Good or bad idea to buy a truck?

Tim_H

Member
I'm 35, been driving for 9 years... Currently work for a LTL company for 5+ years now. Was doing line haul for 4 1/2 yrs & now doing P&D city work. M-F 9am start time... 65k a year range... Lost prolly 8-10 G a year from leaving linehaul but working nights & having no life sucked & $$ ain't everything. I do miss driving a lot. I drive like 100 miles a day now compared to 500-650 a day on line haul. Is their companies around Columbus Ohio area that have a owner operator positions that work local, aka home daily?....& I have done tons of research & read blogs about buying a truck... People are successful or their wouldn't be any OO out here... Used trucks are everywhere for sale but then again I here the pros & cons bout used. I would deffly finance thru my bank ... Can I make $$ if I put a driver in the truck & see the business b4 I make a drastic change & leave my job?.....
 
I'm a FNG, is it worth it to put up with the head ache of owning your own rig? I was a 88M in the army for 10 years.
 
I'm a FNG, is it worth it to put up with the head ache of owning your own rig? I was a 88M in the army for 10 years.


Not everyone is familiar with the Army MOS codes. So you may want to loose the military mindset.

As to the rest of your questions. It will depend solely on you.

Do you want to be your own boss and an entrepreneur? Or are you happy being an employee and being told what to do? Do you have a business frame of mine? or are you more of a "don't want to mess with it on my weekends" type.

You'll have both camps telling you what to do. But it comes down to what is YOUR risk level and what do you want out of it.

My gut tells me if you are asking the question you are....

Go talk to TMC and drive their truck.
 
I'm 35, been driving for 9 years... Currently work for a LTL company for 5+ years now. Was doing line haul for 4 1/2 yrs & now doing P&D city work. M-F 9am start time... 65k a year range... Lost prolly 8-10 G a year from leaving linehaul but working nights & having no life sucked & $$ ain't everything. I do miss driving a lot. I drive like 100 miles a day now compared to 500-650 a day on line haul. Is their companies around Columbus Ohio area that have a owner operator positions that work local, aka home daily?....& I have done tons of research & read blogs about buying a truck... People are successful or their wouldn't be any OO out here... Used trucks are everywhere for sale but then again I here the pros & cons bout used. I would deffly finance thru my bank ... Can I make $$ if I put a driver in the truck & see the business b4 I make a drastic change & leave my job?.....
Great Idea!
Stay away from SBA loan!(they can come after ALL assets if need be)
Just about any other way is better!
Own truck and trailer is best but leasing on is good also. Not every body has up front cost(authority, trailer, insurance, two weeks of fuel $, truck reg. etc.) to start.
Let the company take out their percentage until you get funds built up(If need be)but if your leased on, get your own authority soon so you have it in your "back pocket" all you need to have generally is your own tag & bobtail insurance.
Do not put driver in truck unless you have known them a long long time!!!
Keep your miles down, less fuel cost. Keep regional. None of this coast to coast unless you piece loads together ( East TN to Little Rock to Dallas to Albequrqe to Vegas, to wherever.


 
I fronted the collateral for a $7500 SBA microloan to get a down payment on a truck/trailer and that was 5 years ago.

No reason for them to come for the collateral if you have sound business practices and manage your affairs correctly.
 
I fronted the collateral for a $7500 SBA microloan to get a down payment on a truck/trailer and that was 5 years ago.

No reason for them to come for the collateral if you have sound business practices and manage your affairs correctly.
Ahhhhhh! " If you manage your affairs correctly" also, they( the lender) could not find a fair market value for the trucks I was looking at. "to old" but that had nothing to do with who or what type of loan. I guess a personal loan might work for some?
 
Same for a personal loan as well.


If you have to put up collateral, mind your P's & Q's, there's no reason for them to come after your stuff.

Goes back to everything I say.


Learn good business management skills if you're going to buy a truck. Get out of the driver mentality and think like a business owner.
 
Learn good business management skills if you're going to buy a truck. Get out of the driver mentality and think like a business owner.

That is extremely valuable advice.

Doing this is the difference between failing, or going in debt every time you upgrade equipment, as opposed to working yourself into a debt free operation and/or fleet building if that is your goal.
 
If you have to put up collateral, mind your P's & Q's, there's no reason for them to come after your stuff.

Goes back to everything I say.


Learn good business management skills if you're going to buy a truck. Get out of the driver mentality and think like a business owner.
It's the same as far as a down payment, 10-20%, but the interest is a hair lower with an SBA not enough for me to care about, some might. The term lengths are the same also.
The SBA loan as you know is federally backed, some don't want that connection to a loan(I didn't during the previous administration),I would consider it now if I were interested.
 

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