Truck driving business start-up?

I am looking to obtain a loan for $40,000 - $50,000 because me and a business partner are looking to start tandem driving so we could drive non stop to get jobs done faster and not break any laws about how long you can drive without adequate sleep. He has a family member offering us a 2005 volvo tractor trailer with refrigerated trailer for 30,000 because he was driving but had a heart attack and cant continue. So we would like to get the loan, buy the truck, and start independently hauling loads to make all the money. The extra 10,000 or so will be for gas our first couple trips or unexpected permit costs or repairs. What would be the best way to obtain this loan? We could come up with only about 5,000 up front (were poor) and neither of us have any debt as of now what would be the best route to take?

Will the relative take payments or a percentage of each load until it is paid for and offer him interest on his loan to you two

if your credit is exc, a financing firm
will handle your situation.

YOU did not volunteer how many miles of experience you have driving
OTR.

I have contacts who might finance you
if you are willing to drive for them for
1-2 yrs first!

If your going to haul your own loads you will need an ICC authority, and insurance that will set you back about 5 grand. Take the guy with you and go to his bank and work out taking over his loan. If the truck is already paid off , talk to a loan officer at your bank and see how much you will need as a down payment. Any driver with 5000 dollars in his pocket and a clean record with 2 or more years over the road can get a truck at ANY used truck lot.

W O W ! Do you guys have a bunch to learn. First of all. Call your local insurance company.You know, the one you plan to use to insure your truck, and trailer, and the freight that you plan on hauling.Just ask them if they'd be willing to give you insurance and see how much EXPERIENCE that they REQUIRE out of BOTH drivers before they'll even write you a policy.You guys need to get on with a local company and run the country for a few years.Find out what life out there is really like.Hook up with an O & O.That's owner operator.Learn everything that he's willing to teach you.Don't give him the impression that you know everything,and maybe just maybe, you'll be able to make an educated decision about this little adverture you and your buddy are considering.If I sound a little harsh.Well life out there is just that.If you plan on making this work,then go out and get you some experience.There's a million things you've gotta learn.

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Do a lot of research (how you will get your loads) and have a business plan. List every one of your expenses (and there are many). Have some experience driving otr.