Alternative Finance Options

I know nothing about financing, but judging from how good this sounds, I'm certain you'll succeed

 

If you are looking at an easy way to finance into the industry, there isn't any. This isn't a new venture where capital financers are going to take the risks on one or two truck operations. The failure rate for carriers is rather high, the failure rate for owner operators is very high - both won't be coming down to normal levels any time soon.

The risk has to be on the borrower, not the lender.

The idea of perpetual debt seems to be a misconstrued one, there is debt - bad debt that you will never get out of because of mistakes and over extensions. But then there is debt - good debt that you leverage into making more money.

There is no real in-between or going from one to another.

Debt is hard work to manage and it has to be managed if you are leveraging it.

If you want to learn, start with the basics, and how to manage a company. Then you learn how to finance the business.

As for Infinate Banking, it isn't something you can do if you are looking for money for a truck, you have to have a paid up whole life policy to borrow against.

 

How I did it. I had/have money in the bank. It stays there unspent. I use loans for equipment, but I leave the money in the bank for an emergency. It gives me a little flexibility if I need it. I recommend starting a business with money, not broke and hoping to make it. Just work hard, sacrifice, be patient, and you can have a nice start with no debt and some money in the bank.

 

Except you have to take SOME money out.

As mentioned above. Banks want to minimize risk.

Might be some leniency after a couple years.

 

I have said this 100 times before, and I will keep saying it. Talk to YOUR bank. Go on in, tell them what you want to do and ask THEM if they can help you do it. If they wont, then take that as a sign. Go to work for someone and save a few pennies and try again in a couple of years. It is by FAR the best way to go.

Or you could find a few "good fellas" that will give you a little... And take a lot...

 

Frankly, if you have to resort to 'creative financing' techniques, you are probably too poorly-funded to start a business of your own.