- August 29, 2022
- Posted by: admin
- Category: Blog
Semi truck owner-operators know that purchasing a new semi truck isn’t like going to the local car dealer and picking up a new car off of the lot. When buying a semi truck, there is much more to consider (and much more at stake) than shopping for a new car for yourself or the family. The semi truck is your livelihood, your largest asset in earning an income, and a critical piece to growing your business as a professional truck driver.
Know your options when considering purchasing a new semi-truck, as this will likely be one of the biggest investments you’ll ever make — in yourself, in your business, and in your career.
Our rule of thumb: there are three tools that semi-truck owner-operators have at their disposal when investing in the most important piece of equipment owner-operators will ever purchase: financing, leasing, and working capital.
How to Find the Best Truck Financing and Leasing Options
Owner-operators understand the freedom and financial rewards that come with driving their own trucks, as opposed to merely working for a trucking company as a driver. Whether you are looking to upgrade your current truck, buy an additional unit, or finance a trailer, be sure to research all available financing options available to truck owners.
One tool a semi-truck owner-operator has for upgrading to the latest construction equipment without committing to the long-term costs of outright purchasing and financing their new equipment is leasing. This is an especially attractive option for smaller trucking companies in need of additional construction equipment, as they can often choose their lease lengths and terms.
Financing the purchase of a new semi truck is often preferable for owner-operators who are willing and able to make the long-term investment in their businesses. Financing partners such as 10-4 Financing can help semi drivers lacking in experience or high credit scores achieve beneficial terms and affordable lending rates to help propel their growth. For those leaning towards leasing but interested in the benefits of purchasing, be aware that there are cost-effective solutions for every buyer, and a good vendor partner will be able to find the right financing and leasing options for your exact needs.
Trucking Business Loans for Working Capital
Truck companies of all sizes attempting to expand their operations can eventually run into credit crunch situations, where the current cash flow is not sufficient enough to cover the increasing working capital needs. Just as owner-operators will finance the purchase or lease of a new semi truck, similar loans can be taken against the future potential and cash flow of the business.
Such loans inject working capital into the business, allowing the truck owner to maintain operations necessary to keep the business moving forward, without sacrificing short-term productivity or workflow.
Through these types of programs, semi owner-operators can access as much as $10,000 – $250,000 per business location, depending on the lender and your own financial history, needs and situation. Expanding working capital to take care of various aspects of the business allows truckers to reinvest in themselves and in their businesses — something crucial to the success and longevity of owning and operating a successful trucking business. You may use the working capital to upgrade your existing fleet, support the remodeling of the company’s facilities, smooth out and ease the effects of seasonal revenue changes, and many other reasons why owners seek such business lines of credit.
The bottom line: When considering the three financial tools available to semi truck owner-operators, find a specialist for which truck financing is their sole specialty, unlike many traditional lenders. 10-4 Financing was founded with a sole mission to become the best financing source available for truckers and dealers in America, and we’re here to serve you.