A COUPLE QUESTIONS ABOUT BUYING A TRUCK AND BECOMING AN o/o. A BEST ANSWER WILL BE AWARDED.?
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I have been driving for over a year now and in that time I have saved up $15,000. I could have saved more but I spent a lot of money transitioning to my life as a truck driver.
-I think my price range is 30-50K. I have a bad credit score though so how difficult will getting a loan be? I make money hand over fist and I dont pay rent or anything so making truck payments will be no problem at all.
-I want to sell this truck after 2-3 years (aprox 250,000 miles of use). How much will the value of the truck depreciate during this time? Do newer/more expensive trucks depreciate more in value?
-Any other advice you coudl offer would be appreicared.
-I am working for JB Hunt right now and they are a fantastic company. If I become an o/o I would like to keep working for JB Hunt, is this a good idea?
*i know to talk with other drivers
*i know to look into lease-purchase
A COUPLE QUESTIONS ABOUT BUYING A TRUCK AND BECOMING AN o/o. A BEST ANSWER WILL BE AWARDED.?If you have a bad credit score you won't be able to get a very good rate on a loan, and it will be more difficult to get one on a used truck anyway. Better to wait a little longer, until you have about 70% of the price of the truck saved up. That should make it easier for you to get financing and make it very easy for you to get you credit score back up. This should not be too hard since you already like the company you work for. Other drivers have more experience with how well J.B. Hunt works with owner/operators, but if they offer good rates I can't think of a down side to working with them.
Good luck in your new venture.
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