i drive for an owner with panther and want to be an owner myself now and purchase or lease a straight truck. Most owners i have talked to do not want to hire a solo driver. I would like advice on good interest rates, what kind of down payment to expect and monthly along with insurance rates. i have bad credit. I plan to do this for 5 years. I would be looking for a 2 axle 22' box with a 72 or 84 sleeper used. I would be solo. what "deals" should i watch for or stay away from? If I wanted to bring home $750 - $1000 in my pocket what kind of revenue would i need to produce?
need advice on buying a straight truck
- Thread starter rdtrpn
- Start date
arkjarhead
Veteran Expediter
When you say 2 axle truck do you mean single drive axle and a steer axle or 2 drives? Just curious. I think for down payment you would most likely need at least 10% to put down. At least that is what I was told when I was in the market for a truck. Of course you know the more you put down the less your payments will be. From I've been told it used to be easy to get financed to buy a truck, but I don't think it's so easy anymore.
I would stay away from a lease purchase. I have heard a lot more horror stories about them than I've heard people say they went well. The main thing I would do in your situation is to continue to drive for a fleet owner and gain some experience while saving money. It make take some time, but nothing worth having comes overnight.
The reasons fleet owners are shying away from solos is because they produce less revenue. Which is something to remember when you think about buying a truck. You will be making less as a solo driving you own truck.
I would stay away from a lease purchase. I have heard a lot more horror stories about them than I've heard people say they went well. The main thing I would do in your situation is to continue to drive for a fleet owner and gain some experience while saving money. It make take some time, but nothing worth having comes overnight.
The reasons fleet owners are shying away from solos is because they produce less revenue. Which is something to remember when you think about buying a truck. You will be making less as a solo driving you own truck.
It's that inexperience that will bite you in your you-know-what, if you jump into being an owner/operator, without sufficient preparation.
I agree with the Arkjar, take the time to learn what you need to know, while earning what you'll need to spend. And save, because a reserve fund can be the difference between sucess & failure for the self employed.
Read the archives, look for the EO sponsored seminars, attend the Louisville Truck Show (in March, usually), make lists of questions, equipment, costs, etc - be thoroughly prepared, before you spend the money on a truck! Once you've signed on the dotted line, the learning gets real expensive...Save the money, and be ready for the challenge, and your chances of success will be multiplied. And - good luck!
I agree with the Arkjar, take the time to learn what you need to know, while earning what you'll need to spend. And save, because a reserve fund can be the difference between sucess & failure for the self employed.
Read the archives, look for the EO sponsored seminars, attend the Louisville Truck Show (in March, usually), make lists of questions, equipment, costs, etc - be thoroughly prepared, before you spend the money on a truck! Once you've signed on the dotted line, the learning gets real expensive...Save the money, and be ready for the challenge, and your chances of success will be multiplied. And - good luck!
Doggie Daddy
Veteran Expediter
This is definetly is not the time of year to be concidering buying your own truck,like the others said keep doing what your doing now and save as much as you can.
There is and has been a glut in the expedite truck market,so there will be good deals to be had especially after the slow months that we are just now entering.DD.
There is and has been a glut in the expedite truck market,so there will be good deals to be had especially after the slow months that we are just now entering.DD.
mrgoodtude
Not a Member
Most owners i have talked to do not want to hire a solo driver.
There is a reason..
I would like advice on good interest rates, what kind of down payment to expect and monthly along with insurance rates. i have bad credit.
I don't want to be a tool but your pulling my chain right?
I plan to do this for 5 years. I would be looking for a 2 axle 22' box with a 72 or 84 sleeper used. I would be solo. what "deals" should i watch for or stay away from? If I wanted to bring home $750 - $1000 in my pocket what kind of revenue would i need to produce?[/QUOTE]
Do yourself a favor..
If you want to run solo on a non -qualifying lease look into JB Hunt or similar in truckload.
I am not being mean but take the word "way" and drop the letter "F"..
Bro if you have done this for any length of time you would know you stand about as good a chance at hitting the lottery..
There is a reason..
I would like advice on good interest rates, what kind of down payment to expect and monthly along with insurance rates. i have bad credit.
I don't want to be a tool but your pulling my chain right?
I plan to do this for 5 years. I would be looking for a 2 axle 22' box with a 72 or 84 sleeper used. I would be solo. what "deals" should i watch for or stay away from? If I wanted to bring home $750 - $1000 in my pocket what kind of revenue would i need to produce?[/QUOTE]
Do yourself a favor..
If you want to run solo on a non -qualifying lease look into JB Hunt or similar in truckload.
I am not being mean but take the word "way" and drop the letter "F"..
Bro if you have done this for any length of time you would know you stand about as good a chance at hitting the lottery..
Doggie Daddy
Veteran Expediter
Ward,don't you think you're being a little rough on the beav?
I mean give the guy a break,he is obviously a newby asking a newby question (in the correct forum I might add)and your ignoring the question completely and sending him to JB Hunt how is that going to help?
And I have no idea what you were trying to say in the middle of your comment (could you translate for me please?)
I know that some of these questions from the newbies leave you shaking your head in wonder,but they come here to learn not to be put down.DD.
Last edited:
Tennesseahawk
Veteran Expediter
Do NOT lease-purchase from JB, or any other big truck company out there!!!
My advice is to find someone with a "take over payments" deal on the kind of truck you want. Call to find out how much the payments are, and how long is left on the note. Then, call some insurance companies, and ask what it would take to insure that truck. Not saying go ahead with anything. This is just to give you an idea what you'd pay out. Then, match that up with what the owner is making in the truck you're driving now. If he gets 60% + fsc, subtract fuel, truck payments, and insurance (plus misc like qualcomm, decals, escrow, dowry to the CEO's wife's shoe fund, etc). Ask the owner for a guestimate on what he pays in repairs a month. Add in oil changes, washes, etc. That should give you an idea.
BTW... that's not even counting title, taxes, and plates. You might want to call your DMV to find out how much those would be.
My advice is to find someone with a "take over payments" deal on the kind of truck you want. Call to find out how much the payments are, and how long is left on the note. Then, call some insurance companies, and ask what it would take to insure that truck. Not saying go ahead with anything. This is just to give you an idea what you'd pay out. Then, match that up with what the owner is making in the truck you're driving now. If he gets 60% + fsc, subtract fuel, truck payments, and insurance (plus misc like qualcomm, decals, escrow, dowry to the CEO's wife's shoe fund, etc). Ask the owner for a guestimate on what he pays in repairs a month. Add in oil changes, washes, etc. That should give you an idea.
BTW... that's not even counting title, taxes, and plates. You might want to call your DMV to find out how much those would be.
mrgoodtude
Not a Member
I am not putting him down and no newb questions do not make me go huh but this was absurd...Ward,don't you think you're being a little rough on the beav?
I mean give the guy a break,he is obviously a newby asking a newby question (in the correct forum I might add)and your ignoring the question completely and sending him to JB Hunt how is that going to help?
Not trying to be rough on the Beav, i love the Beaver..
Newbie? Says he already drives for an owner for Panther??
Better I try to sugarcoat an answer he already knows ( and if not then here's your sign).
And I have no idea what you were trying to say in the middle of your comment (could you translate for me please?)
There is no "F" in Way
I know that some of these questions from the newbies leave you shaking your head in wonder,but they come here to learn not to be put down.DD.
Who is going to stand up and say its a good idea to lease on a truck with a "good rate" for someone with bad credit and no cash reserves??
And who is in dire straights enough to toss him the keys to misfortune?
His passion I suppose leans toward independence and what is wrong with JB Hunt?
Not bashing the guy or looking down on him but jeepers man this is a tough biz and people in much better positions have failed..
Mike
With bad credit you'll have to expect a high down payment and high interest to get it done. And, that'll depend on just how bad "bad" is. My credit is good, but I didn't have a lot of cash and it took some shopping around to get financed. The money for trucks really tightened up after all the repo's during the '00 to '02 period.
Are you asking about the "F" ? Maybe he should have put it this way . The answer is Wafy . When someone responds there is no F in way he'd say "Exactly ! No F in way ! " (I hope this is acceptable . )Ward,don't you think you're being a little rough on the beav?
I mean give the guy a break,he is obviously a newby asking a newby question (in the correct forum I might add)and your ignoring the question completely and sending him to JB Hunt how is that going to help?
And I have no idea what you were trying to say in the middle of your comment (could you translate for me please?)
I know that some of these questions from the newbies leave you shaking your head in wonder,but they come here to learn not to be put down.DD.
mrgoodtude
Not a Member
My point exactly...
mrgoodtude
Not a Member
Exactly..
Must be a southern thing..
Again not trying to be an a$$ just trying to be real.
To RdTrpn-Original Poster
My 2 cents... not too much to add to this thread... most have said what you should do in the above replies. However, you've said you do not know too much about truck deals. I've driven for many deals. Here's the thing, you say 2 axle truck - Why? for costs? those are a dime a dozen. Sure you can get a good deal, but so can carriers and brokers. Why not go ahead and set yourself apart up front. Spend up front to save later. Get a 3 axle truck to carry the extra weight. Yes, in all honesty, You really don't need it all the time, but it sure helps when you're offered a load out of the middle of nowhere and you have that 3rd axle that is needed to carry those 19 pallets of AC units on a 1,500 mile run.
You're going solo for your own reasons, there's nothing wrong with that. Personally I like to run solo too - for the simple fact that I like to rest easy at nite and not wonder about what's goin' on in the drivers seat.
You need to do what was said above... start keeping track on a graph or log of some kind of the costs that you do know about. Fuel, mileage per gallon, all rates put out and all rates taken in... tolls to tires to belts to fuel surcharges. What you're getting for certain type loads from customers. That will get you an average to go by... to help you figure out if the load offers are acceptable or if you're gettin' fed an ungreased broom stick.
Go for a rig with a generator if you can, a name brand that's well trusted. That will save you money instead of worrying about how to not idle and stay warm or cool. Sure, the Blankets and windows work, but the microwave and TV don't.
Go for a rig with atleast one outside lockable cargo box mounted tool box. Have some additional locks of some kind welded to the box if you want. You'll have a spot for dirty laundry bags, and some cargo securement stuff that's easily replaceable if it gets broken into. Do not put too many, if any, tools into the outside tool box. if you're runnin' solo then keep tools most needed in your sidebox on the drivers side if you have it. Why? because you may need a tool up on the dock and it's most often going to be up and down on the drivers side.
A rig with a power passenger side window is always nice.
So is a rig with large windows with screens on the sleeper.
I've known some straight truck drivers to carry their own spare tire somehow.
A pallet jack onboard is always good. Plenty of Straps - 20. Plenty of moving blankets - 20 to 30 for fragile loads like glass and electronics.
You have to figure in all these expenses when buying your own rig... the dealers don't generally help you with this stuff - because some of these options and items don't come with every/any truck.
Dealers want to sell trucks, not trucking supplies.
They'll sell you plenty of truck options... like liftgates - that you'll rarely need.
Roof top AC's for sleepers. Reefer units for cargo boxes - mostly used by teams.
Liftable axles- nice if the price is right.
Your biggest bills as an O/O are going to be Fuel, Insurance, Tires... truck payment too - some have that in different order depending on how you buy fuel and how you have your truck financed.
Hopefully I and the others have helped you. We're just trying to look out for you - despite what you may read in the posts.
Also, it is true - you'll want to stay away from 18-wheeler lease-purchase aggreements - any lease-purchase aggreement really... because so many have gone either good or bad, but when they go bad... they tend to go REAL bad Real Quickly.
Continue to drive for an O/O for another 6 months to a year... and talk to as many drivers - both Co. and O/O's - as possible - be it on the CB, fuel islands, truckstop fuel desk lines, truckstop lounges and dining rooms, and loading docks.
Remember, when you finance a truck, plan to keep 10K, yes - ten thousand - in reserve for emergency repairs... Transmission, clutch, tires, brakes, Alternator/starters... AC/Heat, that stuff adds up fast when it starts happening. An automatic tranny will set you back the better part of 15 grand to repair/replace - and that's for a USED tranny.
Get their knowledge and combine it in with your own.
Get insurance, finance a truck... but remember you'll need to stock it with tools and business supplies and living supplies too.
Pay yourself $100 a week - that will get you fed and a toy or 2 for the road. A good quality plug-in cooler and a microwave and grill go a long way with Wal-Mart and grocery stores... get the Sunday paper for coupons and you're set.
100 bucks a week... that's it? Trust me. Put it away.
Count it at the end of the month - and save from there.
Put your spare change into a cool-whip container and put it on the floor in the sleeper where it won't get kicked over.
Hope this helps. I hope all of these posts have helped you.
BigBusBob
It's not Easy bein' Cheeeesy.
My 2 cents... not too much to add to this thread... most have said what you should do in the above replies. However, you've said you do not know too much about truck deals. I've driven for many deals. Here's the thing, you say 2 axle truck - Why? for costs? those are a dime a dozen. Sure you can get a good deal, but so can carriers and brokers. Why not go ahead and set yourself apart up front. Spend up front to save later. Get a 3 axle truck to carry the extra weight. Yes, in all honesty, You really don't need it all the time, but it sure helps when you're offered a load out of the middle of nowhere and you have that 3rd axle that is needed to carry those 19 pallets of AC units on a 1,500 mile run.
You're going solo for your own reasons, there's nothing wrong with that. Personally I like to run solo too - for the simple fact that I like to rest easy at nite and not wonder about what's goin' on in the drivers seat.
You need to do what was said above... start keeping track on a graph or log of some kind of the costs that you do know about. Fuel, mileage per gallon, all rates put out and all rates taken in... tolls to tires to belts to fuel surcharges. What you're getting for certain type loads from customers. That will get you an average to go by... to help you figure out if the load offers are acceptable or if you're gettin' fed an ungreased broom stick.
Go for a rig with a generator if you can, a name brand that's well trusted. That will save you money instead of worrying about how to not idle and stay warm or cool. Sure, the Blankets and windows work, but the microwave and TV don't.
Go for a rig with atleast one outside lockable cargo box mounted tool box. Have some additional locks of some kind welded to the box if you want. You'll have a spot for dirty laundry bags, and some cargo securement stuff that's easily replaceable if it gets broken into. Do not put too many, if any, tools into the outside tool box. if you're runnin' solo then keep tools most needed in your sidebox on the drivers side if you have it. Why? because you may need a tool up on the dock and it's most often going to be up and down on the drivers side.
A rig with a power passenger side window is always nice.
So is a rig with large windows with screens on the sleeper.
I've known some straight truck drivers to carry their own spare tire somehow.
A pallet jack onboard is always good. Plenty of Straps - 20. Plenty of moving blankets - 20 to 30 for fragile loads like glass and electronics.
You have to figure in all these expenses when buying your own rig... the dealers don't generally help you with this stuff - because some of these options and items don't come with every/any truck.
Dealers want to sell trucks, not trucking supplies.
They'll sell you plenty of truck options... like liftgates - that you'll rarely need.
Roof top AC's for sleepers. Reefer units for cargo boxes - mostly used by teams.
Liftable axles- nice if the price is right.
Your biggest bills as an O/O are going to be Fuel, Insurance, Tires... truck payment too - some have that in different order depending on how you buy fuel and how you have your truck financed.
Hopefully I and the others have helped you. We're just trying to look out for you - despite what you may read in the posts.
Also, it is true - you'll want to stay away from 18-wheeler lease-purchase aggreements - any lease-purchase aggreement really... because so many have gone either good or bad, but when they go bad... they tend to go REAL bad Real Quickly.
Continue to drive for an O/O for another 6 months to a year... and talk to as many drivers - both Co. and O/O's - as possible - be it on the CB, fuel islands, truckstop fuel desk lines, truckstop lounges and dining rooms, and loading docks.
Remember, when you finance a truck, plan to keep 10K, yes - ten thousand - in reserve for emergency repairs... Transmission, clutch, tires, brakes, Alternator/starters... AC/Heat, that stuff adds up fast when it starts happening. An automatic tranny will set you back the better part of 15 grand to repair/replace - and that's for a USED tranny.
Get their knowledge and combine it in with your own.
Get insurance, finance a truck... but remember you'll need to stock it with tools and business supplies and living supplies too.
Pay yourself $100 a week - that will get you fed and a toy or 2 for the road. A good quality plug-in cooler and a microwave and grill go a long way with Wal-Mart and grocery stores... get the Sunday paper for coupons and you're set.
100 bucks a week... that's it? Trust me. Put it away.
Count it at the end of the month - and save from there.
Put your spare change into a cool-whip container and put it on the floor in the sleeper where it won't get kicked over.
Hope this helps. I hope all of these posts have helped you.
BigBusBob
It's not Easy bein' Cheeeesy.
greg334
Veteran Expediter
My fellow EO members seem to have missed something or maybe I have but here goes.
I would stay put right where you are at. I would not plan on anything until there is enough money in the piggy bank that you can buy a used truck free and clear. If the owner you driver for is fair and you are getting consistent work, save the grief for later.
I am sorry if this goes against the grain of others but with the doom and gloom predictions we heard from another member, there seems to be some validity in keeping put and saving up for a truck.
I do mean this sincerely that if you are keeping tabs on how things run while you are running with an owner, you have a good or great rapport with the owner and company (meaning keeping your averages up) and know what the operation of the truck all entails, then you are three steps ahead of the game but not out of the woods. Having a truck paid for or nearly paid for is a big advantage in the flexibility of your business and in this business. THIS also means that you may end up with a cr*ppy looking truck with a standard sleeper (72”) that needs some work on it but it is usable and dependable AND that you will not have the creature comforts of an apartment on wheels like many seem to think – you are a solo driver anyway.
wallytrucker1
Expert Expediter
Sorry if this sounds harsh; bad credit,no previous o/o expier=no loan. If you have this many questions about starting out, I wouldn't. The advice about saving your $$$ and learning the business in someone's rig and with their guidance/advice will possibly help you enter the o/o side of this and be successful down the road. You NEED cash reserves; I went to have my tractor lubed today($26.00) and ended up spending $550.00. You never know, but you have to be ready when it happens. Good luck to you.
wallytrucker1
Expert Expediter
Greg, I wasn't aware you had seen my truck, but it is only a 70" sleeper...lol
greg334
Veteran Expediter
Huh?
wallytrucker1
Expert Expediter
Greg Your previous post in which you mention a crappy looking truck with a 72 bunk.....