Getting a truck with bad credit

From a pure business sense the reason for using debt to get into a business sooner is opportunity cost. But the sad fact is that most in this business never look at all the angles and just jump.

 

The greatest pleasure in life is doing what others said can't be done.

Now, just jumping in with both feet may not be the worst advice you will get but will make the Letterman Top 10 list.

What you have to have is a plan. For many they think the only plan is to have $10-20K in the bank. I believe you have to know what you are going to do when you need to access that amount of capital.

Sadly the ones that fail have failed not because of lack of capital but lack of planning.

 

If more drivers waited until they learned something about this business, saved their money and got out of debt, or at least paid down their debt, they would greatly improve their chance of success. There are too many drivers who want to go out and buy or lease their first truck before they graduate from driving school. When you get into a hurry, you tend to make mistakes.

Several years ago, I recall conversing with a driver on another forum. He had done a lease purchase with a carrier and things didn't work out for him. He decided to buy a truck on his own, but had no money and little or no credit. I was asked for my advice and gave it. He moved forward and bought a truck anyway. Within about 30 days he decided to get another truck, again, against my advice. Both trucks broke down and he didn't have money to have them repaired. I don't remember what happened to the driver he had in one of the trucks. He lost both trucks. In fact, as far as I know, he just walked away without trying to work things out on either of the trucks. He went to work for a company and shortly after starting wanted to do a lease purchase. Since the company didn't do lease purchases, he began to try to find someone who would sell him a truck and hold the paper. Of course, he had no money for a down payment. He continues to blame others for his failures and lack of planning. He was a fair driver, but not a good businessman.

He made good money as a company driver. He just didn't have the discipline to save money to clear up his credit and buy a truck on his own. Judging from his past behavior, he is probably still trying to find someone to finance a truck for him. He is one of those drivers who always knows more than the boss and yet never seems to be able to achieve success himself. Whatever goes wrong is never his fault.

This driver is not unique. Many drivers are just like him. If this driver would only work on clearing up his credit and save his money, he would probably be able to achieve his dream of being a real owner operator. Too many want to have everything right now!! They refuse to wait until they can afford it and do it right.

When you don't plan how you will succeed, you are planning to fail.

 

It would benefit all to plan how to fail too.

You'll see it happening much quicker too and be able to counter it.

 

Yes and millions more waite for the proper alignment of the stars, because they think things will be better next week. The old if you cannot run with the big dogs !!!

 

All too often people only plan for success and don't have a contingency plan in case things don't work out as planned.

 

CASH RESERVES always makes for the best contingency plan - unless you're a BANK or an AUTO MAKER - then GOVERNMENT BAILOUTS are the "plan of choice".

Not getting "political" - just sayin...

Rick

who also noticed the OP up and disappeared from his own thread.

 

I dont blame him!! He came up here asking a question and gets slammed by people who don't even own a truck or have even driven for ONE company, or people who have the means to bank cash so easily!!

This forum has so many wealthy, do right all the time people it's AMAZING

 

I am successful, as is my company. I also do it right all the time and everytime. Which equals success.

 

Success can come in the form of negative results as well.

So long as you learn from them and don't repeat them...