Soo yea... Not to get overly nit pickety or anything BUT, the title of the video seems to be about COMMERCIAL financing, yet the content seems to be concerned about PERSONAL scores; shouldn't we be more concerned about length of time biz has been up & running, length of time biz checking account has been in service, PAYDEX score, etc?
A good personal score is important going in for the first time. After that you're going to have a commercial history. You don't have a commercial credit rating when you're first starting out.
@@dchawk81 You do if you've already spun up your LLC, got your EIN, got your company checking account, and since your personal credit is sooo shiney, they threw you a biz card... The point I was making was everyone in the audience isnt necessarily on step 1, might not hurt to have some nuts & bolts for some that are a lil further down the road?
Bmo told me 10% interest, 25k down For a new international LT I said get fkd, I'm 706 with commercial credit, going 2 diamler trk financial they said we can help u with little 2 no money down. I've been a o/op 15 yrs...
Hey I know this is off topic, but I have a question about the training program. I know the reason why you don't train is because of the expenses, loyalty & appreciation of the driver. But what if I am willing to pay for the training and where to apply? because I am a foreigner!
🐉 Tactical Trucker™ I doubt very seriously you'd be federally exempt as an "Interstate Commerce Entity (LLC)" since the Constitution SPECIFICALLY GRANTED Congress the power to regulate 'Interstate Commerce'. Constitutionally speaking, You'll have to play by their rules... Your "paycheck" is a different matter (see: Dave Champion)
@@westtexastll1978 Agree 100%, in the public sector (commercial) public policies are law for commercial businesses, I know that I would be taxed on the LLC side but I don’t have to pay taxes on the private side such as my paycheck in which case as of currently I don’t.
Please make a video about renting trailers+load board loads vs contracting with a company+using their trailers and loads. If i buy a truck, im not sure whether i should rent a flatbed and find loads on load boards or bring my truck to a flatbed company and use their flatbeds and loads...
Hi Ronen...thx for those nice vids I really appreciate them and they are very informative. I live in Montreal Qc area and I'm a trucker. Do you guys have any terminal in my are?
I don’t think so. I say do with a DD13 over a DD15 because a smaller displacement engine with the same power rating as the larger displacement engine will have less aftertreatment issues because it’ll run hotter
I doubt very seriously you'd be federally exempt as an "Interstate Commerce Entity (LLC)" since the Constitution SPECIFICALLY GRANTED Congress the power to regulate 'Interstate Commerce'. Constitutionally speaking, You'll have to play by their rules... Your "paycheck" is a different matter (see: Dave Champion)
Because now is not the time to buy. Costs are up, parts are hard to get, and rates are down. Failure is likely. Companies that have been around for 50 years have closed their doors already. One year looks like a risk they don't want to take.
First question: if I'm making $3500 a month as a flatbed driver in the US as a company driver. An the payment is gonna be 4k a month for a brand new cascadia. How am I gonna prove to them that I'm gonna be making more than$ 3500 a month. Credit score 745. No mortgage no car payments. Anyways I don't even have a car cause I'm running as hard as I can to buy me the second option Wich is a use freightliner on 60 series. This video is a Gem.
You show them what you intend to do and what the rates are. Get on some load boards and research rates. Make some estimates about fuel mileage and expenses and do the math. However much detail they want, give them. You have to make some assumptions but don't oversell it. They know you're not going to run as hard as you optimistically think you're going to run, especially if you're looking at a used truck. Find out what repairs that truck is likely to need right off the bat (eg if they're selling it with older tires or a known worn turbo or whatever) and show them that you've factored that in and how you're going to pay for it. When I got financing for mine, she said I probably won't make that much my first year. I disagreed and got a little mad but she gave me the loan anyway. She was right. With the downtime of working out the bugs on a used truck, I made right around what she said I'd make. Lenders aren't stupid. They usually don't expect your numbers to be exact, which is next to impossible, but they want to see that you know how to operate so you can make your payment.
@@dchawk81 awesome. I think I'm gonna do new cascadia DD15 or Volvo with DD15. I just don't want them to do a hard pull just to get denied with a 745 CS. Who is she?. Are we talking you went straight to the bank or straight to the dealership
@@stilliraise9201 you'd be best served to search out an older, mechanical-engine truck that's been well-maintained or restored...no electronics or emissions garbage to break down & ruin your customers' delivery time slot (& your reputation in the process!)!
One question I never see asked. If you had the cash to buy a new truck already in the bank, would you use that cash to buy that truck? If not, why not? If your answer to the first question is no, then why on earth would you encumber your future with debt and interest payments for same? There is not truck warranty that pays your down time when the truck is in the shop for a week for warranty repairs. How do you cover that? It just doesn't seem to make any sense to me. Why not work as a company driver and save as much as you possibly can and then buy the truck? It is an indisputable fact that most small business fail due to under capitalization. Also, there has never been a company that has gone bankrupt for any other reason than mismanagement.
If you're credit score is bronze, you have no business buying a truck or start a business... And don't ever do leasing. If you're OTR company driver and with no family this idea is easier for you: get rid of your house any other extra expenses and live in your truck and pay off debt and save for a truck and a new home.
Just came across this channel love it.... big question just came an board with Day & Ross with a straight truck averaging 16-1700 per week after expenses.... why does it feels like its crappy money? Truck parts n labour are so expensive an it feels like owner operators are being used....
Driving a straight job local is why your getting that pay. You would have to drive a million circles to rack up high miles like a OTR driver. Local means getting up early and coming home late exhausted. Rinse repeat
@@michaelprosperity3420 yeah FACTS.... competition for door in morning from an 5am an late evening trying to get pick ups off. In average its 12-14hrs daily.
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i'm a gold guy, 740 credit score and 25% or more down payment and never got a call until 3 days later and he was was an ass
Are they gonna run my credit as soft pull or hard pull. That would be 4 hard pulls . Each hard pull is 60 points
Soo yea... Not to get overly nit pickety or anything BUT, the title of the video seems to be about COMMERCIAL financing, yet the content seems to be concerned about PERSONAL scores; shouldn't we be more concerned about length of time biz has been up & running, length of time biz checking account has been in service, PAYDEX score, etc?
A good personal score is important going in for the first time. After that you're going to have a commercial history. You don't have a commercial credit rating when you're first starting out.
@@dchawk81 You do if you've already spun up your LLC, got your EIN, got your company checking account, and since your personal credit is sooo shiney, they threw you a biz card...
The point I was making was everyone in the audience isnt necessarily on step 1, might not hurt to have some nuts & bolts for some that are a lil further down the road?
You all better hit the like button, I know this mans child support bill must be outrageous 😂😵💫
Um, 100 out of 2000? That a 95% denial rate....um, ouch?
Bmo told me 10% interest,
25k down
For a new international LT
I said get fkd, I'm 706 with commercial credit, going 2 diamler trk financial they said we can help u with little 2 no money down. I've been a o/op 15 yrs...
An EXCELLENT video, I learned a lot. Thank you. Even if we are not a match Shalom Aleichem. Hourra.
Glad it was helpful!
Hey I know this is off topic, but I have a question about the training program. I know the reason why you don't train is because of the expenses, loyalty & appreciation of the driver. But what if I am willing to pay for the training and where to apply? because I am a foreigner!
Hi Ronen, Great Video as always. Just a random question who do you use as a traffic ticket lawyer for saving csa points in canada and usa.
Its impossible 2 prosper and get ahead...
Its systemic greed and corruption...
Do I need a cdl to buy a truck?
Are you gonna drive for commercial use?
@@NorthAmerican-Trucking-News I want to finance a semi truck and hire a driver
Thanks!
Thanks for watching!
How to obtain that form yo get started.
_What about those who never had credit_
_And is federally tax exempt_
🐉 Tactical Trucker™
I doubt very seriously you'd be federally exempt as an "Interstate Commerce Entity (LLC)" since the Constitution SPECIFICALLY GRANTED Congress the power to regulate 'Interstate Commerce'.
Constitutionally speaking, You'll have to play by their rules... Your "paycheck" is a different matter (see: Dave Champion)
@@westtexastll1978
Agree 100%, in the public sector (commercial) public policies are law for commercial businesses, I know that I would be taxed on the LLC side but I don’t have to pay taxes on the private side such as my paycheck in which case as of currently I don’t.
Please make a video about renting trailers+load board loads vs contracting with a company+using their trailers and loads.
If i buy a truck, im not sure whether i should rent a flatbed and find loads on load boards or bring my truck to a flatbed company and use their flatbeds and loads...
Can't find the Link
Hi Ronen...thx for those nice vids I really appreciate them and they are very informative. I live in Montreal Qc area and I'm a trucker. Do you guys have any terminal in my are?
Brian way to go. You had a rocky last couple of years.
Thanks for the comment!
How to buy a truck with finance from a private person. Thank you in advance. I have good credit and down payment
I'm not a homeowner and my credit is 745. Still as a flatbed driver doing pennies here in America
What if I’m just starting my business how do I get loan from bank to finance semi?
ET Transport 👍
You called?
Oh no
Thanks for all of your advice man. From Winnipeg Manitoba.
I filled out the form but the website won’t let me submit for some reason
Priceless info. Thanks
Glad it was helpful!
Is self employed on the tax return same weight as driver?
What about used 26” box trucks?
If we are a American citizen can do a lease in Canada.
I would like to know. What's the difference between a dd13 and dd15 from the financial perspective. Is the dd15 truly better for otr?
I don’t think so. I say do with a DD13 over a DD15 because a smaller displacement engine with the same power rating as the larger displacement engine will have less aftertreatment issues because it’ll run hotter
Thank you. ⭐⭐⭐⭐⭐
You are so welcome!
Thanks bro
Any time!
Good credit 30 percent interest
well i guess this wont help. Everything i do is cash based so there is no taxes or pay stubs.
I doubt very seriously you'd be federally exempt as an "Interstate Commerce Entity (LLC)" since the Constitution SPECIFICALLY GRANTED Congress the power to regulate 'Interstate Commerce'.
Constitutionally speaking, You'll have to play by their rules... Your "paycheck" is a different matter (see: Dave Champion)
Is 18% apr good for a first time buyer with 30% down?
NO!
With 760 credit score and 30k down and only 1 years experience can’t find any lender.
Because now is not the time to buy. Costs are up, parts are hard to get, and rates are down.
Failure is likely. Companies that have been around for 50 years have closed their doors already. One year looks like a risk they don't want to take.
Rip off rates IMO
Great Video and fantastic advice
What’s the link of form to send to the 4 banks?
The description
great video
First question: if I'm making $3500 a month as a flatbed driver in the US as a company driver. An the payment is gonna be 4k a month for a brand new cascadia. How am I gonna prove to them that I'm gonna be making more than$ 3500 a month. Credit score 745. No mortgage no car payments. Anyways I don't even have a car cause I'm running as hard as I can to buy me the second option Wich is a use freightliner on 60 series. This video is a Gem.
You show them what you intend to do and what the rates are. Get on some load boards and research rates. Make some estimates about fuel mileage and expenses and do the math. However much detail they want, give them.
You have to make some assumptions but don't oversell it. They know you're not going to run as hard as you optimistically think you're going to run, especially if you're looking at a used truck.
Find out what repairs that truck is likely to need right off the bat (eg if they're selling it with older tires or a known worn turbo or whatever) and show them that you've factored that in and how you're going to pay for it.
When I got financing for mine, she said I probably won't make that much my first year. I disagreed and got a little mad but she gave me the loan anyway.
She was right. With the downtime of working out the bugs on a used truck, I made right around what she said I'd make.
Lenders aren't stupid.
They usually don't expect your numbers to be exact, which is next to impossible, but they want to see that you know how to operate so you can make your payment.
@@dchawk81 awesome. I think I'm gonna do new cascadia DD15 or Volvo with DD15. I just don't want them to do a hard pull just to get denied with a 745 CS. Who is she?. Are we talking you went straight to the bank or straight to the dealership
@@stilliraise9201 you'd be best served to search out an older, mechanical-engine truck that's been well-maintained or restored...no electronics or emissions garbage to break down & ruin your customers' delivery time slot (& your reputation in the process!)!
@@westtexastll1978 you mean with no emissions? And maybe overhauled. That r hard to find
soft pull?
When you tell her to be gentle.
Ronan 😆 did she cut up your under pants too 😳 🤔 👀 🤣 good video
Hey Ronen
I have a quick question, is the commercial lease interest simple or compound interest? Can't find any information about this online
Do you recommend a new driver to buy their own truck? Is it worth it at the end? Or will the $$ go into insurance and interest
why even bother? you can easily make $30/hr + with no issues at most companies, save up for like 2 years then buy something, create llc, w/e
One question I never see asked. If you had the cash to buy a new truck already in the bank, would you use that cash to buy that truck? If not, why not? If your answer to the first question is no, then why on earth would you encumber your future with debt and interest payments for same? There is not truck warranty that pays your down time when the truck is in the shop for a week for warranty repairs. How do you cover that? It just doesn't seem to make any sense to me. Why not work as a company driver and save as much as you possibly can and then buy the truck? It is an indisputable fact that most small business fail due to under capitalization. Also, there has never been a company that has gone bankrupt for any other reason than mismanagement.
If you're credit score is bronze, you have no business buying a truck or start a business...
And don't ever do leasing. If you're OTR company driver and with no family this idea is easier for you: get rid of your house any other extra expenses and live in your truck and pay off debt and save for a truck and a new home.
Thank you for the information
Just came across this channel love it.... big question just came an board with Day & Ross with a straight truck averaging 16-1700 per week after expenses.... why does it feels like its crappy money? Truck parts n labour are so expensive an it feels like owner operators are being used....
How many miles are you running a week?
@@austinc3669 just city pick up n delivery in Toronto an surroundings
Driving a straight job local is why your getting that pay. You would have to drive a million circles to rack up high miles like a OTR driver. Local means getting up early and coming home late exhausted. Rinse repeat
@@michaelprosperity3420 yeah FACTS.... competition for door in morning from an 5am an late evening trying to get pick ups off. In average its 12-14hrs daily.
Depends what expenses. If it's 1700 salary to you personally it's pretty good money.
If it's just after fuel and truck payment it's not so good.