This is crazy enough business decision imho, but to borrow money at 9% on top of it, wow. Just do something like rank said. Get into your business for much less anyway. Then after your business is successful, buy whatever you want.

 

Why not buy a truck and lease on hauling fuel?
I have been hauling crude for years but now am hauling fuel in my own truck.The pay is very good and I am still home every night.

Jon

 

the reason i talked about buying a newer truck is most of the companies besides container companies are requiring 2001 or newer to lease on. i really like my t600 and it's very easy to work on. i'm just a part changer ,not a true mechanic but i'm not afraid to tackle anything within reason. i'm just trying to learn why folks fail at their trucking dream and learn from them.

 

Oh I see.

If you can handle paperwork and have a head for business, and if the T6 is up to the task, consider keeping the T6 and running your own authority. I hate to see you spend all your money on a truck.

 

I don't run OTR but there are a handfull of guys that I know that got caught up in the lease deal from major carriers. Not one got out of it better than when they signed on,in fact they all ended up with some degree of financial loss and pretty bitter about it. To be honest I think that everyone wants to be O/O but not everyone is cut out for it. I have a saying I throw out every time I meet a company driver that wants to set the world on fire "You can teach a business man to drive a truck but can you teach a truck driver to run a business?" They look for the hungry driver and play on the lure of driving your own rig making the big $$$,for me you have to be sucessful in every aspect of it then the money will fall into place,just being a good driver wont do it. I agree with the late model cabover theroy,harder to find but way less to get into and thats what its all about, making it and keeping it. :wink:

 

If you want to lease to a carrier find one who will lease you on where the year of your truck doesn't matter. The better carriers don't care about the year as long as the truck is in good shape and looks fairly decent. The only thing most are interest in is if it will pass inspection. You are much better off coming into this business with as little debt as possible. Find a carrier who pays percentage. If you are a self starter, you can make more on percentage than running for a mileage carrier. Save your money and and if you want to buy something newer, pay cash. I would not take the 9% loan from your bank unless you really need it. I would instead see if I could get a line of credit. The line of credit will make the funds available but won't require you to make monthly payments unless you access the funds. Some lines of credit have an annual fee attached to them whether you use it or not.

 

Someone I talk to quite often just went to JB Hunt as a Lease driver. I told him not to do it. He is so broke and desperate to pay his bills all he heard was the $300 for orientation. He said they told him after 3 years he will own the truck. They told him that he should have revenue of $3000 a week and after all bills are paid he should have $1000 a week. Like I said I told him not to do it.

So this will be interesting to watch as he will be the first person up close that I know that will be doing this so I will see what really happens. I fear he is in for a bad time but I hope for his sake he does well. He is so broke that he said "what's the worst that can happen?" I told him to be careful with that as a lot can happen.

 

my truck is in far condition, i try to stay on top of everything. in your experience, this truck has 1,150,000 miles on it, 175k in an inframe rebuild. new turbo, new brakes, all new hoses, new exhaust, new radiator, new water pump, rebuilt oil cooler, new shocks, 95 percent rubber. can you keep up with this old of a truck when major things like engine, tranny, rear ends need rebuilding? my mechanic says he can get anything for this truck. my question is what would you consider the break point. i don't need a new truck for vanity sake, but i sure wish i had a few more gears (9 speed) thanks for your help in advance guys. i read all your comments.

 

How much would you take for it?

 

Yeh.