FinanceGuy
Active Expediter
Hello Everyone,
Sorry I have been absent from the forum for a while but I have been talking to individuals nearly every day who are calling me about how to finance an expediter truck - both experienced O/Os and first time buyers.
Often after I have talked with someone who wants to buy their first truck they will conclude that they are not quite ready to make that jump. Maybe they need to work on their credit file to improve their scores or they may need to put together a little more money for a down payment. These are the two largest hurddles that a first-time buyer needs to get over.
However, if their credit score is not an issue and they are interested in buying a straight truck, then Expediter Services has a program that may be able to help them. Expediter Services is currently offering down payment assistance loans for credit qualified individual who are looking to finance a Class 8 Expediter Straight Truck. The reason they are requiring a Class 8 straight truck is due to the fact that Class 8 trucks are engineered to be over-the-road trucks where as Class 7 trucks are built to be used as local vocational trucks. The Class 7 trucks do fine for a while but as they age, especially after 500,000 miles, the potential for costly repairs goes way up.
Getting back to my original point, not everyone is ready to an owner-operator. To help become a successful owner-operator you should understand basic business principles such budgeting, cash flow analysis, and how to use basic financial software like QuickBooks. You also need to have some working capital so that you can respond to repairs or other needs that may occur when you are on the road. I tell everyone I talk to about becoming an owner-opertor to have about $3K to $5K after you make the down payment on the truck. That is actually one of the smartest uses of the down payment assist loans available from Expediter Services. I would advise a first-time buyer to keep back some of their own capital and borrow part of the down payment to have enough money to begin their owner-operator expenience with much less stress.
My number one concern, especially for first-time buyers, is that they come into the industry with as much information as possible to allow them to make the best choices for themselves. Sometimes it is to move forward now and sometimes it is to drive someone else's truck until they are ready to start their own busuness.
Please feel free to respond with questions or comments here or you may call me at anytime with a question or two.
Sorry I have been absent from the forum for a while but I have been talking to individuals nearly every day who are calling me about how to finance an expediter truck - both experienced O/Os and first time buyers.
Often after I have talked with someone who wants to buy their first truck they will conclude that they are not quite ready to make that jump. Maybe they need to work on their credit file to improve their scores or they may need to put together a little more money for a down payment. These are the two largest hurddles that a first-time buyer needs to get over.
However, if their credit score is not an issue and they are interested in buying a straight truck, then Expediter Services has a program that may be able to help them. Expediter Services is currently offering down payment assistance loans for credit qualified individual who are looking to finance a Class 8 Expediter Straight Truck. The reason they are requiring a Class 8 straight truck is due to the fact that Class 8 trucks are engineered to be over-the-road trucks where as Class 7 trucks are built to be used as local vocational trucks. The Class 7 trucks do fine for a while but as they age, especially after 500,000 miles, the potential for costly repairs goes way up.
Getting back to my original point, not everyone is ready to an owner-operator. To help become a successful owner-operator you should understand basic business principles such budgeting, cash flow analysis, and how to use basic financial software like QuickBooks. You also need to have some working capital so that you can respond to repairs or other needs that may occur when you are on the road. I tell everyone I talk to about becoming an owner-opertor to have about $3K to $5K after you make the down payment on the truck. That is actually one of the smartest uses of the down payment assist loans available from Expediter Services. I would advise a first-time buyer to keep back some of their own capital and borrow part of the down payment to have enough money to begin their owner-operator expenience with much less stress.
My number one concern, especially for first-time buyers, is that they come into the industry with as much information as possible to allow them to make the best choices for themselves. Sometimes it is to move forward now and sometimes it is to drive someone else's truck until they are ready to start their own busuness.
Please feel free to respond with questions or comments here or you may call me at anytime with a question or two.
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