[Triple Digit Bob]

Originally Posted by brycey2004

well that would be fine, ive already been approved with CRST just hope i can get the loan on the strength of that and my credit score, the recruiter i spoke with was a nice guy, and when i explained my last couple of years work being abroad, he worked with me, not like some of the other companies i applied to, so so far im happy with them, ill stay out otr for long periods im not worried about home time, im used to that, gotta get the business going

Freight out of FL is almost nonexistent if you have your own authority. I would hold off on buying a truck right now as rates are rock bottom almost everywhere and the rates going into busy areas are super cuthroat. It has gotten very ridiculous. However you may still figure out a system and make it work,but the odds will be against you. These dealers and finance companies will not budge in the beginning but they will be calling you next week with a 7% loan. Another issue you want to look at is that a truck that only costs 25k might be a lemon waiting to happen. If that becomes the case you could easily end up spending thousands of dollars on it within the first 2 months of buying it. You could easily ruin your credit within the first 2 years of running it. I would look at buying a newer truck with 5% or 0 down and save the rest of your cash and credit as a reserve in case things go wrong. The failure rate in this business is VERY high. There are way too many trucks ready and willing to take loads for a loss no matter where it goes.Staying busy with your own truck anywhere right now is a challenge. Take it easy and keep looking for a company job or better yet a job that doesn't even involve trucking.You might save yourself and your credit from headaches in the long run.

[GMAN]

Originally Posted by brycey2004

well that would be fine, ive already been approved with CRST just hope i can get the loan on the strength of that and my credit score, the recruiter i spoke with was a nice guy, and when i explained my last couple of years work being abroad, he worked with me, not like some of the other companies i applied to, so so far im happy with them, ill stay out otr for long periods im not worried about home time, im used to that, gotta get the business going

One thing I will say about CRST Malone is that when I leased to them several years back the recruiter was very up front with me. You don't really know how truthful a recruiter will be until you make the move to a company. This guy left several years ago. I have no idea about the recruiters they currently have, but at the time I leased to them before he was straight up. That impressed me with the company. Some of these recruiters will tell you what you want to hear just to get you to sign on the dotted line. CRST Malone is agent based but also have a dispatcher assigned to each truck. It enables the owner operator to be as involved or uninvolved as he wishes. You can either find your own loads or have your dispatcher do it for you. I had a good dispatcher but seemed to do better finding my own loads, but that is more of what I had been used to doing. Some people are more comfortable having someone dispatching them. Either could work for you. With the current state of the economy you will do better if you are willing to go where the freight is best. Those who are faltering most are those who only want to run in a specific area. If you are open to where you run then you will do much better.

[brycey2004]

Good morning, thanks for all of your input, to the person who posted a reply regarding me purchasing an older truck, today im going to Orlando to look at 2 trucks, both are 2004 and about 500k on them, i agree it may be better to purchase a newer truck, however trucks of all ages can have problems and right now i need to carefully balance that with my overheads/outgoings, i dont need a $2000 a month loan in this economy, i will have the truck dyno'd and thoroughly tested b4 i buy it, and i will need a certain amount of luck, like all of us, i also agree that right now is a bad time to start a business, i am a little lucky in as far as im not married, have no kids (that i know of, lol) i have a great roomate who covers my mortgage, and some good friends in Atlanta, which means im not tied to Florida, and can stay out for long periods of time, of course now ive said that ill probably meet a hot chic tonight,lol, so im going for it, im not gonna sit at home unemployed, i have never done that, i will have financing by the end of the week, ive been checking the loadboards, and it looks to me that flatbed is the best way for me to go, as far as getting work, i have allot of expierance flatbeding here in the USA and in iraq, hauling military vehicles and other stuff as well, anyway im gonna print out my business plan, get approved with a couple more companies to lease on to, and print up the "running on my own authority" plan, and present this to my credit union, i will lease on until i am comfortable to run on my own, its expensive to run on my own authority, with insurance and the current economy being the way that it is , which is why i wont jump into that straight away, i thought about doing a lease purchase through a large carrier, but ive seen how that can go, and its not for me!! i want to be in control as much as i can, and free to move where i need to be. Anyway thats the plan, its 7am here, im of to Orlando, then the banks for the rest of the week....
Rich

[GMAN]

I am glad that you are not going to buy a new truck. A truck with 500,000 miles still has a lot of life left. There are some good deals around. Take your time and you will find a better deal. Some credit unions do finance big trucks. Those who do will probably offer a lower interest rate and use simple interest rather than the rules of 78 or compound interest that most banks use. It can make a difference in your payment and the amount of interest you pay. You can usually do better with your own bank than using those through a dealer. I suggest you go ahead and get a pre-approval prior to settling on a truck. It will make things move much more smoothly. Paccar and some of the others who finance trucks seem to have higher rates than you can find from a local lender.

[brycey2004]

Morning Gman
when you say credit unions you mean, regular banks like bank of America/ Washington mutual etc, right? ive been living over here 10 years, still dont have all the terminology down!! im from the UK before anyone asks, do you think from what you have read, that my plan is a good one?

[marcel27208]

Flatbed freight is in the dumps right now! I was reading where volumes have decreased over %20!!! rates are cheaper than van right now........ask around

[brycey2004]

well im just going by what i see on the loadboards, my original idea was to buy a 53ft reefer, which can be used for reefer or regular van loads, but this is another reason why i will lease on for a while to get a feel for the market...

[GMAN]

Originally Posted by brycey2004

Morning Gman
when you say credit unions you mean, regular banks like bank of America/ Washington mutual etc, right? ive been living over here 10 years, still dont have all the terminology down!! im from the UK before anyone asks, do you think from what you have read, that my plan is a good one?

No those you listed are regular banks. A credit union will have that in their name, such as ABC Community Credit Union or Teachers Credit Union. You need to join the credit union to do business with them. Some are community credit unions which means that anyone who lives in the area can join. Others may be specific to certain companies such as Georgia Teachers Credit Union. For that one you would need to be a teacher in Georgia. By the way, those are fictitious names. You can usually join a credit union for anywhere from $5-25. When you join you become an owner of the credit union since it is owned by the members. They typically pay a higher interest rate on deposits and charge less for loans than regular commercial banks. Some have credit unions offer credit cards and Certificates of Deposit for members. Most larger cities have credit unions.

This is typically a slow time of year for flat bed freight. A reefer would offer more consistent year around freight, but there are drawbacks. You may need to get some experience with another type of carrier before some would lease you on with limited experience. I spoke with an owner the other day who told me that he is doing very well. There are a couple of things about reefers that you should be aware. One are the grocery warehouses. They don't value your time and will often use your trailer as a warehouse. You often need to deal with lumpers. Lumpers are those who may work for the receiver but you pay them to unload your truck. Some receivers will not allow you to unload your own truck and force drivers to pay a lumper. Another consideration to pulling a reefer is that much of the freight you haul is time sensitive. You may pick up from several locations and then be expected to meet a tight delivery schedule across the country. There is also a danger of claims when you deal with perishables.

[brycey2004]

does anyone on here have any good advice on the best kind of corporation to set up???

[heavyhaulerss]

I think it is good to lease to a carrier before getting your authority. get to know what you want to haul, where you want to haul, & what the different loads pay. plus you could also get info from the shipp/rec when you pick up & or deliver & ask them about getting frieght if & when you get your authority. if you get a good relationship going first, later, some may use you when you go on your own. get al the info you can. what moves where. what comes out of that area.

not long ago I had a semi dedicated run from my home area to g.r. MI. it paid $3,700 to $4,000 to the truck, 2 runs there & back. the reason I got it was I was the only one willing to get a hot load there on a sat morn. no one else would take it. it paid very well too. but ever since that day & the fact that I was always on time for my appoint, they liked me & requested that I bring them every load possible. they got in 20-35 loads a day. I always had one if any was available.