Signed papers on a new 53' Utility dry van...

I got my own authority in January after 7 years in the industry. Bought a new truck (through a small local community bank) in December at 5.5% and signed today on my trailer at 5.5%.

I rented through McKinney for the first few mos to make sure that I wanted to continue doing dry van, which I do.

My rental payments with their customary mileage maintenance rate ended being anywhere between $850 and $900 a month.

My payments on my new trailer with 5k down are now $475 a month, which I felt was justifiable, especially since I will own the trailer at some point with some equity.

What is interesting is that the company I was previously leased onto charges their leaser's $2,500 a month for one of their new trucks and $850 for the trailer rental. Which is $3,350 per month base charge before insurance, fuel, etc.

I'm now at $2,250 for both truck & trailer and am comfortable with that. Especially with brand new equipment.

 

Great interest rates. I've got great credit and my bank hits me with 7% or so, but I always buy used. Might be the difference.
I don't see how the lease purchase guys make it. They've got go work two weeks every month just to cover payments and fuel before they get anything for themselves.

 

Yes, the rates are pretty decent. I got my first loan with them last year in April on a 42k used truck. Was able to secure 5.5% on that one too. I traded up on that truck into the new one.

Actually, 7% isn't too bad in today's market. A friend of mine was quoted 13% the other day on a new truck and his credit scores are in the high 600's.

The lender cited lack of commercial credit borrowing history for the higher rate...

My experience is that I had to identify a local community bank that specializes in commercial credit lending. I found one and went in and sat down with the guy. His first response to my request wasn't very enthusiastic, to say the least.

However, it's like most things, you can't take no for the first answer a lot of times. Sometimes these guys just want to see how willing one is when it comes to jumping through all the hoops.

 

Local banks are great. The last two I bought just called my officer on the phone and he said to fax him the bill of sale. Pretty nice.

 

I was a builder for years during the housing boom. I had that same kind of relationship with my banker at that time. I would call him on the phone and say, "I need 100K" to make a move on a building lot. He'd say, "when do you need it?"

Those days (as well as the bank) are long gone with the start of the great recession in 2008.

 

Sounds pretty cool, I'm not a truck owner operator, but I am a limousine/liver car service owner and while I just buy my equipment flat out (used don't used loaned money) I know how to line item pretty much all expenses.

I don't really have any interest in being a truck owner operator, but I think I could do it, I mean I calculated exactly how much it cost per mile at one point in time just on the tires. It's not that hard really you figure tires cost what ever and they last for 100,000 miles that means divide that cost by 100,000 and that's your tire cost per mile. So on and so fourth.

It sounds to me you have a pretty winning set up there $475 a month for trailer payment sounds pretty reasonable to me. What does a dry van trailer cost brand new? I know there's different options and models even for a dry van, but what's a basic 53' dry van trailer cost new $40-$60K somewhere in there? I would

My dad used to be an owner operator and they had 2 tractors and 3 trailers all of it was used stuff my dad said used trailers really aren't all that expensive well let me put it this way there cheaper to buy then tractors ha-ha!

Anyhow sounds pretty good to me.

 

Top of the line Hound you can get for $28K to $32K with air sliders The Hound is the best, not the TOP Hound trailer.
A nice Hyundai with air sliders $23K

The guy I was leased onto, 2015 Hyundai $100 week.
$2500 month for a tractor & $850 month for a trailer, somebodies been at the bong water again.

 

I haven't been on water bong That's exactly what guys are being charged on that fleet.

Also, you'd be hard pressed to buy a brand new 53' ft dry van, with sliders, vents and aero wind deflectors for 23k, just sayin'...

 

That's what dude paid for his, actually $22K. And there are several people on here that post about dry van purchases. One guy got a new Great Dane, sliders, skirts $28K, that's a great deal. Those were 2015's the way the market is they couldn't have gone up that much.
There's lots of small to medium companies in Iowa that turn there dry boxes every few years for some reason
( salt?) and you can get a nice used van 2012ish, 2010, for in the neighborhood of $12K to $14K.

I was miffed cause I had to pay $100. Basically that's 208 weeks X $100, that pretty much covered the purchase for him, they paid the maintenance, the Hundo covered the wear and tear. My agreement was 80% line haul, my own tractor. I'm sure he made more than enough off the top to more than pay for that trailer.
$850 month? That's some HUGE balls just to ask for that. I had friends & family riding me pony at a party for paying $100. It was a very nice trailer though.

I talked to McKinney & everyone else. Glad you bought your own. That was one thing holding me from getting my own numbers, cause I thought that's just too much for a trailer, plus they gig you for wear. So save, save, save.

 

The cheapest brand new Hyundai in this list is $25,975 and that doesn't include FET and I bet no skirts either.

Personally, I wouldn't buy a Hyundai. That's just me though.

http://www.truckpaper.com/listings/...ew&YF=2017&YT=2017&CTRY=&ST=&Feet=53&PT=32000