Getting a welding rig soon

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So i went to the Dodge dealership today and found a clean 06 GMC 3500 4x4 4 door dually that i liked and was in my price range. I figured this is the truck that can make me some money. Im going to buy my own welder to stick in the back and after i get done working at my other welding job, i can go on my own and do some odd jobs for a little extra cash. Its almost to much truck for me but i figured that im going to need it if i get serious, Im also going to start hauling cattle around Texas for some of the ranchers and make some money there. Im pretty excited hopefully my buddy can co sign for me as im to young to have enough credit. Maybe i can turn this into my own business.
Reply:i don't think it will be to much of a truck. the only problem i see is that you might not have room once you put a welder, o/a tanks, tool box and a air compressor.  a trailer with the long skinny neck might work and not hit anything. a regular gooseneck would give you problems. something to think about. i say go for it and good luck.
Reply:Originally Posted by patrickpi don't think it will be to much of a truck. the only problem i see is that you might not have room once you put a welder, o/a tanks, tool box and a air compressor.  a trailer with the long skinny neck might work and not hit anything. a regular gooseneck would give you problems. something to think about. i say go for it and good luck.
Reply:Originally Posted by ClayKann101 (I found a ) 4x4 4 door dually that i liked and was in my price range....I figured this is the truck that can make me some money.... Its almost too much truck for me but i figured that im going to need it if i get serious...
Reply:Originally Posted by denrepMuch as you'd like to have the truck; right now, I would discourage you from borrowing to buy it. Especially if you will need to have a co-signer to guarantee the loan. That's simply considering the less than favorable terms negotiated with a typical co-signed auto loan.Another consideration is the required full coverage insurance on a financed vehicle. It could cost as much as the truck, if coverage is expected to be in force when the truck is used commercially.Times are tough, and big pickup truck prices are plunging. You can find something cheaper that will get you by. It's not that important how your equipment gets to the job; it's the production and quality once there that counts. When the money starts rolling in you can buy a more expensive truck. I said more expensive, not better.Good Luck
Reply:Originally Posted by ClayKann101Your right, everyone has been telling how bad the economy is and i should wait until it gets better. Well nobody knows if its going to get better and when....
Reply:Do your home work on starting a business.  Bussiness plan, liability insurance, customer base are just a few things you need to get lined out. When you have your ducks in a row go talk to the SBA. Keep business property and personal property seperate. If everything goes to hell with the business you may loose the business but if you mix business and personal you could loose everything. Taxes are another whole ball of wax.Tough as nails and damn near as smart
Reply:Lenders are smart, we should listen to what they say.Essentially what a lender says by requiring a co-signer are two things:1) The collateral is (or will soon be) worth less than the loan amount, therefore it is lacks enough value to secure the loan.2) By all appearances, the principal  borrower can not afford the loan.
Reply:Originally Posted by tresiDo your home work on starting a business.  Bussiness plan, liability insurance, customer base are just a few things you need to get lined out. When you have your ducks in a row go talk to the SBA. Keep business property and personal property seperate. If everything goes to hell with the business you may loose the business but if you mix business and personal you could loose everything. Taxes are another whole ball of wax.
Reply:Originally Posted by denrepThat's true for the economy in general... But the economy for YOU, which is what counts, is going to get better when you are not paying high interest and insurance rates. The dirt-bike weekends you plan on enjoying may very well not happen, because you could end up working weekends; to insure that financiers and insurance sellers can enjoy their weekends off.Good Luck
Reply:I will have a HUGE responsibility.This is a very GOOD thing to understand. FWIW: I broke my leg, twice, motocrossing.  But I had a desk job.  I was off a week each time.  I think the motocross will be put on a back burner even tho it is my passion. It must have been my passion, or I wouldn't have done it twice.  Unforunately, the back burner is a good idea.Last edited by Craig in Denver; 10-19-2008 at 10:17 PM.9-11-2001......We Will Never ForgetRetired desk jockey. Hobby weldor with a little training. Craftsman O/A---Flat, Vert, Ovhd, Horz. Miller Syncrowave 250
Reply:Those truck prices are tempting now.  But listen to Denrep and the others.  Try and settle for something where you dont have to have a co-sighner.   Really dont do it.  Im tempted to trade my 99 Z71 right now so I feel your pain.   I love the no payments and cheap insurance.  Get a truck that is priced low low low.  Good luck weld it like you own it
Reply:Originally Posted by Craig in DenverI will have a HUGE responsibility.This is a very GOOD thing to understand. FWIW: I broke my leg, twice, motocrossing.  But I had a desk job.  I was off a week each time.  I think the motocross will be put on a back burner even tho it is my passion. It must have been my passion, or I wouldn't have done it twice.  Unforunately, the back burner is a good idea.
Reply:If I had it to do over again, I would take the 20K (6 years ago) and put it in to my old paid for 76' F-250. I love the big 7.3 Diesel, A/C and all the toys, but 20K in to my old girl would have built one helluva truck.Disclaimer; "I am just an a$$hole welder, don't take it personally ."
Reply:Originally Posted by lewrayThose truck prices are tempting now.  But listen to Denrep and the others.  Try and settle for something where you dont have to have a co-sighner.   Really dont do it.  Im tempted to trade my 99 Z71 right now so I feel your pain.   I love the no payments and cheap insurance.  Get a truck that is priced low low low.  Good luck
Reply:C'mon where are the Dave Ramsey fans?    like Im a model follower, but I try weld it like you own it
Reply:Originally Posted by ClayKann101Yes sir, lately i havent been riding as much since we have so much to do if i got hurt we would be in trouble with just 2 guys i mean it can be done but it would be to hard on them.
Reply:What you should do is head down to a credit union. Take out a $500 personal loan. Make your payments and in 6 months that will build your credit by far. That is what I did and on month 7, I went out and was able to buy a new car, w/o a co-signer. In 6 months the truck will be gone, but another good deal will take its place. Maybe by that time you might have a full atack plan on how to pay off that truck faster.
Reply:Originally Posted by Craig in DenverWhen I was younger, being called 'sir', offended me. But, now, I think it a compliment (thank your Parents).When I was MUCH younger, my Mom co-signed for me to buy a car. And she told me then, your credit rating is REALLY important. She was right.  I'm retired, not much of an income. And I just signed my name on the dotted line.... for a $50,000 line of credit.  Nope, I'm not going to spend it stupidly. But it's there if the need arises.
Reply:Originally Posted by h2oboyWhat you should do is head down to a credit union. Take out a $500 personal loan. Make your payments and in 6 months that will build your credit by far. That is what I did and on month 7, I went out and was able to buy a new car, w/o a co-signer. In 6 months the truck will be gone, but another good deal will take its place. Maybe by that time you might have a full atack plan on how to pay off that truck faster.
Reply:Pay cash! A vehicle is not worth paying for it 3 times.
Reply:Originally Posted by kepePay cash! A vehicle is not worth paying for it 3 times.
Reply:If you are looking to have a mixed use truck, do like I am doing.  I have an old 87 F350 that I am redoing so I can plow in the winter/ try some hotshots on weekends and if I get real lucky have a welding rig set up.  I know my truck might be over the drinking age, but it is a strong as a bull.  Once I have it back in top shape I will have 1ton 4X4 that can pull a house down, and I will have to only worry about Diesel.  That way any and every dime I make can go into the business.  Now I know being young you want to have a truck that makes heads turn, but at my age I am over that and I am thinking with the correct head.  The hot truck does not make the business, the man behind the wheel does. Sorry I did not mean to rain on your parade.  But you have to sit down and take stock, do you want a work truck or a truck that you can use for work.  Because the first dent on that 20-30K truck will make you cry.
Reply:Actually, it's very easily done....save up!
Reply:How could a vehicle be in your price range if you have to barrow the money?  Hold back from your paycheck the amount you will be paying for a note and insurance for a few months.  Easily that will afford you a welder.  I am sure in Texas there private sellers offering better deals on trucks than a dealership.As stated, doesn't matter how you equipment gets to the job site...Pay cash.  It would be nice to have two profitable, rather than one job supporting the other hobby(job).  The members have posted some good advice, hope you pay attention.Good luckI reallly appreciate everyones help and advice on me getting a truck. But i figure the truck will pay for it self soon enough and i wont have to worry about it.
Reply:We tried to warn this one ...nobody listens to experience anymore
Reply:Originally Posted by kepeWe tried to warn this one ...nobody listens to experience anymore
Reply:Yup, sure will
Reply:Originally Posted by kepeYup, sure will
Reply:No, its not pissing anyone off. We are just trying to give sound advice to you. Once upon a time, when I was 18, I wanted a new truck so much, only I wasn't thinking. It was one of the worst mistakes I have ever made. You are about to make a much worse mistake by needing a co-signer. If something happens and you can't make a payment, your co-signer's credit is now at serious risk. Buy a elcheapo that will get you back and forth, and save your money towards a better vehicle. You won't regret it.A truck, or any other vehicle, is only a tool you use to get from point A to point B. If you are as young as i think you are, then you really don't want to learn this major finance lesson yet.lewray, I am doing my Dave Ramsey for the day...and you bailed on me Last edited by kepe; 10-20-2008 at 01:23 AM.
Reply:Originally Posted by ClayKann101Damn i hope i didnt piss anybody off by not doing what yall told me to do, maybe i am making mistake o well my fault. Or maybe im gambling and it turns into something big. I have taken everyones advice, me deciding on this truck was not just an overnight deal i have been thinking about this a long time. Im 19 years old and have no college education just a highschool diploma so its time for myself to make something of me. Times are rough i understand but when are they not?
Reply:this is a fairly big load of debt your thinking of taking on, if your business doesnt make it, (and 4 out of 5 dont make it 5 years) you will be looking at 600.00 a month payment and 150.00 a month insurance. that a big load to take on at 18 your being a teenager days will be over, I dont know were you live but unless you have trade skills that are already honed getting a job that pays over 15.00 an hour is going to be tough. Thats 2400.00 a month minus taxes so about 1700.00 take home and you will be paying 750.00 of that before fuel and other living expenses thats a rough road to take. think it through carefully. but good luck to you whatever road you takeP.S. I know the numbers because I just bought a truck close to what the one your looking at when I wrecked my old oneLast edited by idacal; 10-20-2008 at 01:34 AM.
Reply:Do me one favor:Call a local agent and get an insurance quote for the Truckeck, you don't even have to tell them it will be for business.Full coverage for a 19 year old.Let us know what your monthly Insurance payment will be.Ed Conleyhttp://www.screamingbroccoli.com/MM252MM211 (Sold)Passport Plus & Spool gunLincoln SP135 Plus- (Gone to a good home)Klutch 120v Plasma cutterSO 2020 benderBeer in the fridge
Reply:You know, it's funny,,,,,  I started business back in the mid 80's, in an area where business wasn't so good right then ,,,,,,   several other guys I know, also, started about the same time  (different occupations).  Farming was bad, interest rates were way high, construction and industry were both hurting.  Big thing was, we were all tight with a dollar, started on a shoestring, and spent money only if and when it became available.   Long story short, in the good times, had plenty of competition,,,,  everybody and his brother were getting loans from the SBA, banks, family, cosigners, whatever,,,,,,   throwing money around left and right, buying beautiful trucks with all the correct accessories, latest communications gear, latest and newest equipment for whatever particular occupation,,,,  etc. etc.  But the next downturn in the economy (there's been plenty of cycles in the last twenty-odd years),,,,,,    hahahaha,,,,,   we laugh, go to the auction, then meet for pizza and beer afterwards .....    And sad to say, all the money lost, wasn't lost by the principals, more by the co-signers and the American taxpayers thru the SBA.   You gotta realize,,,,  there are two types of "costs" .....   one is variable costs,,,   which go up and down with the amount of work you are doing,,,   this would be fuel, welding supplies, welding gasses, steel, hardware.   You also have fixed costs, these change not at all, if you work five hours or two hundred hours in a month,   payments, interest, rent, insurance, etc. etc.     And then, last, but not least, is paying yourself for your own time ......    and don't say you are still "living with my folks, it don't matter" ....   if you are being subsidized, by whoever and whatever, you ain't making money, once the subsidy stops, and you are in the cold, cruel world by yourself, you will realize.  So,,,,,  AFTER you pay the LWS, AFTER you pay your materials supplier, AFTER you pay the fuel company, AFTER you pay the insurance company, you gotta have enough money left over,,,,,   to pay the truck payment, and the welder payment.   AND, AND, you still gotta eat, and have a roof over your head.  And do you wear clothes????  gotta pay for those also.   Girlfriend?    Hahaha,,, hopefully not.  Just to be PC in this day and age, the previous also goes for boyfriend, gotta be accepting of all lifestyles   And all this, whether you worked a lot, or not at all, in the previous month.I started, with a twenty-year-old truck, built a new flatbed for it, a new welder, and various tools I accumulated over a few years.    All cash, as I could afford it.   My friends, similar stories, and none of us have looked back since.   And none of us, have ever lost a penny of somebody else's money.  And I will say this, I am the only one, been in the portable welding business continuously for the last twenty-some years, in this area.  One of my buddies, started about 15 years ago, also in a down-cycle, even tighter with a dollar than I.Not saying credit is bad, I've used it on occasion, but if you gotta have a co-signer for a puny little thing like a truck, you ain't ready yet, google "the housing crisis", "mortgage defaults", "bank failures", you will see what I mean.Last edited by mark8310; 10-22-2008 at 07:30 PM.
Reply:Originally Posted by kepeNo, its not pissing anyone off. We are just trying to give sound advice to you. Once upon a time, when I was 18, I wanted a new truck so much, only I wasn't thinking. It was one of the worst mistakes I have ever made. You are about to make a much worse mistake by needing a co-signer. If something happens and you can't make a payment, your co-signer's credit is now at serious risk. Buy a elcheapo that will get you back and forth, and save your money towards a better vehicle. You won't regret it.A truck, or any other vehicle, is only a tool you use to get from point A to point B. If you are as young as i think you are, then you really don't want to learn this major finance lesson yet.lewray, I am doing my Dave Ramsey for the day...and you bailed on me
Reply:Originally Posted by kepeWe tried to warn this one ...nobody listens to experience anymore
Reply:Buy old iron, keep it going, and have the luxury of eatin' at McDonalds once in a while.I like money in my back pocket, not someone elses."Any day above ground is a good day"http://www.farmersamm.com/
Reply:Originally Posted by farmersammBuy old iron, keep it going, and have the luxury of eatin' at McDonalds once in a while.I like money in my back pocket, not someone elses.
Reply:WOW   I wish i had this advice  a year ago!  No offense  but respecting your elders also means listening to very sound advice  from ones aho have a closet full of t-shirts  that say been their done that   not listening  to advice  from them  will cost my family  alot for years to come   whatever your choice good luck hypertherm powermax 900 : miller 30a spoolgun ranger 305g lincoln ln-25more tools than a tool truck
Reply:A picture is worth 1000 words.This was taken Thursday night. The truck is a 1998 F-250 It smells kinda funny, the running board on the left is gone and its all scratched up but it runs great (I am a 7.3 guy)you can get these for cheap.In the bed, a trailblazer that replaced the old one that just about died and a millermatic 350P.the truck just got that equipment there, without that equipment we could not have done this job correctly or charged them what we did. The welders could technically have been on a trailer behind a 78 bonneville, as long as it gets there who cares.Take it from a guy who did manage to go out and buy a new 99 7.3 F-350 4 door duallywhen he was 19. That truck ran my life, I worked for it, it should be the other way around. Attached ImagesYup
Reply:Well the deal with the GMC truck fell thru i guess with the original owner he had to come back to get it and turn in his 09 dodge. The good news is they have a 01 Dodge 2500 diesel long bed and 2wd its pretty clean has 131K on it and they are asking 11,000. I think the truck is more practical and alot more affordable for myself. Just waiting on the call. Then i can take the truck to my mechanic and have him look it over.After reading everyones responses i realized maybe im getting over my head with this truck, i should buy something alot cheaper and that i can easily pay for then when my business gets going i can buy a 30,000 truck to show off my business a little bit.Last edited by ClayKann101; 10-23-2008 at 01:07 PM.
Reply:Originally Posted by ClayKann101Well the deal with the GMC truck fell thru i guess with the original owner he had to come back to get it and turn in his 09 dodge. The good news is they have a 01 Dodge 2500 diesel long bed and 2wd its pretty clean has 131K on it and they are asking 11,000. I think the truck is more practical and alot more affordable for myself. Just waiting on the call. Then i can take the truck to my mechanic and have him look it over.After reading everyones responses i realized maybe im getting over my head with this truck, i should buy something alot cheaper and that i can easily pay for then when my business gets going i can buy a 30,000 truck to show off my business a little bit.
Reply:Originally Posted by partagasYou will see, that the extra 500.00 a month in your pocket will add up fast.  And when you are up and running with no worries.  You can keep the 01 as work truck and the new truck is your new toy.  That will feel even better.  Small steps are always the best.
Reply:Originally Posted by ClayKann101when my business gets going i can buy a 30,000 truck to show off my business a little bit.
Reply:Originally Posted by mark8310Showing off never made me a penny......    what does make me money, is being there, with the right material and equipment, getting the job done, professionally, and not having to redo it later.  Separate, and dedicate, your personal and business assets.    Hehehe.....   I remember a guy, drove around everywhere,  fancy 4x4 chevy truck, big tires, lift kit, fancy suspension,,,,,  the whole works ,,,,   "something" heavy haul .... name posted everywhere on the pickup  ....   haven't seen him for a while,,,,,,,,,,,,    Think he's driving truck for somebody else right now, for wages.
Reply:Originally Posted by ClayKann101Ok well im still gonna get a nice rig to show off my business when i start making coin. That dodge will just turn into my work truck. I pick it up tomorrow im pretty excited.
Reply:Originally Posted by ClayKann101Ok well im still gonna get a nice rig to show off my business when i start making coin. That dodge will just turn into my work truck. I pick it up tomorrow im pretty excited.