3:18pmCDT I appreciate you my brother! The factoring referral and load board demo was invaluable for a new starter. I believe in giving as you get: In the financing options, if someone has 20-40% dp for a truck try proposing to put that in your bank in a savings vehicle that can be used to collateralize the truck purchase or a line of credit. Then you have a solid means of establishing your businesses credit history.😎
100% True. Rule of 72. Divide 72 by the interest rate, and that is how many years it takes for the interest to equal the principal. At 35% in a little over 2 years, the interest has bought another truck. If you finance for 5 years you will have bought the same truck 3 times over. That is CRAZY
get your credit right!!!! you honestly robbing yourself, my credit is good, not to brag i paid 10% down with a 11% interest rate on my truck, you cant blame no one but yourself....GOD BLESS!!!!
And I wait for the amazon relay loads to hit the load board and I can in and get even more...I get up to 800 or more sometimes... once you call first they go with you almost 100% of the time even if you request more
I actually don't agree with running from that opportunity. This man is speaking from the prospective of having good credit. In some cases It can work. This must be answered from a cash flow prospective. Considering the amount of time It can take get your credit good it would be unwise to wait until your credit improves and leave money on the table(unless is just mildly bad, then wait)The high interest is just the fee for bad credit and all credit will improve over time. Considering you have cash on hand your only going to make less profit(not a major issue). Thankfully my credit is good now however I created my empire when it was bad. Just do the math It can work.
You did a commercial loan that was over 19%? I’m kinda in this situation now. Got approved for a truck 20% interest rate. my authority is active and my insurance is about to roll around and the financing part is with Balboa(getting the truck from Penske)
I wouldn't lock yourself into a horrible rate like that it's going to hold you back in the long run... if you think you can afford it paying that type of financing then I'd say atleast try to rent first to see if you can save that way...
Hey Bigg Vic: You're doing good! I'm setting up to get my Box Truck into motion. Hey, wanted to ask you if you have any videos on the Startup Process (all the way from LLC formation through all the steps that you recommend or experienced)? There are other vids out there on parts of the process, but was wondering on what your advice is. Appreciate your work. Keep Trucking LOL
Thanks for the advice bro. I actually was leaning towards making that mistake out of shear impatience/desperation but I’ll have to remap things after this video
Gotta get your money right. Learn money management skills. Good credit means you are a good consumer. Plenty of people with credit and zero liquid funds
Bigg Vic, appreciate the blessing with the info. Tell me this though, how long have you had your authority and when you first got it, who and where did you first start running with?
I get what you’re saying about people taking low rates but some people got a loan to pay and if time is running out sometimes you gotta take the low rate just so you can make the payment or lose your truck. Everybody can’t protest
I produce music too and my concern is will this take a lot of time away from producing? I was thinking about bringing my mac with and a 25 key midi keyboard lol
How ironic...to meet two people that is doing the same thing that I trying to balance. Now you guys maybe more advanced than myself. I picked it up because my son is an artist and the was always complaining about studio cost and time. So I bought what he needed and the rest is history. But I would like to converse with you two at another time on another platform.
Love the content! But I have to ask… is it really 5 grand to get some information from you? We are all trying to start a business and another 5,000 dollars isn’t in the cards for a young business. Not hating because I absolutely love your content, just a question. God bless
@@Jay-td5kr Free coaching is in the videos Jay!! You can always set up a strategy session for way less. My program isn’t for everyone!! Tap in!! linktr.ee/biggvic
About the lowest rate I’ve seen is about 10% that personal credit plays a major part in that rate. I’m also learning just recently talking to a business loan broker that business address vs personal home address makes a big difference unless you are above 750 on the personal side.
@@walkersboyz5618 If you listen to everything out there you'll be staying away from everything lol. So much chitter chatter on the net. Just make sure you can get maintenance paperwork on any potential purchase you're thinking about buying.
19-35% Are they out there mind!!!! That’s for someone who doesn’t know better and is inexperienced and thirsty to just start without doing research!!! Crazy
im conflicted on something, i am being told different things about amazon, like do you need three trucks to run for amazon or can you start with just one truck?
Bigg Vic do you have a recommendation of who to finance with and I was told if you are a first time Commercial Vehicle buyer that they are going to require a down payment regardless of your good credit. Is that true.
No it isn't. They are just offering contract dedicated work for your company if you own five trucks. There is still spot work available for new carriers.
@@BiggVic Hey Vic much respect to you bro and what you do my question is would you recommend renting a box truck when getting started in this game with my credit being very poor right now but I'm working on it currently right now cleaning it up that was my question.
So upon watching this vid and others when it comes to load board work and the rates, I have yet to see anyone speak about how brokers are using Partials to low ball box truck drivers. Also, I wonder how many days a shipper gives the broker to move their load? There's a very easy way to legitimately get to shippers.
Anything under 11% is considered good for commercial loans. You can go higher but you'd need to double up on the notes to cut the interest tremendously. ✌🏿
Unless you have your CDL this truck probably has GVWR above 26000lbs or if under the extra weight of the vehicle might reduce your payload weight capacity
You have to sign up with a Factoring company they charge a% but that’s how you get paid within a few days..if not you will never survive in this business
Amazon Relay just reached out to me and approved me. It’s time I learn this load board and get this bread! I definitely need some pointers from you bro. I have to rent my trucks right now. But it’s good. I just joined a couple of load boards.