money and trade up than to go heavily in debt. Without big payments you could take home $1,500 or more each week. If you only saved $500 out of each weekly settlement, you could trade up and pay cash for a $25,000 truck in only a year.

 

Never understood the hurry to jump into ownership. 3 to 5 years of small personal sacrifice to pay off personal debt and pile up cash is nothing and will go by quickly if you stay focused. Trucks and trucking will always be there.