Just another dumb financing question.

I don’t see any kind of a business plan here. Or what you are going to do with the truck.
Have you got any idea of the costs for chasing this dream?

 

How much is an old ratty IH worth? Maybe a personal loan from a credit union, maybe 2 different loans, 2 different banks/ credit unions. Getting 10k for Dads bills, pay the rest ASAP.

 

How much $ does your dad want for the truck ?

 

If you get a loan on that truck you will have to carry full insurance on it also. Have you checked into that?

 

You said the bank won't because you have no income history with the truck. Perhaps find out how long of a history they want. If you're Dad will hold put that long, use the truck to attain the income history the bank wants.

 

if dad really loved him. he would say son dont do it

 

Well if you are a truck mechanic you should know about the truck, and I’m assuming that your dad can probably help you with finding work for the truck so it might be as good of an opportunity as your going to find to get started. Having someone that knows the business to help you out goes a long ways.

Unless you’re going to run under your dad’s numbers you should check out insurance though. They will want a good bit up front before they insure you most likely.

 

I tell you a story, it is a telling story so here goes,

I met someone a few years back who bought his truck from his brother, his brother was a prick and a drunk, failed his random and the company he was leased to terminated his contract, he had to dump the truck to get more booze, seriously that was what the guy told me,

So he went to his bank to get an unsecured loan (he was living with his dad and no money or assets) , a bank his family used for 80 years, they knew the president of the bank however they wouldn’t give him an unsecured loan. They said exactly what you said, no track record of making money with the truck and there had to be six months of work.

His brother did not give a crap, he wanted to sell it and was going to sell it to someone else. His brother by the way was trying to figure out how to get the dad out of his house so he can sell it.

So this is what the guy did, he asked his brother for six months with the truck as his brother owned the truck, he would pay his brother first $3000, then $1000 per month for those six months to establish a work record for the bank to see the seriousness. After six months he went back to the bank, got a loan for the truck and transfer the truck to his name. He paid the loan off within a year, and then went on to get his own authority and four more trucks,

his brother got his money and pissed it away quickly. One night he ended up getting drunk at a bar next to a rail crossing. Left the bar, got a few feet, passed out on rail tracks and almost run over by a train. Fortunately someone leaving the bar saw him on the tracks and just pulled him from being run over then left him there for the night after the guy tried to wake him up, I won’t say how he tried but he was wet from it.


So hope this gives you an idea on how to finance it, seeing it is family, work out something to get established.

 

I couldn't get financing for a truck, a previous employer wanted to sell. I made a deal with him that I get paid 25% and the rest goes into a bank account until there is enough to pay the note off. He received 15% for his authority and trailer rent. Repairs and tires came out of the account. It took me 5 months to pay off $30k truck. Might be something you guys can talk about.