loop hole with leasing or leasing to own a rig

If you lease the truck from a company you wont be able to take it anywhere else.

If you purchase a truck from a 3rd party you can take it anywhere.

 

None. Another thing that hasn't been mentioned here is that a commercial lending institution will not touch you without any experience in the industry, also not having a down payment makes it impossible to get a lone as well, the banks do not loan money to people that have no risk involved, if you have a down payment that you have put down, then that is a risk on your part as incentive to not fail, no down payment no risk on your part. Like Ironpony said, get some experience first, get to know the industry, the job, and the mechanics of trucks and trailers, take the time to educate yourself. Anyone that would go in to any business without a thorough understanding of that business and industry is destined for failure.

 

I doubt any. If you cant put a down payment on it, you probably wont be able to afford breakdowns and other such. Need more $$

 

if you are looking for a lease purchase where you wont get screwed,make good money and get home every weekend if you want send me a message,but you gotta flatbed,dont need no whinners,blue cross blue shield for lps and o/os after 30 days,been here since the 90s and these folks will take care of ya,and really treat ya like family,but they dont want no trainees or folks thats scared to work,if you got flats in ya blood and you a steel hauling stud its a good outfit,you can own your outfit in 2 yrs or less and make good coins in the process,and i aint talking no silly 900 or 1000 a weeklike some four letter outfit say,we got good freight and you aint gotta hunt it yourself,its waiting on ya. if you want a good truck insurance and good money hoola. no credit no money up front but you gotta mean business this aint no daycare

 

No bank will ever loan you money with no down payment. They want to make sure that you are committed to paying off the loan.

An experienced owner with an established relationship with a lender may be able to put 10% down but if you are a rookie I would guess you are going to be looking at 20% if not more. Banks and finance companies do not like to lend to purchase trucks as they lose too much value up front and they fear that used equipment will break before the term is up. Its a difficult area to find financing.

If you do not have money for a down payment then you probably have nothing set aside for repairs and fuel to start off with. It will be a while before you see your first pay cheque but you will have to pay your expenses first.

If you are dead set on leasing, lease through a third party therefore you are not tied to one company and you are not being controlled by the company that ultimately owns your truck.

 

I have always heard the best plan is to run a company truck for a few years and bank all the cash you can while learning the business.

Then when you have a down payment get a used truck. Then run that with low payments, pay it off, then run more years and bank all that you can.

Then you will have a much better position to buy new.

MIkeeee

 

Another thing to mention. If your a member of OOIDA, they will read over the lease agreement for you, and let you know if its on the "up and up"

 

The loop hole is not doing it unless you are experienced. Once you are experienced you will realize it isn't worth it!

The loop hole is that leases are designed specifically for people just like you! People who don't know any better and think they know everything! People who do not listen to experienced advice and no matter what are going to tell you that they will make it!

Your "loop hole" post is quite an ironic one. I'm laughing so hard as I type, I'm crying and can't see! You my friend, are the sucker! You are exactly what these companies are looking for. Point, shoot, bullseye! So be proud! They found you.

So Mr. "don't want to hear it" Please keep us updated on your "Bass syndrome" and make sure you keep us updated on your success....