thinking of getting my own truck

It's a l/p. Of course you have the option of bringing your own truck. You can run IC on the tanker side but not Choice at the current time even though they keep saying they will implement it soon...but that seems to be a running joke as they have been saying that for years.

 

My brother finances rigs,and says usual payments,are about $1500 monthly.
Weekly payments are a sign,of a shady deal..IMHO

 

Most companies you sign on with as part of a lease/purchase will take a weekly payment from your settlement.

 

Understood.
They get financing from the bank,and making weekly payments,greatly reduces interest,but again its a fixed,cost of business.
You could always get bank financing,with monthly payments,and make payments weekly.
Easier to do a monthly budget..in my book.

 

$1500 a month is a truck 4 years old at least.

you WON'T be financing a new truck for $1500 a month. Unless you put at least 30% down, i''m guessing. Maybe more.

All of our trucks, are costing the boss $2600 a month EACH. on a LEASE deal. Traded in every 3 years.

1500 a month X 60 months comes to $90,000 with zero interest.
I could be wrong but i think our trucks cost $125,000 or better.

 

Make sure have the work first. Its easier to know how and where your money will come.from BEFORE you buy the truck.... be it that you lease it to a carrier and pull their trailers/loads or go 100% solo pulling your own trailer.

Get out of the company driver mentality and think in terms of setting up a turn key business. There is much more to it that just buying a truck. A lot of money involved.

If you can pay cash for a truck to get you started half your battle is over right there. If you plan to finance.. I strongly encourage you to have the customers/work you will be doing set up before you even start looking at trucks.

Get the work.. know what you will be pulling and how much you expect to be paid. Get your numbers right before anything else. Once you know where,when and how.. then look for a truck that will best do the job you need it to do.

Simply buying a truck and expecting the heavens to open up with golden pay days flowing your way just doesnt happen. You need to make everything happen.

Think of it as opening a restaraunt. You need to know your menu, how much to charge per meal to cover your operating costs and still turn a profit. Trucking much like anything else is a business based on profit margins. Know your numbers and know your truck. Be willing to do what the next guy wont and you will find the success you are looking for.

Hurst

 

New truck sitting the the shop for 3 weeks under warranty doesnt bring any money in. Just as easy if not more so having make sure that heavy note is covered each month. If the wheel arent turning.. just like any other truck.. it isnt earning. Also.. what about thing not covered under warranty? Then what?

I went the older pre-emissions, paid cash truck route. Personally its a risk either way a new O/O goes. I made sure I had enough cash to cover the what ifs before I ever started. Cash is king.. always will be. Depending on a loan and trying to get started with minimalistic capitol is a receipe for stress and too easy for things to go south real quick.

Just my opinion.. but unless someone really knows where his money will be coming from and what his profits will be.. I strongly suggest going with an older truck that needs some TLC and pay cash.

Have to be realistic and think about all the angles. My old hoopty isnt much to look at. But it earns as much as the new trucks and its paid for. Its as reliable not more so than any other truck out there. Do I want a nicer truck? Absolutely! It will come within time. For now I just bank everything I can.. then when I feel the time is right.. I move on to my next goal.

Hurst

 

i think the newer trucks are starting to come along as far as quality goes.

my maximum downtime is 6 days. and that's becuase of unskilled mechanics. working on their leisure time.

downtime for the whole fleet is about 25% of what things could have been if the company still owned the old trucks.

 

no money to put down..??

then you ain't gonna get a truck on your good looks. with the banking fiasco of a few years ago, down payments are needed. since you would be a first time buyer, you had better have a business plan set up and ready to take to the banker. if you need a co-signer, good luck with that too.

you might be better off staying a company driver, cuz with no down payment money, and if you buy used, you will indeed have to file bankruptcy. a new truck....?? it'll get repo'd quickly.

you would need at the very least, 6 months of your current salary in the bank for ALL those expenses, especially in the first year, or two, maybe longer.

i cannot wish you good luck, as it would be pointless to do so at this time and juncture.