Should I get a personal loan?

[Edub]

No

 

[UpAndComing]

Paying out of pocket is no interest. But you just dropped a few bands on a truck you're going to immediately be putting to work. Plus you still have personal bills as well. I it want to have money to cover my up front expenses that can arise.

Ok, so breh

Do you have contracts lined up already between your suppliers and shippers?
Do you have a type of freight you are trying to make the contracts with?


If you don't got these questions answered, I would hold off on paying for a Truck. Like you said, once you buy that truck, you immediately have to start making money on it

 

[BrothaZay]

Ok, so breh

Do you have contracts lined up already between your suppliers and shippers?
Do you have a type of freight you are trying to make the contracts with?


If you don't got these questions answered, I would hold off on paying for a Truck. Like you said, once you buy that truck, you immediately have to start making money on it

I'm leasing on to a carrier where you pick your freight off the load board. You get paid a percentage of each load. Truck payments don't start until the 4th week

 

[UpAndComing]

I'm leasing on to a carrier where you pick your freight off the load board. You get paid a percentage of each load. Truck payments don't start until the 4th week

Oh ok, so you're a Lease Operator and not an Owner Operator
So are you paying for just the Tractor, or the whole Tractor and Trailer set?

So is the Carrier you are with notified that you want to own your own Truck?

Is this a Lease to Own, or just a Lease?

 

[Chelsea Bridge]

4,000 at 30% APR? What is your credit score like 600 or something

 

[UberEatsDriver]

Does the personal loan have a early payoff penalty

mines does not.

 

[young3000]

Project revenue 150k

is that before or after fuel and what about maintenance

 

[BrothaZay]

Oh ok, so you're a Lease Operator and not an Owner Operator
So are you paying for just the Tractor, or the whole Tractor and Trailer set?

So is the Carrier you are with notified that you want to own your own Truck?

Is this a Lease to Own, or just a Lease?

Just tractor.

Lease w/ option to buyout at the end

 

[BrothaZay]

Project revenue 150k

is that before or after fuel and what about maintenance

Revenue only has one meaning

 

[UpAndComing]

Just tractor.

Lease w/ option to buyout at the end

Ok I see you breh. Congrats


Are you leasing with a company that you are already working for, or is it a new company you tryna get hired on with?

 

[BrothaZay]

Ok I see you breh. Congrats


Are you leasing with a company that you are already working for, or is it a new company you tryna get hired on with?

Same company different division

 

[UpAndComing]

Same company different division

Yeah I say get that loan

- Getting only a Tractor is safter
- With the same company you already working for
- 4 weeks until first payment
- Can use this loan to build your credit


All sounds good breh. I'm sure they have an Owner/Lease Operator Advisor on staff to help you through the process?

 

[Clay Puppington]

I would take a loan if and only if
1) If I'm down bad, like real down bad
2) If I'm consolidating debt
3) Its a risk I am ready and willing to take with an idea or plan etc

 

[Software]

This is dumb advice. Don't take loans that are higher interest than the standard return on your investments.

It's not dumb advice, it's good advice and safe

But doesn't apply here because he's using his truck to generate revenue not for transportation

 

[BrothaZay]

Yeah I say get that loan

- Getting only a Tractor is safter
- With the same company you already working for
- 4 weeks until first payment
- Can use this loan to build your credit


All sounds good breh. I'm sure they have an Owner/Lease Operator Advisor on staff to help you through the process?

Yea. I'm actually not gonna take a loan. The truck payments don't kicc in until after 3 weeks