I'm in the investigation stages so be easy on me. I'm a truck driver (class A) currently and previous business owner.....I'm seriously thinking about quitting my current job and becoming an owner op with a expediter truck. I see 1 and 2 year old trucks in my market (Nashville, TN) running $100 -$125 K. What do these finance companies charge as a general rule for a lease (tax advantages). I'm trying to put a business plan together, I need some realistic lease numbers and insurance costs (leased on to one of the larger companies (Fedex, Panther, Load 1) Thank You in advance.
Cost Of Equipment Funding
- Thread starter TNDriver2
- Start date
You're not likely to find a true lease arrangement option for an expediter through any commercial enterprise. 'possibly' a private individual would do a lease-purchase or partial financing deal on a used piece of equipment they are motivated to unload. For initial business plan purposes, you should be thinking of a cash down-payment of at least 20-25%. Finance costs for the balance of the purchase price will likely run at least 10% interest on used equipment.
Expediters Services in MS can help you out. I would give them a call. They advertise on EO
I've done this once, so I'll go easy...things to think about:
-MUST be unlimited miles
-you have to do repairs and maintenance payments while you keep up with the truck payments
-a "write-off" is not a tax credit...example an individual paying 1000 a month would get a real life tax savings of $250 in a 25% tax bracket, corporation even less...100% deductions reduce your taxable income, not your taxes owing
Hey if you live in it and have no family it might work, it's just the most popular way to sell trucks where I live because they can sell the same unit 10 times as each buyer goes bankrupt
-MUST be unlimited miles
-you have to do repairs and maintenance payments while you keep up with the truck payments
-a "write-off" is not a tax credit...example an individual paying 1000 a month would get a real life tax savings of $250 in a 25% tax bracket, corporation even less...100% deductions reduce your taxable income, not your taxes owing
Hey if you live in it and have no family it might work, it's just the most popular way to sell trucks where I live because they can sell the same unit 10 times as each buyer goes bankrupt