Trucking: Owner Operator Questions, million questions, forward air

Question
My husband has been in truck driving for 18 years and is tired of the lay overs, down time, long weekends with no pay and everything else that goes along with working for others. For the past two years, he has been looking into buying his own truck and has finally said he is going to do it.
Now we have a million questions about where to go from here. Is it better to lease or buy?
Do you need a small business license if you are an owner operator?
Roughly what can one expect to pay for fuel weekly, what are some good companies for insurance?
What type of loan does he need if he wants to have a line of credit for repairs and purchasing a truck?
Can you help us or point us in the rigt direction?
Thank you,
Mrs. Turner

Answer
Hello Carol,

I suggest searching for a company to lease on with first. Each company has it's own criteria for the age and condition of trucks they will allow. With fuel prices like they are, I don't recommend driving under your on authority. Look for companies that run hub to hub, like FedEx Packaging and Forward Air. The only problem with these companies is they mostly run teams, but they do run singles. These companies are where the money is. Buy or lease is kind of a toss up. If you were to lease, lease through a dealership. There are advantages to leasing, I would talk to a dealer and get them to run some numbers both ways. You don't need a business license to O/O, if you buy a truck and lease on the company handles most everything you need. Check out www.dotauthority.com, this guy knows everything to get someone started.

I hope this helps. Israel