Reality of my logic

What kind of percentage are you going to be charged?
If you have to haul their freight, what kind of rates and where is it usually going? Lumber and bricks is known to be on the cheap side.
Are you going to be expected to grab back hauls directly back? If so that will possibly.

How old are you?
were you raised messing with trucks?
How much have you actually driven?
What kind of driving was it?
How mechanically inclined are you?
Have you worked on trucks, air brakes, etc?

 

Being anti-loan is the way to be but remember you are starting a business. Very, very few people can start a business without a loan of some kind. Your attitude is good and you seem sharp for a 31 year old. I think you'll do fine with patience and planning. Seems to me you're asking some good questions.

Also, on that 'don't want to spend a weekend fixing your truck to save a few hundred'.....Sometimes you've got to. Family comes first but of course you've got to feed that family. If you can spare the time and learn something by doing a repair then do it no matter when it is. If you've got 8 other things and it's worth the time to pay to have it done then that choice wins.

Just remember to always negotiate time vs. money in your head. It becomes more important as an owner. Sometimes I'd lose a $1k load to have dinner with my wife or kids.

 

So theyre gonna get 30% of your ratecon.

Do they provide trailer?
Liability/cargo insurance?
Ifta?
ELD?
Any benefits/extras/fuel discount?

There are a lot of different arrangements in trucking. Its okay to give up more percentage if youre getting more for it and vice versa. Until you work for them and see how many dollars are you getting for a day of running itll be hard to say how good or bad of a deal youve got.

If theyre putting up significant capital then its not unreasonable to want you signed on for 6 months to minimize their risk of you being a flake. But if you need to cover all expenses, have your own trailer, give them 30% and be bound to their freight coverage needs, i may suggest asking a few more of their O/Os about their miles and settlements before jumping in.

6 months is long enough to be bankrupted by a bad deal. Not saying it is or isnt, just that prudence is warranted. And i wish you luck, its wise to contemplate these things a while.

 

And to let the 1000 dollar dinner go.

My relatives ran a tavern for a long time. And they tried to be with family when possible. Even if it costs some revenue or some other problem with money. I think one of the greatest things possible with them was that as children we did not need to hear about the 6000 in utilities due that month etc. They kept their books and cash but that was where it stayed.

 

No it shouldn’t be anywhere near that. Depending what you’re charged back, by them. Best to have them pay for public liability, and cargo. Some try to charge those costs back to lease op. Avoid that if possible. For that reason, paying for insurance, they usually frown down on too much time off.Anythings possible, I suppose. If their pay is high enough, and you agreed to pay those insurances. Then taking time off, would’nt cost them, but it will cost you more to park it. Typically, all you should have to pay for is bobtail, ( non- trucking liability ) Ins. Fire/ theft / collision/ optional. Best to have all 3. Usually will pay more than you can sell for anyway, should a mishap occur. Instead of putting you out of bussiness. You get to go Truck shopping. Ins. rate based on Truck value. a $15000 Truck, cheap. You’d have to ask around,but BT Ins probably around $100 a mo. I’m guessing, these days.As far as interest rates, be careful, a lot of liars in the Bussiness. Easy loans abound, claiming 20% etc. structured as $1.00 buy out closed end leases. Usually can be had for First and last payments down. Check the numbers with Bank rate. Com. Using the auto loan calculator. So called 10% loan is actually 16-28%. Also have pre payment penalties, etc. 30 k @ 10% roughly$1000 mo. 36 mo./ 40 k@ 36 mo. $1250, 40k @ 10% $1000 mo. 48 mo. I’m sure my #s are off, like my memory, but close. Check bankrate, play around with different scenarios. If takin a loan , Definately will need collision/ fire/ theft. 30 k Truck, basically double per mo, than a 15 k Truck.

 

That example would be for around 7-8% car loan. Your on the right track, Shop rates. Know your #s. %= ? Per $1000. Your thinking exactly like most,including myself,buying a practical, instead of fancy Truck. But you need to consider you’ll probably be in that Truck for a while, consider getting a Truck that you like. Makes the job easier, and spending money on it easier. Nothing’s worse than spending $$ on a Truck you hate. Get something nice, and be committed to Sucess..Advice my Father gave me, almost bought a small bunk International, L10 Cummins, very practical purchase. Thank God he talked me out of it. I surprised him and bought a WS with a Cat. Lol. Never regretted it. Ease of maintenance also important, sometimes giving up .5 mpg. I prefer Freightliner Classics, with Detroit, for many reasons, mainly cost efficiency and easy to work on. I don’t know much about newer Trucks, but stay away from Cheap Internationals with Cummins, riddled with emissions problems. They’re cheap for a reason.Not having a payment is ideal, 23 k loan @ 10% $750 mo. Pymt for 36 mo. should be an easy thing to do. Well worth it for a much better Truck. Condition of interior, usually a good indicator of the condition of mechanical. If they didn’t keep interior nice, I guarantee they neglected the rest.

 

Fuel mileage does not seem a big deal. When you dont have a $4,000 a month payment on a new truck.
A few years old truck is still $70,000 near in price and no warranty worth having, so you may need to pay for $35,000 rebuild of a 500,000 mile engine out of pocket.
Buy a decent good running truck for less than $15,000 get it inspected for any engine issues first. Than run it. Old engines are about $12,000 to inframe. And way easier to get repaired.
This is all I can think of right now.