How did you get there from here?

It's going to be a long journey for you, sir. There's no short cuts. Depends on what your credit history is like, and if it needs fixing, that going to take some time. There's nothing wrong with starting out as a company driver as I did and then move on to buying your own truck. My input would be to lease on to a company and get your feet wet doing that and then if you feel bold enough, get your own authority. Work through brokers.
Buying a truck is a challenge in itself. Do you go new or used. If you can manage it financial wise, new is the ultimate but your first truck purchase is usually the most difficult.
If you dream of owning your own new KW then it's gonna take a sizable down payment, as much as 20%.
it can take 5-7 years to go through the process. It took me longer because I didn't know if I wanted to be an O/O.
But ultimately you just want to be your own boss without enduring all those petty rules.
Put so much away per week. That's how I started. It's amazing how much you can save in a year. But there's no overnight solution no matter how you sugarcoat it.
Good luck.

 

Knowing there"s good and bad in everything, and because I have more time than money, I would try to find a decent lease purchase and trade labour for a truck. Though it may not work for everyone, it has worked for some.

 

My story is to long and boring but it can be done.
Just spend every day paying attention and learning.
Be business minded in your thought process and be on the look out for what you can do to increase income.

 

I found a local O/O who was getting a more fuel efficient truck, and picked up his lease on his old one. It helped that I'd worked with him at a prior gig, both as company drivers. I didn't have a down payment coming in, that way, but I get to pay the (small) balloon payment on the end.

As for cutting costs, research research research. I saved quite a lot of money switching my phone service to a prepaid (Straight Talk at present, previously T-Mobile) rather than a contract from one of the mega cell phone companies, for example. Also, this isn't for everyone, but I personally do not have a motor vehicle aside from my truck, and either borrow my S/O's car or rent one, as I need it. Other than that, I bicycle places for minor errands. That also saves a fairly decent amount of money, between car payments, upkeep, insurance and fuel.

Just those two things saves me nearly $400/mo. It's not much but it's a start.

 

I saved my money for a year as a company driver. Found a driver that had a truck that I wanted and left him my number, "If you decide to sell this truck, call me." He called me a year later, 6 months behind on payment. I offered what was owed, and my offer was accepted.

Heres the thing: the very reasons why most lease operators go belly up is the exact same reasons that most owner ops go bust. Don't buy a truck, then go to a different company trying to get your foot in the door. Be already established. Why? If you wanted to be a fighter, and you forked out the money for a top notch trainer, and cornermen, and your first fight ever (no amateur background, no bums and journeymen or top level sparring sessions) was against the champ, and you get KTFO, you still have to pay the people in your corner. If you can't win the big fights, you most certainly can't afford the best people in your corner.

Same principles apply in trucking. You get these people who want to be owner operators because they don't want anyone telling them what to do and when they can go home. When you're in a company truck, the company schedules your PMs, hometime, appointments, pick your loads...etc. When you're the owner, you make all decisions. Better know what the heck you're doing before you sign for a truck. Why are you working at a company that pays $.90 a mile if you have plans to be an owner operator? You need to be where you can make money as a company driver FIRST. Then get the truck. Work as hard as you possibly can, learn the game well, make a name for yourself, bank your money...

...then go after the title. The brand new shiny Kenworth.

 

Had a driver fresh out of the military fail as a lease driver at ATS because he didn't know the ropes. He went to BTC as a company driver and starts bragging about the money he's making. Took over payments on a truck from another owner operator, and went to Landstar. Bragged about the money he was making but he couldn't afford the maintenance on the truck and lost the truck. Now he's heading to Texas to find work in the oilfields. What's the problem(s)?

 

Chimney Jade,I will tell you what I plan on doing.Im not an O/O yet but I plan on getting me a Truck in the future.Put your money in a 401k or some kind of plan that will deduct the money out of your check and if your lucky they will even contribute if you work for a Company.Whenever you decide to leave the company you can have the Retirement plan send you a check.It may take a month or so to get it and the best part about doing it this way is,The government won't penalize you for Early Withdrawl if you use the money to start a Business.Most people contribute 3-12% of their Gross to put money away but you will have to figure out what is best for you

 

I don't wish to be negative but , why are your stating your going to incorporate right off the bat? A sole proprietor ship might be the way to go. You are jumping too far ahead of your self and painting yourself in a corner already.
The glory days of trucking are behind us now.Regulations and rules are being heaped up on us like buffalo dung by the uneducated and unknowing suits in DC. You have to be smarter now than yesteryear, far more rules and regulations to abide by. Rates are not like they used to be. Shop rates are through the roof. fuel is sky high .My advice is to be a company driver for several years . Several things you must do . Save your money. Write down every thing you do on that company truck . How much fuel cost and mpg. all repairs and cost.. How many days down time and why for ALL reasons. tolls, motels. wash jobs. Figure up what your company is paying out on this truck your driving. Can you afford it.? The cost will be nearly the same on a used truck as a new truck. No matter if your in the shop for warranty work or non warranty work . NO money earned either way. Remember that once you quit the company and become an O/O you no longer have the benefits of a company driver. Medical, retirement,vacations pay etc. You don't work ,you don't make money.
If you decide to buy a truck. you are going to pay ALL the bills.
DO NOT BUY ONE ALL CHROMED OUT or have the dealer do it before you buy it.. You will be paying for 5 or more years on shinny stuff that doesn't last that long on a truck. Buy shiny as you go. Shiny will not make you any more money. You will just look good going broke.

 

Becoming an O/O is my goal, currently a company driver. Rather than jumping right into a shiny new truck, my plan is to purchase a used truck with enough in reserve for maintenance and operations. THEN play "work up" to that new truck. However, I'm not motivated to buy a new truck. I'd rather purchase additional trucks and start building a small fleet than look good.

I agree that going with your own authority right off the bat is biting off way too much. Better to start by leasing on to a good company that pays by load percentage, one that can generate enough income to the truck to pay yourself AND set aside maintenance reserve AND make a profit.