Have a job but No Truck... HELP Please...

[Janette]

I have a job lined up with On-Time Express here in MI but no luck getting a straight truck. My grandparents are helping by financially backing it and using their credit. So, they went to the bank to get a loan and couldn't get approved for a large enough loan to buy outright. We've looked into leasing but they have mileage restrictions sometimes and don't want to lease to a new business. I guess I'm hoping someone will know of a dealership that will finance us with up to $10,000 down, truck owner not driving and not an established company yet. Even a place we'd be able to lease with or a private seller who would take a down payment and accept monthly payments.

Thanks!

 

[Sunseeker]

check out the classified here there is a sterling for 11k total
plus its a 10 wheeler so more load ops.

 

[Poorboy]

Janette, I Sent you a P.M.

 

[Dreamer]

Don't mean to be out of line... but.... it's gotta be said... do you really want your grandparents to risk their money, credit, home, whatever, to get you started in business? I mean, if you were experienced and knew the business I MIGHT see it.. but I really can't see asking my family to risk THEIR financial future so I could try a new business.

I hope the 10K is yours... and not theirs!


Dale

 

[Zoli]

Go drive for somebody save some money and after that buy the truck .

 

[rikd57]

I agree with Dreamer and Zoli, you should drive for an owner for at least a year before you invest in your own truck. Further, I would recommend that you find an owner with a more established company such as Tri-State, Try Hours, Panther or Fedex Custom Critical. You should only run for the smaller ones after you know the business.

 

[davekc]

No......you have no job. You are trying to buy one with your grandparents money. Take the advice given and drive for someone until you ACTUALLY understand the business. Then make the investment with YOUR own money. Don't borrow your relatives money and potentially (likely) leave them a mess and damage their credit.

 

[Janette]

I do have over a year of experience driving a straight truck for someone else and I also have about 6 months of experience driving a tractor/trailer. So, I do know what I'm getting into and what it's going to take to move forward.

 

[davekc]

I do have over a year of experience driving a straight truck for someone else and I also have about 6 months of experience driving a tractor/trailer. So, I do know what I'm getting into and what it's going to take to move forward.

Hate to be harsh, but you are still at the same place. You are trying to buy a job. No point in calling it something else. If you drove a straight for a year that will help, but isn't a substitute for actually understanding the expediting business.
Using your relatives finances is a recipe for disaster. You are ready when you have your own capital or cash in reserves equal to the amount you are trying to borrow.
I would really recommend reseaching posts about a year back so you can see the logic in what myself and others are telling you.

 

[greg334]

I'm concern because I do not to see another failure. It does bring up an important question - why are you so h*ll bent on getting back into this business by owning a truck?

If you haven't screwed up in the past, then you will have an easier time finding an owner than if you went to the "I need to own a truck" thing.

 

[Dakota]

I have to agree with the other posters. I am new to expediting, I started in April of this year, I am not new to driving straight trucks. Expediting is a whole other beast. My company is not a true expedite only company, but I am still struggling, I'm going to make it, but it hasn't been easy.

What happens when your truck breaks down? If you are broke and have to borrow 10K from the grand parents where are you going to get 8K to repair your truck? If you have the 10K in a savings account for emergencies, then that is a different matter. Once you buy the truck and use that money, you have no emergency fund.
I lease my truck, and get a lease replacement truck when mine is down, reciently it has broken down and been in the shop for over a month , the first four times they spent over 6k to repair it, the fifth time they spend who know how much to tear the engine down to replace # 2 cylinder(estimate at least 4k) Do you have 10k to fix your truck? I sure don't. Check out my thread "My Hino Nighmare" If I wasn't leasing I'd be without a truck and a paycheck for over a month, Can you afford to do that?
Take everyone's advice drive for a fleet owner, get some money in savings, the more the better, and then think about becoming an owner operator. Maybe the economy will recover by then and you will make it, sorry to say it sounds to me, like you are setting yourself up for failure, and not even with your own money. Just my opinion!!!!

 

[Janette]

Alright then. Anyone know where I can get a company driving job for a straight truck in Michigan? All I'm finding is owner operator jobs.

Just so everyone knows, my grandparents would be co-owners of the company, would make money and it was their idea to start a business their family could make a living on. I'm not the kind of person who takes advantage of people.

 

[Dakota]

Look in the free classifieds, right here on EO lots of fleet owners with truck leased onto companies. Alot of them are for team drivers but there are a few fleet owners looking for solo's
Good Luck!!!