HOW TO FINANCE DUMP TRUCKS
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- Опубликовано: 3 окт 2024
- This video is about HOW TO FINANCE DUMP TRUCKS
#justinsturgilltrucking #dumptrucks #howtofinance
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I love this guys attitude , direct and to the point no bull here . Please do some updates on starting or financing a start trucking business with all this damn Co-vid mess and any little extra secrets to beating the system
Pure inspiration, going to work on that credit and start saving up. Thanks for the advice as a young 22 y/o starting in his first dump truck LLC getting as much knowledge from someone like yourself with SOOO much experience in the game is a life saver, thank you!!
Where you able to get it? Howd it go any tips
Ritchie Bros is also very competitive and do outside sales too along with their auction.
Not
Trust me, those Dealers that sell you the trucks are on the hook for the trucks if you don't pay for them. I have a friend that is in the Repo business doing nothing but recovering Big Trucks. It can be a mess and sometimes there is nothing left but junk. A lot of times he gets to keep the unit for the recovery. It seems to be the guy that shouldn't have been in the trucking business to start with. But every once in a while they will get a small company like yours and then it's off to the Auction Company.
Total motivation sir. I just sold my tractor & thinking about get a dump truck. I believe u sold me on the idea !
great advice. think of money down just like when you purchase a home with a mortgage. a down payment shows good faith and ability to be financed.
Well, I don't like your language but your advice is dead on. There are three C's to credit: Character, Capacity, Collateral - in that order. I have been a controller, a CFO, a VP Finance and a CEO. At United Technologies I was the Chief Credit Officer in the 80's with a portfolio of about $3 billion. Following I was the Treasurer for Continental, AG's western hemisphere operations.
As Chief Credit Officer of UTC, I financed helicopters and aircraft for delivery three years out. Financial statements were worthless.
With Conti I was dealing with tire dealers, truckers etc. Financial's meant little as well. I wanted to meet them if they were of significant risk. I extended credit to one wholesaler 3x his prior year's sales on his tax return. And I worked with him so over five years I owned his business; I could trust him and he needed a "partner" to grow and grow he did. I want to know how the business is going to succeed; how is he different. If he can't tell me, he will go broke.
Now I am in the logistics business with my son. He bought junk construction equipment, rebuilt them and flipped them. He made some money and then took on a partner; the business went south. BUT he had always paid his suppliers on time. So when he went into the trucking business, he had some cash to buy a tractor and trailer. The dealer servicing the truck made a mistake and the engine blew up. Cracked head, pistons and valves twisted, a hole in the block. I helped his by another truck (if you equipment is down you can't make money) and over two years he has made money and has eight drivers with their own equipment running under his authority.
Yes, I still have money in the business but as equity and I will keep it that way. I deal with the lawyers, CPA, the insurance broker and the bank. He handles the sub-contractors and drives. But all the loads are over dimensional and over weight - up to 55 tons. I split the cargo insurance from the collision and liability insurance, putting cargo insurance with a company that does just that. Costs dropped. We pay the subcontractors within four days of delivery. We will likely retire our truck in two to three years and then lease. The current engines are garbage so we will keep the beast and lease a new one with a proper warranty and change it out at the end of the warranty.
I had to put my foot down at first and have him fire his CPA. What a dunce! Then we got a really good one that I chose. And I made him put $.25 (twenty five cents)/mile into a savings account for major repairs and $.25/mile in another account to replace the truck or trailer. This works: We rebuilt the truck adding a fourth axle (floating and steerable), new 18 spd. transmission, new clutch, new turbos, new HD radiator etc. Most of this is upgrades to service the 55 ton radiator in the mountains. The biggest cause for failure in new businesses is that the owners put all the profits in their checking account and spend it.
So folks, if you are going to get into the trucking business, get yourself a really good friend who is an expert in areas yu do not know anything about. You must be willing to LISTEN, defend your own position and be willing to starve for three years. There is an old axiom: Starve in three; thrive in five.
For you willing to take the risk, may God bless you with success.
Righteous‼️
I been told there is no money in trucking. I would love to set up small extra business with trucking but I can't find drivers so that is the a major problem in setting up a trucking business
Don’t forget to talk about FET and new truck buying. Most dealers want that $16,000+ up front before you can even start paying down the truck. That’s a big reason why glider trucks were so popular when they first came out (no FET).
I worked for a place where I never had to even think of financing. If the owner wanted a truck or an endloader, we just went and bought one. When I'd tell the salesman I'll take it, they ask how we'd like to finance it. I just tell them by a bank transfer. I've been to auctions where I had to submit a letter of credit. The letter simply said the bank guaranteed any check written for any amount.
This invaluable information, this was really good, this is stuff people needs to know! Great job, thanks!
Make a video on how you hire drivers and how you find them
Heavy wrecker comes hooks up cages brakes and pulls an axle or driveshaft and off you go.
Good info there! I bet this year should be stellar for you with all the new trucks making profit this year. Should be good!!!
Have a good credit score, have a good credit score HAVE A GOOD CREDIT SCORE!!!!!!!! i was able to qualify for up to 100k as a start up. also owning a house is huge plus. there are some finance companies that only do equipment and with 30% down will not need a whole lot of docs. I was able to us 10k i had plus a 10k credit card balance transfer check (0 interest for 24 months) plus a personal line of credit for 10k. now i can show 30k on my newly set up business checking account.
@@jaybo3687 because a 30k truck probably going to be more trouble then its worth?
@@jaybo3687 definitely a route you can go and i had thought about it. ultimately i decided to go with a newer lower mile truck first then a cheaper truck down the road. right now i have guaranteed work day and night 7 days a week so its good time to buy better truck and establish good business credit.
If you don’t mind me asking, which lender did you use for your startup biz to finance the truck?
@@malikprince3305 I went with Universal Finance Corp. at first because they will give you a check quickly and don't force you to buy newer trucks.
@@jimmefz3328 thanks I appreciate the info
What's the best route to go when buying/financing your first dump truck?
Dean Williams cash
Good advice. Salesmen don’t get paid unless they make a sale, and the volume of business they do means they have leverage with banks to get you approved, and possibly to bump you up a credit tier to lower your rate.
Good video. Thanks for the info
You gave such great content to help me get started! Thank you
Someone like me cant get anything at all financed. They say they've never seen credit as bad as mine before.
You got me smiling because I aint got a bad credit history , I got a shit hot debit history lol!
Bought my 1st used truck last year low credit score. I made sure the deal did not have early payoff penalty fees. They gave me a high APR on a 48 month plan. I put down a hefty down payment and paid it off in less than one year. You need to plan accordingly prior to buying a truck and consider insurance cost.
seems like i got no credit too. i have to bust my ass and pay with cash, and that dont help my credit
THX for help Bro this channel is for mennnnn😜
Excellent info!
I made sure I worked and paid off my home. Then I borrow directly from home. Low interest. I pay them off in 4 years. I now have 17 trucks.
u got some nice trucks man
Excellent information
Great Advice
Solid advice for any business.
Thank you! I wish they would add one more year to high school and teach both "shop" and basic finance. But there is one thing they cannot teach - customer relations. Do a good job for a customer and you are both happy. But don't stop there. After the third or fourth job, do what my son taught me: Call your customers on a regular basis so they don't forget you and may provide some contacts. The fellow that ran marketing for Continental, AG - sales stopped Friday at 1:00pm. Then the salesmen started calling customers. They thought it was a sales call at first. It wasn't. "How's business?" "How can we help?" Just a conversation that led to HOW we sold. We (not me) listened and changed terms for the industry making the bill paying process easier. There are three reasons you don't get paid: 1) the customer doesn't know what he owes you (ever get a statement from a doctor or hospital?), 2) He's ticked off for some reason - dig, 3) he can't. These invite a serious conversation so the credit manager took the customer out to a nice restaurant and they talked. Sometimes I would permit a tire swap, the customer had the wrong inventory etc. There is an old saying: "When forks are up, guards are down". To which I added a strict rule NO ALCOHOL!
Good video JST
2 mins in & I like you alllready 🤣🤣🤣‼️💯
Great video! Thanks for sharing!!
I love your channel, I appreciate the advice, I idolize your trucks... lol but I can’t get over how you sound just like Alex Jones sometimes lol
Love and respect brother!
Thank you good inf.
Has anything changed in four years? Or would you make different suggestions?
Great 👍 info
I HAD 11 NEW KWS THEY ALL GOT REPOED . ONE YEAR WORK WENT DOWN AND CUSTOMERS DIDN'T PAY AND I GT FUCKED . ITS NICE TO HAVE NEW TRUCKS BUT THE DRIVER NOW SUCK . LETS NOT TALK ABOUT INSURANCE .
How did you start , or get your very first truck
scot Mackenzie go watch his 1st video this whole channel documented day 1 to now.
I drive a concrete mixer for my day job and want to buy a used dump truck. I've run into the financing problems online. My house is paid for, make atleast 80K per year, and I own a rental duplex. Credit score is good enough. How should I go about getting a loan? I'm not trying to buy something brand new. Funny, if I wanted to buy a $200k house tomorrow I'd have no problem but buying a $65k dump truck is a problem.
Samehere want get some answers for my ? As to start up a dump truck small business on the side with one Used Dump Truck
Beast thanks so much
5:01 670 credit score
10:45 going off credit history from 18-38 never one late payment!?
11:10 tire accounts pay them off; American express
12:01 bmo finance
"can you show good payment history"
12:20 debt to income ratio
13:30 list of what you need; but sant didn't have all this. Either did John Krause coming out of prison
Great info., Justin! You got your ducks in a row, sir!
Dave Ramsey 👉🏽👉🏽Just say no to credit 🤔🤔🤔🤔🤔
I really want to get my own truck I just don't know where to start
whats up justin
So how do get drivers in all them trucks that quick ?
WHATS THE BEST ROUTE TO GO IF YOU DONT HAVE A GOOD CREDIT SCORE??
Hey pal, I’m retiring from law enforcement in about 24 months and I’m looking to buy my first dump truck . I already opened my LLC recently and have experience driving dump trucks since 1997. Question is should I open my business bank account soon to start building credit I am prob gonna attempt to get financing for something used by years end .
Great advice, can I make you an offer on the Milling machine ?
What would you suggest for someone starting in the Dump Truck business ?
When you buy a new large truck do you have to pay sales tax in the purchase price? Thanks in advance for answer.
Yes unless you can negotiate some shady deal, no sales tax where I live tho.. We have a lot of people come from Washington to shop here because of that.
Same in Nebraska.
Yes plus 12% F. E. T. On new truck
Thanks for the video. How much can I expect to save haggling with kenworth or peterbilt?
No filter
Good advice from a plumber...lol
Lol
Good shit
How do I get my first truck without saving 70k cash or getting it credited
Because I’m not 720+
Thanks for sharing! I drive for a company now. Planning to purchase my own within the next six months. Should I use the same approach for my first unit? My LLC has been established for over two years…in anticipation of this move.
Thank you in advance…love the channel.
I got 819
MAN ATKINSON TRUCK SALES AIN'T SHIT. I BOUGHT MY FIRST TRUCK FROM MILAMS AND THEY'RE THE SAME WAY. OVER PRICED USED TRUCKS
how do we finance one truck to start
Jay Bo.. will 30k cash be enough
Jay Bo ,,,what are you charging the hour and where are you located??
@@jaybo3687
Congrats!!
He did say,
How Da Fuk
If your using credit accounts just for the sake of building credit, make sure they report your good credit to the agencies. I paid off a brand new $165,000 truck years ago and found out they don’t even report it. Well fuck me sideways I guess.
They way I finance my truck and trailers through the finance company looks like a lease in wording only but the tax advantage is incredible,everything Justin says in this video is accurate about the banks,you can have 200k in revenue and savings but one late child support payment even 5years ago is a deal breaker.ohio will not clear your credit report on child support till child is of age FYI for you deadbeats
Everybody wants to own there own truck, truck is easy its behind the scene items that will put you out of business if your not well versed on all the green book regulations on the 725 pages good luck sky is the limit with fines.
I just laid here and watched this whole video. Man I gotta fuckin go
They want tax returns on the business so how do you get a decent truck starting out when you don't have that??
Shit in five years I'll give ya 60k for one of them trucks lol
I won't buy a new truck right now, every product is ultra inflated. It's all going to be high while we get through this sting operation called the great awakening.
Hey Junky. How the fuck are you doing today?