you tube back again part 3 this is my truck my truck as far as payment my interest rate my terms and the difference between my truck and an SFI truck my interest rate is 17% yes that's high again this is a first-time buyer because again SFI isn't a bank it's not it doesn't show up on your credit report it does nothing for you so yes it's a high interest rate there's multiple ways that you could get financed you can get a personal loan to purchase a truck put it on credit card you can do what I did at least with this it is considered a commercial loan for the truck so if and when I were to purchase a second one or to refinance this one I have that on my credit my business credit so it's a bonus on that aspect will I keep the full term probably not it's a three year league three-year not at least it's a three year loan the truck we paid off in three years my payment is 1528 a month not bad considering what I was paying so 1528 a month that which also includes my I see physical damage insurance went from a hundred and seven dollars a month to forty a week rather 107 oh one a week went down to forty two dollars fifty eight cents a week so I'm saving an additional over $50 over $60 right there and I'm insurance my truck payment was a thousand fifty seven and thirty nine cents that included a maintenance fund now there is still a deductible or an escrow account which now I'm aware of for the Qualcomm once you get up to a thousand dollars that $50 a week will still be coming out of my check until I get $1,000 in the escrow account for the Qualcomm if in case I were to quit and take the Qualcomm with me or whatever if that Qualcomm has returned when I leave then I get that thousand dollars back but if you take my my my weekly payment that I was paying a thousand 57:39 that's a fixed cost and not even worry about the insurance aspect the savings I my saving on insurance just the truck payment alone if you take that either you could multiply it by four point three three three or multiply it by 52 because that's how many weeks are in a month there are weeks or in a year and divided by twelve that'll give you a monthly payment so when you think a thousand a thousand dollars a week you think four thousand a month right four weeks in a month it's not the case it's actually four thousand five hundred and eighty two dollars and two cents that is almost forty six hundred dollars a month my truck payment was that's now Schneider says that that truck payment is fair market value it is not it is not forty five hundred dollars for nearly forty six hundred dollars a month is not fair market value you could buy a truck now granted if you if you got in the game like I did uncertain that I really want to invest in buying a truck and coming on or maybe the credits not that great and you figure if I do a year and in here year-and-a-half lease or whatever that'll give me time to acquire the credit things that nature then you could purchase a truck or if you decide you know what I'm just gonna keep paying this truck until I own it and people have done it so and it is doable it's difficult but but nothing worth anything is not difficult you know nothing is nothing is easy that's worth being it so from that thousand 57:39 and multiplying that and getting my forty five hundred and eighty two dollars and two cents subtract that monthly payment and being a monthly payment versus a weekly payment if I wanted to do it weekly or what it would look like as a weekly payment the difference of that is three thousand and fifty four dollars a month that's the difference now you multiply that by twelve divided by 52 weeks that'll give you the weekly savings I'm Savin seven hundred and four dollars and seventy seven cents plus the sixty-five dollars that my insurance is down so that's seven hundred and seventy dollars I'm saving a week seven hundred a week there's there's checks that people make that isn't even seven hundred and that's just what I'm saving now this gives me a lot of opportunities the fact that I have a week a monthly payment versus a weekly payment obviously there's you could take time off and make up for it you have a whole month to make up for it to get that truck payment also with the way I'm going to have it set up is that I'm still gonna be paying what I was paying as a lease operator it's just gonna be going into savings and paying down that ten thousand or that thirteen thousand I had to put down on this truck so I've got a lot of work ahead of me but in in six months to let's say a year I'm gonna be golden now after a year I may decide to go back to my my bank and say hey I want to refinance this truck get a gets keep to the two-year term because I my goal was always to have a three-year note that way I could appreciate those full three years and not have a truck payment after those three years to where I wouldn't get the depreciation or the tax breaks for it so three years my goal anyway so if I if I go year before I find refinance I'm gonna keep it for two year for the remaining time and then and and get it just get a better interest rate so how I can run differently now one since my my weekly expenses or monthly expenses have gone down drastically I can afford to take loads that pay higher dollar amounts per mile for short miles where I couldn't afford to do that with an SFI truck with an SFI truck I needed a minimum of $500 a day that I was out because I only at worst case I wanted to do a 34 reset I did not want to run recaps I don't want to be out two weeks at a time I never wanted to and never did with an SFI truck so I needed I needed a longer not longer loads but they were longer there were lower cent per mile and and longer loads because they had that dollar amount and and to find short runs that that line up so you can bang bang bang them they're difficult fight so with this being my truck the less miles I put on the truck and the more profit per mile that I can make off this truck regardless of the miles and what the end weekly payment is is what my plan is I can run it totally different now I can still run what I was running as an SFI Lease guy and make that dollar amount and pocket that extra $700 but that's a lot of miles on the truck and a lot of fuel where I could do less miles put less miles on this truck and let the age of this truck slowly catch up to the miles that are on is the goal for of 2015 t 680 with 600,000 miles on it I need a run smarter to slowly get that 2015 with 700,000 miles on it a year now you know I need a knee to work on that as far as getting the miles to equal the year because it's a very young truck to have that many miles on it would that be inside again I don't mind the miles I it was a team truck so the idle time is is nil to none and my guess is it was running 70 mile an hour the whole time which with this rpm range that's on this with a 10 speed and in the Commons and the 264 ratio and the axle that is the the best place to be in that rpm range at that speed so I think though it's a lot of miles I believe that it was more long-haul and not a lot of short haul which is also hard on the truck I still think it's a pretty solid solid solid truck with with those miles but with the options and the benefits that I get owning the own my own truck I gave myself well I gave myself what a $3,000 raise a month right out the gate you know now granted even if I still put a thousand away a week for maintenance or a month for maintenance and let's say I put another thousand for to pay my my down payment back in a year in six months if I put the two thousand straight on to my credit card because I can always my down payment money I can always use that for catastrophic breakdown or things of that nature and I could get it paid down in six months but in in three years I won't even have that truck know so in three years I'm giving myself another thousand race a month so it's just a huge difference of being an owner versus a lease operator having the SFI lease but there's it gives you a lot more freedom it's not difficult to do it is painstaking it's not the easiest thing to do it's it's a long process but it's a very doable process this truck payment even though it's a high interest rate you got to pay to play it's the first truck I've purchased obviously when I refinance what if I decide to purchase the second truck it's not gonna be near that you know it'll be a lot better now what are my goals after now that I've got this truck I'm gonna stay with SFI for a while or with Schneider either until something comes up where I can get least on with another company for a better percent or maybe I want to get my own authority which is at this point it's it's not on my radar the investments I want to make to the truck is obviously an APU for air conditioning that probably won't happen until you know summer time so I've got to put money away for that for the APU I needed to also my major my first purchase of actually buying something else is gonna be a trailer I'm gonna buy a trailer even if I got to sit on it and getting my own plates I'll get my own plates return the the Schneider plates and then purchase a trailer and sit on it you know and then slowly recondition that trailer to you know more value I'll probably buy an inexpensive trailer and redo the bearings and the tyres and the brakes and get it so when I'm ready to go out on my own or lease on to another bini that requires a trailer I've got one ready to roll and and it's not one that a that again you buy a trailer once you get the last word saying okay you can come over or I find a place that I'm gonna come over and I've got a bi trailer and hope for the best and and wait to fix the trailer where I'd rather have the trailer fixed ready to roll when that call is made or if I choose to to get out of Snider I see all together but at this point I plan on staying I like the load board I like dispatching myself I like the fact that if I want to stay out to make more money like for instance this week my payment is due on the 25th but the 25th is a Thursday and paydays are on Friday so this this check this week settlement needs to have my truck payment in it so I'm gonna work through the weekend and get home on Tuesday that's gonna give me enough of a cushion for this truck payment and then I've got a whole month of no truck payment a whole month depending on how hard I run I could get this this down payment money done a lot faster if I can find some good loads good paying ones I keep control of my clock things of that nature sky's the limit with this you know as long as I can get a good three to six months out of this truck and keep it out of the shop per se if I could do that without any major breakdowns that won't be ahead of the game by far by far what I do the lease truck again absolutely I would have for the $1,200 that I have to pay them to use their truck with zero skin in the game to find out if this was something of a lifestyle and in a career that I wanted I do it I do it a hundred times over again I would have paid the full five thousand to be able to have that experience and and that ability to try this system out and and to see if it works for me and works for my family and and and it absolutely did and and it still does is there more money out there am i leaving money on the table absolutely the reason why I left company drivers because I knew I was leaving money on the table as a company driver getting forty two cents a mile you are still paying for that truck whether you believe it or not you are you're still paying for the maintenance you're paying for the truck payment you're paying for everything on that truck you just don't see it all you see is that forty two cents a mile that's all you see but in reality you are paying it anyway if I could pay myself 42 cents a mile for every mile I run and all the extra money goes into the the truck payment and the maintenance I don't you're doing it I'm doing it already and so are you as a company driver you're already doing it now when the truck breaks down is it your responsibility absolutely is it your downtime yes it is it can get costly hopefully with this truck and and it be in the comments hopefully I get lucky and and not have any major breakdowns that's the goal if I could do that I'll be I'll be I have a huge head start on this truck and I'll have a head start of being a lease operator and owning my own equipment so with that being said I would do it again if there is any questions or concerns that again I missed and I might have I might have overlooked a few things strong possibility or if you just want to to see what's going on and how it is or whatever I usually do live videos and not not recorded but if there is any questions or anything reach out to me you can reach out to me at best trucking at outlook.com or the other trucker at gmail.com so thank you for subscribing thanks for watching you guys be safe out there
