Need A Loan to start a business

Discussion in 'Trucker Taxes and Truck Financing' started by Keever Transport, Nov 12, 2019.

  1. Keever Transport

    Keever Transport Bobtail Member

    Nov 12, 2019
    I am a truck driving Woman . I want to start a trucking business . I have a paid for home I want to use for collateral. However I am unemployed at the moment . Any one know of a good loan provider .Any ideas would help me thanks in advance KKP
    nevesu Thanks this.
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  3. Ridgeline

    Ridgeline Road Train Member

    Dec 18, 2011
    With the way everything is, the very high failure rate and the saturation of crap drivers coupled with the high capacity in the industry, this is a great time to be a company driver.

    Do not use your house for collateral.
    roshea, 51.50, HoneyBadger67 and 14 others Thank this.
  4. rbrtwbstr

    rbrtwbstr Road Train Member

    Jul 11, 2012
    in the bush somewhere
    Not trying to be a jerk, but why on Earth would you put your home up as collateral on a business with a historically high failure rate?

    Never tie your house to your business!!
  5. craig_sez

    craig_sez Road Train Member

    Sep 5, 2013
    Lol no job but you want someone to loan you $ to start a business.....
    Get back to work and pay off all that you own then save..It will look better for you..
    Putting up yer house?? You nutz!!!
    Watch shark tank and listen to what those folks keep saying..
    Coffey, brian991219, mp4694330 and 3 others Thank this.
  6. TruckerPete1990

    TruckerPete1990 Road Train Member

    Jul 16, 2012
    Rogers Arkansas
    Here is a KEY to running a business. KEEP the home stuff away from trucking STUFF. Dont ever put a home up for a truck... Check out lone mountain for a truck.
    51.50, Coffey, mp4694330 and 2 others Thank this.
  7. "semi" retired

    "semi" retired Road Train Member

    Apr 16, 2014
    high plains colorado
    Shows how desperate some folks are getting. Starting a trucking business now is foolish and to put your home up, even more so. You'd be better off selling mobile homes. Got to give people credit for trying, tho. A local couple decided to go into the Jeep/ATV rental business, had it exactly one year, lost their freakin' shirt. Repairs, insurance and lack of qualified help killed it. Sound familiar?
    51.50, Coffey, mp4694330 and 1 other person Thank this.
  8. Penumbra

    Penumbra Light Load Member

    Jul 29, 2019
    Business 101 you MUST keep your personal and business assets separate. You cannot be risking what you have for a business. It’s just bad business.

    how many times do we see Kitchen Nightmares or any of those other save our business shows, and the owners have put their homes up. Don’t do it!

    If you want to be a business owner, you need to start having a business owner mentality. You will NEVER be able to make sound business decisions if the risk-reward is always “if I’m wrong I lose my home.”

    I ran kitchens for 10+ years. My first rule was, the moment we start losing serious money, we need to make a huge change or cut the losses.
    roshea, 51.50, Coffey and 1 other person Thank this.
  9. jamespmack

    jamespmack Road Train Member

    Mar 25, 2014
    I agree with all of the above. Only thought would be to consider downsizing. Sell house and buy something much cheaper since your not going to be there as often. I would stay away from rent. Seeing that a paid for home is fairly cheap to pay taxes and maintain.

    Nothing wrong with downsizing and using some capital. Buy like they said it's a ruff market in trucking right now.
    Coffey and mp4694330 Thank this.
  10. TruckerPete1990

    TruckerPete1990 Road Train Member

    Jul 16, 2012
    Rogers Arkansas
    Its really not that bad of a market. Best thing to do it get on a contract for millage and run ur ### off. I Do just this... Made 130k sense april with the company im with.
    mp4694330 and "semi" retired Thank this.
  11. TexasKGB

    TexasKGB Light Load Member

    Oct 15, 2019
    Fiddler's Green

    You don't have enough equity in your home to start a business. The interest rates will pile up; and you can either - maybe - break even without paying yourself, or pay yourself and strangle the business.

    In two years you'll have ruined health and credit, no home, and a lot of regret.

    Hire on with a company, learn the lane, save some cash, then try it.

    I'm sorry if you feel differently, or have been sold a different abstract. These are facts.
    Rightaway, Coffey and mp4694330 Thank this.
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