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need advice from o/o's please!

Discussion in 'Trucker Taxes and Truck Financing' started by grimesjm1, Dec 30, 2009.

Page 1 of 2
  1. Dec 30, 2009 #1
    grimesjm1

    grimesjm1 Medium Load Member

    375
    228
    Nov 5, 2008
    Kensington,OH
    0
    IAnyone ever dealt with Bulldog Truck Sales out of Alphareta, GA?
    Recently bought a car hauler from them and i'm now in need of a tractor. They have an 04 Volvo 670 with 470k. Cunmmins isx engine. They are wanting to put new tires and brakes on it and sell it to me with a 1 year 100.000 mi warranty for 50,000$ at 18% interest.
    Initially that sounds absolutely ridiculous. I see these trucks and nicer going on ebay for 25,000-30,000.
    Problem is, i don,t have the traditional 20% down and my credit is about 660. I cant find help anywere in getting into this.i have aout 4000$ to my name right now.
    Is that really that far out of line though? Cash prices i would never pay that much, but i dont have cash to buy a truck and they are the only ones who will deal with me. Flip side is this job makes REALLY good money, and making the payment will not be an issue, i just dont see any other options to get me going. Anyone got any better ideas?
    I see all the l/p programs companies offer on here that the terms are way worse then mine and they arent making anywhere near what a real o/o makes. what would you guys do in my shoes?
     
    grimesjm1, Dec 30, 2009
    grimesjm1, Dec 30, 2009
    #1
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  3. Dec 30, 2009 #2
    stranger

    stranger Road Train Member

    3,640
    4,959
    Oct 10, 2006
    NC
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    The 18% interest is what is going to kill you. That is like rates from the late 70s, early 80s. Many a trucker went out because of those high rates.

    Run an amoritization on the amount you will end up paying for the truck at that rate.
     
    stranger, Dec 30, 2009
    stranger, Dec 30, 2009
    #2
  4. Dec 30, 2009 #3
    Winchester Magnum

    Winchester Magnum Road Train Member

    1,492
    1,647
    Jan 4, 2009
    Alaska highway
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    Stranger nailed it. The best piece of advise I can think of regarding a loan, is do not ever sign without looking at the amortization schedule.

    And yes, 18% is crazy.

    I'd walk ....
     
    Winchester Magnum, Dec 30, 2009
    Winchester Magnum, Dec 30, 2009
    #3
  5. Dec 30, 2009 #4
    RickG

    RickG Road Train Member

    12,812
    6,137
    Jul 22, 2008
    Owensboro , KY
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    If you only have $4,000 to your name you shouldn't even think about trying to be an O/O .
     
    RickG, Dec 30, 2009
    RickG, Dec 30, 2009
    #4
  7. Dec 30, 2009 #5
    REDD

    REDD The Legend

    6,237
    4,291
    Jun 29, 2009
    Dueling Banjoville
    0

    I didn't have 2 pennies to rub together when I bought my truck & trailer. In fact, I pawned everything I owned just to buy my headache rack, chains, binders, straps, & tarps.

    I seem to be doing well without all the startup cash everyone suggests. My bills are caught up & paid ontime now. I also have all my pawned items back at home.






    I guess I'm doing something wrong!
     
    REDD, Dec 30, 2009
    REDD, Dec 30, 2009
    #5
    outerspacehillbilly, southernpride and groundpounder Thank this.
  8. Dec 30, 2009 #6
    RickG

    RickG Road Train Member

    12,812
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    Jul 22, 2008
    Owensboro , KY
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    So you were one of the lucky ones . For every one like you that makes it there's a thousand that fail .
     
    RickG, Dec 30, 2009
    RickG, Dec 30, 2009
    #6
  9. Dec 30, 2009 #7
    REDD

    REDD The Legend

    6,237
    4,291
    Jun 29, 2009
    Dueling Banjoville
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    I'm not screaming success just yet. When everything is paid off, it'll be a success!

    I was just trying to point out that it could be done without a wad of startup cash. But a person can't be picky & try to hold out for $5 a mile freight! If I had to do it over again, I'd do it just the same way as I started. With nothing. To me it gives me a greater feeling of accomplishment just knowing that I started with nothing. I've also got more respect for the truck knowing that it is my dollar that has to fix it.
     
    REDD, Dec 30, 2009
    REDD, Dec 30, 2009
    #7
    groundpounder Thanks this.
  10. Dec 30, 2009 #8
    Brickman

    Brickman Trucker Forum STAFF Staff Member

    12,908
    12,210
    Sep 17, 2006
    WY
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    Doesn't Select trucks still do the $1000 down deal?
     
    Brickman, Dec 30, 2009
    Brickman, Dec 30, 2009
    #8
  11. Dec 30, 2009 #9
    stepnfetchit

    stepnfetchit Medium Load Member

    336
    435
    Jun 23, 2009
    Monett MO
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    Just looked at Truck Paper. 2006 Volvo 670,ISX Cummins 475,13 speed, 3:42 rears, new tires and 80% brakes=$39950.00. $50,000 with 18% for a 2004 is a little high. Jesse James robbed people but at least he stuck a gun in their face and demanded their money.JMO
     
    stepnfetchit, Dec 30, 2009
    stepnfetchit, Dec 30, 2009
    #9
    outerspacehillbilly Thanks this.
  12. Dec 30, 2009 #10
    southernpride

    southernpride Gone But Never Forgotten

    714
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    Apr 5, 2009
    orlando,fl
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    now i tried to deal with him at one time and i found that he lies a lot.he saays he can get you financed he is the bank, when if fact he is not he cant even spell bank.
    his credit aplication well he wants all he can get encluding your first born child.
    his trucks are repo trucks and most have been run hard and put up wet.

    you can do a lot better then bulldog, i wouldnt play his game your sure to lose.

    best of luck to you. southernpride:biggrin_25510:
     
    southernpride, Dec 30, 2009
    southernpride, Dec 30, 2009
    #10
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