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How much down?

Discussion in 'Ask An Owner Operator' started by northoceanbeach, Dec 14, 2008.

  1. Dec 14, 2008 #1
    northoceanbeach

    northoceanbeach Light Load Member

    109
    27
    Apr 4, 2007
    0
    Just a little curious for the first time about O/O. How much do you need to put down and what kind of credit should you have for a good truck.

    Also, I have in my limited experience, heard that O/O have to run illegal, like multiple logs, to make it work. Is this true? Or can you run just like you would if you were a co. driver, say 2500 miles a week and make a prifitable business.


    Thanks for the advice.
     
    northoceanbeach, Dec 14, 2008
    northoceanbeach, Dec 14, 2008
    #1
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  3. Dec 14, 2008 #2
    Mr Win Big

    Mr Win Big Light Load Member

    59
    18
    Nov 20, 2007
    DFW Texas
    0
    It depends on the bank. With good credit, you can get away with less than 5k. With bad credit, you might be looking at 5k to 10k down, depending on the vehicle. Its best to buy your truck with your trailer because trailer financing can be a whole nother animial.

    You can run legal, as far as the profits, just depends on how you run your business. Rates are a lot lower right now due to the economy, but you can still move the truck and turn a profit if you play your cards right.

    Mr Win Big
     
    Mr Win Big, Dec 14, 2008
    Mr Win Big, Dec 14, 2008
    #2
  4. Dec 15, 2008 #3
    Working Class Patriot

    Working Class Patriot Road Train Member

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    23,165
    Jan 17, 2008
    Wherever and Whenever...
    0
    Let's put it this way....
    The banks aren't ready to "loosen" credit even for those of us who have stellar credit ratings. Before the credit crunch...I was at 830 on my FICO last year.
    Until things change, loans will be tough.
    BTW there are still brand new rigs sitting in the lots that are 2008 models.
    I have seen several 2008 389's that the dealers still won't let go for less than $130K.
    I guess they're holding out for the "big buy" in 2010 when we all have to be CARB compliant....:biggrin_2552:
     
    Working Class Patriot, Dec 15, 2008
    Working Class Patriot, Dec 15, 2008
    #3
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