How Much Do You Make?

Right.
I guess we all need to dump the RGN's and go work for TMC pulling flats etc...But for a supposed $2 a mile, I will hold off for a while.
Even with my last truck paid off, the biggest winner was the IRS.
And a great credit score will have lenders falling over themselves for you to buy a truck. Hell even a buddy of mine with mediocre at best credit, is getting @6% interest rate on a new truck, with zero past history of purchasing a truck.
Like I said, a copy of a 1099 from TMC, and a copy of the tax returns will either prove it or disprove it, but I wont hold my breath.

Martin

 

At 100,000 miles a year your going to spend money on your truck I spent $18,k on my truck last year and drove 60,k miles, based on that if I do 60,k miles this year my insurance alone will cost me $.20/mi

 

I don't have a 1099 from tmc, since i haven't been there in 2013. 6% interest rate is pretty high. If that;s true, that he got financing on a new truck with mid credit, id like to know who he got the loan from. I also only have 9 months experience as an owner operator so banks are a little more concerned. Before working with TMC my number were not this good.

Yes, the IRS always takes there lsice of the pie. Since my actual personal expenses are quite low right now my money is going to go into buying equipment. You dont pay much tax if you keep investing in yourself. You only pay tax when you stop spending all your money on the business, but by that point the pie will be big enough that the IRS can take there slice.

Any besides, I dont need to prove anything to any of you. Just because i know how to run a successful business and keep my profit up doesn't mean I'm lieing.

 

He got financed through a small company called Daimler......

 

I don't run my own authority. i don't pay cargo insurance. My insurance, qualcome and license plates cost 128/week. permits are paid by tmc. That comes out to about .05/mile. My biggest insurance expense is occupational injury. if you run your own authority it may cost you .20/mile. But, TMC pays most of that for me. Not sure how you spent 18k on your truck for it to drive only 60k. Did you get an in frame? Yes you will spend money, but if you run your business right AND treat your truck right you can keep that number small. I rairly push the throttle past half way down. (aside form on hills, but even then i dont floor it) I accelerate slow, stopp smoothly. Driving smoothly helps the truck not wear as fast.

 

Ill have to check them out.

 

This truck is also through them, although my interest rate was a lot lower.
AFAIK, they only finance Freightliner, Sterling and Western Star though. So if you want another make, they probably wont help you purchase a truck from the competition.
I also had a good deal with Wells Fargo Equipment Finance.

Martin

 

Thanks for the info. Wells fargo said i needed a checking account with them for them to even tell me their options.

 

Something is goofy then, or they changed how they operate, which is idiotic in the equipment financing world.
My last truck was through Wells Fargo, via the dealer I ordered it through. 5% interest rate in 2005. Never had a checking account etc with them myself

 

Sounds like you have it figured out in a Good way then Richter!! I am a Company driver that has thought about buying my own truck but can never get straight answers from Most O/O.. Been doing alot of Research and your numbers sound Farfetched for people who say they know the Business.Leftlane,Instead od doubting what he is saying maybe you should ask a Few more questions.From what I read,Richter at least put some #'s out there for people to think about and question but I noticed you didnt.Put up or Shutup Driver.Sounds like your just Bashing now