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
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
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?
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
If you haven’t got 8k spare I wouldn’t bother buying a wagon. How you gonna find first 3 months fuel etc?
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
what purpose are you looking to by "your truck" for? Is it for personal use or business?
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
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.
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
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 zerosPriestro wrote: ↑Sun Feb 05, 2023 3:31 pmoh 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.
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
Credit agreements with motor factors helped me meet the requirements.
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
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.
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
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
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
who said I don’t have the 8k? just asked if you needed it cash in the bank reallyMariano82 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
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
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.
The TC accepted these as proof of financial standing as they could be taken to market and cashed in as necessary.
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
why would he need cash them in lol the 8k is only for recovery side etc.
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
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
not really as the 8k needs to be there all the time so cant be using it to maintain
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
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
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
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
so can trucks if you bought them outright surely as exporters and dealers ready to transfer you funds straight away
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
you can have funds in a building society account that takes 21 days to draw down, that’s acceptable for financial standingJimmyBe wrote: ↑Sun Feb 05, 2023 3:37 pmso can trucks if you bought them outright surely as exporters and dealers ready to transfer you funds straight away
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
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 wrote: ↑Sun Feb 05, 2023 3:38 pmyou can have funds in a building society account that takes 21 days to draw down, that’s acceptable for financial standing
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
as long as it takes less than 30 days to draw down,JimmyBe wrote: ↑Sun Feb 05, 2023 3:38 pmyou 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??
But having 1 million pounds of cattle is a different kettle of fish in assets compared with 20k off shore account
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
how?Joneraff wrote: ↑Sun Feb 05, 2023 3:39 pmas 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
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
they even accept cattle as collateral to borrow against for property or land
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
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?
because most of it is covered by the rental company, correct?
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
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
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
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
* or have some spare cows it seems.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
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
to get started I took out 4 credit cards to show the financial standing as I had £0 which was accepted 10 years ago.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
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
No way around it. You need to have the money for however many trucks you have on the license
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
You need 9k in the bank no matter what
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
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
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
credit card still OK as long as its in the same name as operator.
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
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
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
£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.
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
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
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
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.
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
Bloody hell you ain’t even started and cutting corners already?
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