should I buy truck with cash or get loan?

Cash is king, if you will still have enough left over to cover 60 to 90 days of operating expenses after buying the truck and getting it on the road.

If not, then you may have to borrow the truck money. I have always been cash only, never worried about building credit or using other peoples money. I prefer owning everything outright, which I have mostly been able to do. It is tougj but no one can take away things you own outright.

Besides, why pay interest on borrowed money to finance something going down in value, it only adds to the loss.

 

I wouldn’t pay cash for the truck or take out a loan on one unless I had another $15-20k saved for repairs, maintenance and unexpected costs.

If you have $30k or more in the bank, then your open to more options.

Most truck loans will require a down payment which will also deplete your funds.

Next option, unsecured personal loan.. but expect a higher interest rate.

 

$15-$30k cash for a nice older truck.
$15k for startup maintenance fund.
Loan on a new trailer if achievable.

You’ll be streets ahead.

First off - business plan.

 

I just realized this is in the hot shot area - but the basic rules apply.

I used credit as a backup for maintenance, but offset it by thorough prepurchase checks.

Cash for the truck, and $25k loan for new trailer with $5k down.

My thinking was that - even if the tractor began causing me grief, at least the trailer wouldn’t.

Strong personal finance position is also key.

Good luck.

 

Good.

I did a LOT of research before getting in. Non biased open minded research.

I dropped the idea, then revisited it twice.

My only regret is I hadn’t done it sooner.