How to Become an Owner Operator with Bad Credit

So, you have bad credit, and you want to become an owner operator! How do you do it??

In this video, Ronen breaks down the steps to becoming an owner operator with bad, mediocre or amazing credit. Follow along and let us know how your journey is going in the comments below.

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[MrDexter]

Solid advice. My credit is bad but I’m going for my CDL learners in New York. Took the time to become a diesel mechanic first. Going to work for a company Otr and fix my credit for about two years and then I’ll get into the O/O game. Who knows by then we’ll know the true weight of cargo the Tesla semi can carry and see if it makes sense to go that route.

[JoshuaTerence]

This was a good informative video, i am on the line of being op own or staying company, i am staying put at the moment... but eventually i may

[SilverTonguedDevil]

Should be called How To Buy A Truck with Bad Credit. Buying the truck is the easy part of becoming an O/O. If you have bad credit think twice. You’ll need that credit along the road if and when things don’t go as expected.

[evguenimertodjan]

Thanks for the video Ronen, as usual informative!

[tonybrooks]

Who is a good leasing company? Thanks for this to the point video!

[frankh]

I’m a 24 year old and I just got a truck with 6.1 rate on my loan. 17 volvo vnl630 526k miles

[TacticalTrucker]

_This video is bad timing for anyone that is looking to become an operator in this economy, the rates are low, the loads are competitive, The intrinsic value of the dollar is falling and drivers come a diamond dozen so drivers don’t have much value in the industry anymore, both as a company driver and an owner operator because there’s too many people in trucking_

_Nevertheless, veteran drivers are now receiving the big bonus pays that they’ve always been in deserving of, getting paid a consistent amount of money that owner operators today can almost barely afford to pay themselves because Money Hass to go into their corporation_

_Not to mention, there is a national back order on some of the simplest parts for both freightliners and Paccar equipment_

_Drivers who are foolish enough not to keep money in their corporation. Suffer mechanical consequences._

_Two years in the trucking industry, and then becoming an owner operator afterwards that is nowhere near enough time to understand, and become one with the trucking industry, mechanics, truck, specs, and having enough courtesy not to piss off the next driver to getting your pin pulled_

_I’ve seen drivers get their business shut down for not having mudflaps on their trucks, don’t you guys know about the mudflap laws, I’ve seen drivers get their business shut down for having their tandems past the 10th or 12th hole, trucking knowledge it’s extremely important For a successful trucking business_

_Veteran drivers are not spreading that real good trucking knowledge out anymore, because they see the influx of everybody wanting to be a trucker, the veteran truckers know where the money is at, and how to get it, but they’re not gonna share that knowledge, too many people on one boat, and the boat is starting to sink_

[victorsuarez]

I just paid my truck off, I'm looking for possibilities, I'm hardly getting 2 dollar per mile rates, I'm being charged 12%, 250 insurance, 250 trailer rental, .150 occupational insurance(weekly), dry van, you do just flat bed? Main reason why I'm looking for something else is that this guy works with load boards on spot market, not a lot if loads this days.

[naosay]

You got a typo - when showing the lease operator income, the headline is owner operator.. I guess you used an existing pattern, which is a given and happens to everyone.

[kennethlatony]

I'll appreciate a new video of truck prices in market today and what 2023 will bring? What will be a great deal of top three trucks brands, Freightliner, Pete's and Volvo's, Thanks in advance

[moosc]

When you walk into truck dealership and find a your truck, is it true it'll take two weeks to close on the truck?

[Upracefan]

Oh it’s possible, but I am not sure why anyone would want to in the current trucking industry.

[gabrielwelch]

Do you still recommend M7Tax? I don’t see a link in the description for them

[somethingepic]

Im not yet a trucker. Got a newbie-question; Does the dealership finance-department focus solely on your credit score? Heard somewhere that they also take a look your MVR...is that true?

[YuriiHretskyi]

Hi. Why you don't pay gross percentage?

[lakesnake]

Okay. First of all there is a big difference in being a lease purchase driver and an Owner Operator. You have no say so in your haul rates and you have to haul strictly company freight. No negotiation powers AT ALL. If you were to find a higher rate or for example be offered a Tour hauling Production for a Broadway Show or an Artist, you can't do it. You are locked into their freight. Second item, I am not familiar with Canadian Tax Laws, but in the US the IRS DOES NOT consider you to BE an Owner Operator mainly for the reasons I stated in the first item. Third, what is your Company Policy concerning the age of Power Units in the fleet ? I have seen many a driver bust their ass, never going Home shivering in the winter and burning up in the summer to save money to pay their truck off only to be told that it is now too old and has too many miles on it. Fourth, do you allow those drivers into your Benefits package and award them any PTO ?. I HAVE seen this program work, however I have seen it fail much more often and send very capable drivers into another career because they were burnt so bad. Lose their home and their Marriage and incur massive Tax Debt. I used to recover lease purchase equipment for a Fortune 500 Company out of Kansas that was abandoned all across the US and I was a member of the Safety Department. So I am aware of what goes on in the office and dispatch. I was constantly reprimanded for not "talking up" the Lease Purchase Program in Orientation. But when asked by a prospective Driver if I would do it myself, I was not going to lie about it. PLEASE....if you Drivers consider this, take the Contract to an outside Attorney and have them read it thoroughly and explain it to you IN DETAIL. I felt bad enough about the whole deal to get back into a truck and out of the office environment. I finished my 30+ year Career as Company Driver in a Production and Lighting outfit with great pay, benefits and massive respect. Best of luck to you all and Merry Christmas....or Festivus for the rest of us.

[timothykopichanski]

This is terrible advice!! If you have bad credit, you are not ready to be a business person. Flat out, YOU ARE NOT READY!! To succeed as an owner operator you need good credit, money management skills (big time), and lots of free capital ( cash money on hand). Don’t try this broke, or with bad credit. If you want to go into business you must build a foundation first or you will fail! 30 years in this business and I have not yet seen an exception. Go watch Blue ribbon logistics channel. Lots of great info, and excellent business advice. Don’t do this broke drivers! Good luck and be safe out there.

[salestruckerguide]

Hi! How we can contact you regarding the advertisement?

[gekogals]

Don't finance. If you can save 35 to 45 percent, take the extra time to save up to 70 to 100 thousand dollars and drop cash on what ever you can afford. Leverage investment devices to save your money. That how I dud it. Use stock bonds, metals etc. I saved up enough to get a used truck. I worked it for two years and saved for a newer truck. Rinse repeat. Finance is the worst way to go. Leverage the interest in your favor. If the lease is 7000 a month. Put that into investments. At an average of 5 percent you can make 90000. You will be buying a brand new truck in 3 to 4 years. If I was starting as a company driver I would put away a thousand per month. I can live nicely off of 5000 a month. In 5 years yo would have 60000. If backed with good investments you could get up to 70, 000 to 90000. Plan for purchase in the 5 to 6 year range based on market timing and you will learned the most important skill in business. Discipline. In ability to control costs is why the majority of owner operators fail.

[PoptartGoneTrucking]

Absolutely drivers !
Just sign up for a run away lease with a fleet needing a steering wheel holder just like you driver