Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

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HutchXo
Posts: 12
Joined: Sun Feb 05, 2023 1:48 pm

Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by HutchXo »

Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around that? Or is that just how it is?
Priestro
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Joined: Sun Feb 05, 2023 11:38 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Priestro »

If you haven’t got 8k spare I wouldn’t bother buying a wagon. How you gonna find first 3 months fuel etc?
HutchXo
Posts: 12
Joined: Sun Feb 05, 2023 1:48 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by HutchXo »

Priestro wrote: Sun Feb 05, 2023 3:30 pm If you haven’t got 8k spare I wouldn’t bother buying a wagon. How you gonna find first 3 months fuel etc?
money not really issue just needed to know what’s what
Nevaller
Posts: 9
Joined: Sun Feb 05, 2023 12:37 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Nevaller »

HutchXo wrote: Sun Feb 05, 2023 3:30 pm
Priestro wrote: Sun Feb 05, 2023 3:30 pm If you haven’t got 8k spare I wouldn’t bother buying a wagon. How you gonna find first 3 months fuel etc?
money not really issue just needed to know what’s what
what purpose are you looking to by "your truck" for? Is it for personal use or business?
Priestro
Posts: 10
Joined: Sun Feb 05, 2023 11:38 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Priestro »

HutchXo wrote: Sun Feb 05, 2023 3:30 pm
Priestro wrote: Sun Feb 05, 2023 3:30 pm If you haven’t got 8k spare I wouldn’t bother buying a wagon. How you gonna find first 3 months fuel etc?
money not really issue just needed to know what’s what
oh ok. Just with you saying are there ways around it.
It’s an expensive job, the £8k for the o license should be least of your worries. I’m speaking from experience from when I started(with a coach). Whatever money you think you’ll need it will most likely end up being more.
Nevaller
Posts: 9
Joined: Sun Feb 05, 2023 12:37 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Nevaller »

Priestro wrote: Sun Feb 05, 2023 3:31 pm
HutchXo wrote: Sun Feb 05, 2023 3:30 pm
Priestro wrote: Sun Feb 05, 2023 3:30 pm If you haven’t got 8k spare I wouldn’t bother buying a wagon. How you gonna find first 3 months fuel etc?
money not really issue just needed to know what’s what
oh ok. Just with you saying are there ways around it.
It’s an expensive job, the £8k for the o license should be least of your worries. I’m speaking from experience from when I started(with a coach). Whatever money you think you’ll need it will most likely end up being more.
i was once told, my a well known historic vehicle collector. Automotive add 3 zeros onto your budget, railway add 4 zeros, aircraft add 6 zeros 😂😂
CliffJim
Posts: 17
Joined: Sun Feb 05, 2023 11:31 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by CliffJim »

Credit agreements with motor factors helped me meet the requirements.
HutchXo
Posts: 12
Joined: Sun Feb 05, 2023 1:48 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by HutchXo »

CliffJim wrote: Sun Feb 05, 2023 3:32 pm Credit agreements with motor factors helped me meet the requirements.
what kind of credit agreements
CliffJim
Posts: 17
Joined: Sun Feb 05, 2023 11:31 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by CliffJim »

HutchXo wrote: Sun Feb 05, 2023 3:33 pm
CliffJim wrote: Sun Feb 05, 2023 3:32 pm Credit agreements with motor factors helped me meet the requirements.
what kind of credit agreements
a couple of mo fac type business that will let you open an account/give you credit thereby meaning you have more access to parts.
Mariano82
Posts: 14
Joined: Sun Feb 05, 2023 11:55 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Mariano82 »

If you haven't got £8000 then you definitely haven't got enough for your own wagon. It's £8000 as a starting point then should be maintained as an average to ensure maintenance can be covered. Keeps standards up and deters cowboys. If your funds are from a joint account then your mrs has to make a sworn oath in front of solicitor and have it notarized so it can be used by the TC
HutchXo
Posts: 12
Joined: Sun Feb 05, 2023 1:48 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by HutchXo »

Mariano82 wrote: Sun Feb 05, 2023 3:34 pm If you haven't got £8000 then you definitely haven't got enough for your own wagon. It's £8000 as a starting point then should be maintained as an average to ensure maintenance can be covered. Keeps standards up and deters cowboys. If your funds are from a joint account then your mrs has to make a sworn oath in front of solicitor and have it notarized so it can be used by the TC
who said I don’t have the 8k? 😂 just asked if you needed it cash in the bank really
PaulMc
Posts: 18
Joined: Sun Feb 05, 2023 1:13 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by PaulMc »

I once had an operator who was cash poor but owned a significant number of cattle. Probably between £250 -500 K.
The TC accepted these as proof of financial standing as they could be taken to market and cashed in as necessary.
Armstro
Posts: 10
Joined: Sun Feb 05, 2023 1:46 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Armstro »

PaulMc wrote: Sun Feb 05, 2023 3:35 pm I once had an operator who was cash poor but owned a significant number of cattle. Probably between £250 -500 K.
The TC accepted these as proof of financial standing as they could be taken to market and cashed in as necessary.
why would he need cash them in lol the 8k is only for recovery side etc.
PaulMc
Posts: 18
Joined: Sun Feb 05, 2023 1:13 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by PaulMc »

Armstro wrote: Sun Feb 05, 2023 3:35 pm
PaulMc wrote: Sun Feb 05, 2023 3:35 pm I once had an operator who was cash poor but owned a significant number of cattle. Probably between £250 -500 K.
The TC accepted these as proof of financial standing as they could be taken to market and cashed in as necessary.
why would he need cash them in lol the 8k is only for recovery side etc.
I'm not sure it's that black and white. The £8k is to ensure that you have sufficient resources to maintain your vehicle adequately.
Armstro
Posts: 10
Joined: Sun Feb 05, 2023 1:46 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Armstro »

PaulMc wrote: Sun Feb 05, 2023 3:36 pm
Armstro wrote: Sun Feb 05, 2023 3:35 pm
PaulMc wrote: Sun Feb 05, 2023 3:35 pm I once had an operator who was cash poor but owned a significant number of cattle. Probably between £250 -500 K.
The TC accepted these as proof of financial standing as they could be taken to market and cashed in as necessary.
why would he need cash them in lol the 8k is only for recovery side etc.
I'm not sure it's that black and white. The £8k is to ensure that you have sufficient resources to maintain your vehicle adequately.
not really as the 8k needs to be there all the time so cant be using it to maintain
Joneraff
Posts: 17
Joined: Sun Feb 05, 2023 12:22 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Joneraff »

PaulMc wrote: Sun Feb 05, 2023 3:35 pm I once had an operator who was cash poor but owned a significant number of cattle. Probably between £250 -500 K.
The TC accepted these as proof of financial standing as they could be taken to market and cashed in as necessary.
I have similar agreements with tc, with availability of funds in livestock- they can be sold and cashed out in 3 days which was accepted at the time
PaulMc
Posts: 18
Joined: Sun Feb 05, 2023 1:13 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by PaulMc »

Joneraff wrote: Sun Feb 05, 2023 3:37 pm
PaulMc wrote: Sun Feb 05, 2023 3:35 pm I once had an operator who was cash poor but owned a significant number of cattle. Probably between £250 -500 K.
The TC accepted these as proof of financial standing as they could be taken to market and cashed in as necessary.
I have similar agreements with tc, with availability of funds in livestock- they can be sold and cashed out in 3 days which was accepted at the time
thank you.
JimmyBe
Posts: 12
Joined: Sun Feb 05, 2023 1:53 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by JimmyBe »

Joneraff wrote: Sun Feb 05, 2023 3:37 pm
PaulMc wrote: Sun Feb 05, 2023 3:35 pm I once had an operator who was cash poor but owned a significant number of cattle. Probably between £250 -500 K.
The TC accepted these as proof of financial standing as they could be taken to market and cashed in as necessary.
I have similar agreements with tc, with availability of funds in livestock- they can be sold and cashed out in 3 days which was accepted at the time
so can trucks if you bought them outright surely as exporters and dealers ready to transfer you funds straight away
Joneraff
Posts: 17
Joined: Sun Feb 05, 2023 12:22 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Joneraff »

JimmyBe wrote: Sun Feb 05, 2023 3:37 pm
Joneraff wrote: Sun Feb 05, 2023 3:37 pm
PaulMc wrote: Sun Feb 05, 2023 3:35 pm I once had an operator who was cash poor but owned a significant number of cattle. Probably between £250 -500 K.
The TC accepted these as proof of financial standing as they could be taken to market and cashed in as necessary.
I have similar agreements with tc, with availability of funds in livestock- they can be sold and cashed out in 3 days which was accepted at the time
so can trucks if you bought them outright surely as exporters and dealers ready to transfer you funds straight away
you can have funds in a building society account that takes 21 days to draw down, that’s acceptable for financial standing
JimmyBe
Posts: 12
Joined: Sun Feb 05, 2023 1:53 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by JimmyBe »

Joneraff wrote: Sun Feb 05, 2023 3:38 pm
JimmyBe wrote: Sun Feb 05, 2023 3:37 pm
Joneraff wrote: Sun Feb 05, 2023 3:37 pm

I have similar agreements with tc, with availability of funds in livestock- they can be sold and cashed out in 3 days which was accepted at the time
so can trucks if you bought them outright surely as exporters and dealers ready to transfer you funds straight away
you can have funds in a building society account that takes 21 days to draw down, that’s acceptable for financial standing
you are joking?? I knew someone who had offshore account but they wouldn’t accept it as it would take 3 days to draw down on but yet they accept 21 days??
Joneraff
Posts: 17
Joined: Sun Feb 05, 2023 12:22 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Joneraff »

JimmyBe wrote: Sun Feb 05, 2023 3:38 pm
Joneraff wrote: Sun Feb 05, 2023 3:38 pm
JimmyBe wrote: Sun Feb 05, 2023 3:37 pm

so can trucks if you bought them outright surely as exporters and dealers ready to transfer you funds straight away
you can have funds in a building society account that takes 21 days to draw down, that’s acceptable for financial standing
you are joking?? I knew someone who had offshore account but they wouldn’t accept it as it would take 3 days to draw down on but yet they accept 21 days??
as long as it takes less than 30 days to draw down,
But having 1 million pounds of cattle is a different kettle of fish in assets compared with 20k off shore account
JimmyBe
Posts: 12
Joined: Sun Feb 05, 2023 1:53 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by JimmyBe »

Joneraff wrote: Sun Feb 05, 2023 3:39 pm
JimmyBe wrote: Sun Feb 05, 2023 3:38 pm
Joneraff wrote: Sun Feb 05, 2023 3:38 pm

you can have funds in a building society account that takes 21 days to draw down, that’s acceptable for financial standing
you are joking?? I knew someone who had offshore account but they wouldn’t accept it as it would take 3 days to draw down on but yet they accept 21 days??
as long as it takes less than 30 days to draw down,
But having 1 million pounds of cattle is a different kettle of fish in assets compared with 20k off shore account
how?
Joneraff
Posts: 17
Joined: Sun Feb 05, 2023 12:22 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Joneraff »

JimmyBe wrote: Sun Feb 05, 2023 3:39 pm
Joneraff wrote: Sun Feb 05, 2023 3:39 pm
JimmyBe wrote: Sun Feb 05, 2023 3:38 pm

you are joking?? I knew someone who had offshore account but they wouldn’t accept it as it would take 3 days to draw down on but yet they accept 21 days??
as long as it takes less than 30 days to draw down,
But having 1 million pounds of cattle is a different kettle of fish in assets compared with 20k off shore account
how?
they even accept cattle as collateral to borrow against for property or land
MehKhad
Posts: 15
Joined: Sun Feb 05, 2023 3:55 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by MehKhad »

the question is, if you start your business by renting a truck, would have to have the funds?
because most of it is covered by the rental company, correct?
Alfient
Posts: 15
Joined: Sun Feb 05, 2023 11:03 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Alfient »

You must have access to £8000 of funds that doesn’t mean you need those funds to be liquid cash in the bank.
You can apply for an overdraft agreement and credit card in place to cover that amount.
The wording is must have access to the funds at all time. The funds must be available in the name of the person or company applying for the operators licence
I hope the above helps
RodExec
Posts: 14
Joined: Sun Feb 05, 2023 11:48 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by RodExec »

Alfient wrote: Sun Feb 05, 2023 3:56 pm You must have access to £8000 of funds that doesn’t mean you need those funds to be liquid cash in the bank.
You can apply for an overdraft agreement and credit card in place to cover that amount.
The wording is must have access to the funds at all time. The funds must be available in the name of the person or company applying for the operators licence
I hope the above helps
* or have some spare cows it seems.
Rorynx
Posts: 5
Joined: Sun Feb 05, 2023 3:58 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Rorynx »

Alfient wrote: Sun Feb 05, 2023 3:56 pm You must have access to £8000 of funds that doesn’t mean you need those funds to be liquid cash in the bank.
You can apply for an overdraft agreement and credit card in place to cover that amount.
The wording is must have access to the funds at all time. The funds must be available in the name of the person or company applying for the operators licence
I hope the above helps
to get started I took out 4 credit cards to show the financial standing as I had £0 which was accepted 10 years ago.
Simonia
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Joined: Sun Feb 05, 2023 11:14 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Simonia »

No way around it. You need to have the money for however many trucks you have on the license
MehKhad
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Joined: Sun Feb 05, 2023 3:55 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by MehKhad »

Simonia wrote: Sun Feb 05, 2023 3:59 pm No way around it. You need to have the money for however many trucks you have on the license
There are ways around it such as an overdraft facility.
Simonia
Posts: 12
Joined: Sun Feb 05, 2023 11:14 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Simonia »

MehKhad wrote: Sun Feb 05, 2023 3:59 pm
Simonia wrote: Sun Feb 05, 2023 3:59 pm No way around it. You need to have the money for however many trucks you have on the license
There are ways around it such as an overdraft facility.
still need the funds in the company name
Simonia
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Joined: Sun Feb 05, 2023 11:14 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Simonia »

MehKhad wrote: Sun Feb 05, 2023 3:59 pm
Simonia wrote: Sun Feb 05, 2023 3:59 pm No way around it. You need to have the money for however many trucks you have on the license
There are ways around it such as an overdraft facility.
I know mate I’ve got a o license
Darreim
Posts: 8
Joined: Sun Feb 05, 2023 2:07 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Darreim »

You need 9k in the bank no matter what
MehKhad
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Joined: Sun Feb 05, 2023 3:55 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by MehKhad »

Darreim wrote: Sun Feb 05, 2023 4:00 pm You need 9k in the bank no matter what
There are ways around it such as an overdraft facility.
Alfient
Posts: 15
Joined: Sun Feb 05, 2023 11:03 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Alfient »

Darreim wrote: Sun Feb 05, 2023 4:00 pm You need 9k in the bank no matter what
8k
Darreim
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Joined: Sun Feb 05, 2023 2:07 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Darreim »

Alfient wrote: Sun Feb 05, 2023 4:01 pm
Darreim wrote: Sun Feb 05, 2023 4:00 pm You need 9k in the bank no matter what
8k
9k O license costs near on 1k
Alfient
Posts: 15
Joined: Sun Feb 05, 2023 11:03 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Alfient »

Darreim wrote: Sun Feb 05, 2023 4:01 pm
Alfient wrote: Sun Feb 05, 2023 4:01 pm
Darreim wrote: Sun Feb 05, 2023 4:00 pm You need 9k in the bank no matter what
8k
9k O license costs near on 1k
8k only needed in bank though
DaviRipp
Posts: 33
Joined: Sun Feb 05, 2023 3:19 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by DaviRipp »

You need 8k for your O license available at all times. You used to be able to show you had access to financial standing through 'Directors assets' or even a credit card line of credit. Thats no longer acceptable i dont think
Rogerdi55
Posts: 9
Joined: Sun Feb 05, 2023 3:13 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Rogerdi55 »

DaviRipp wrote: Sun Feb 05, 2023 4:02 pm You need 8k for your O license available at all times. You used to be able to show you had access to financial standing through 'Directors assets' or even a credit card line of credit. Thats no longer acceptable i dont think
credit card still OK as long as its in the same name as operator.
DaviRipp
Posts: 33
Joined: Sun Feb 05, 2023 3:19 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by DaviRipp »

Rogerdi55 wrote: Sun Feb 05, 2023 4:03 pm
DaviRipp wrote: Sun Feb 05, 2023 4:02 pm You need 8k for your O license available at all times. You used to be able to show you had access to financial standing through 'Directors assets' or even a credit card line of credit. Thats no longer acceptable i dont think
credit card still OK as long as its in the same name as operator.
thanks!
Jamerino
Posts: 10
Joined: Sun Feb 05, 2023 10:43 am

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Jamerino »

DaviRipp wrote: Sun Feb 05, 2023 4:03 pm
Rogerdi55 wrote: Sun Feb 05, 2023 4:03 pm
DaviRipp wrote: Sun Feb 05, 2023 4:02 pm You need 8k for your O license available at all times. You used to be able to show you had access to financial standing through 'Directors assets' or even a credit card line of credit. Thats no longer acceptable i dont think
credit card still OK as long as its in the same name as operator.
thanks!
check the latest Statutory document.
Lesffer
Posts: 10
Joined: Sun Feb 05, 2023 12:55 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Lesffer »

£8k is the least of the worries, I'd seriously sit down and make a business plan and budget exactly what everything's going to cost going out, prior to creditors paying (mostly on 90 days terms). Not trying to put a dampner on it but make sure you're informed and prepared.
Boarctin
Posts: 14
Joined: Sun Feb 05, 2023 2:13 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Boarctin »

Been an owner operator for 9 years I’d say don’t even look at it unless you have £50,000 in the bank £9000 financial standing to be available at all times you 1st years insurance is going to be £8000 and there going to want that upfront then there’s fuel new company money upfront at say 1000 litres a week £1600 a week payment terms if your lucky 30days from end of month 8 weeks fuel £13,000 and that’s before you have a truck to pay for and wages
Keanity22
Posts: 8
Joined: Sun Feb 05, 2023 4:06 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Keanity22 »

Yes have 8k in bank available but bare in mind, after 3 months traffic commissioner will still want to see 8k in Bank, after you have got licence, so still got to find wages, fuel, insurance etc.
Jonathin
Posts: 8
Joined: Sun Feb 05, 2023 12:54 pm

Re: Hi afternoon all, If you are wanting to just get your own truck? Do you need to have 8k in the bank? Or ways around

Post by Jonathin »

Bloody hell you ain’t even started and cutting corners already?
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