Transitioning From Driver to Owner-Operator? 10-4 Financing Can Help!

If you have put in your time driving for a local company or carrier and want to take the next step towards building your business, now may be the perfect time to move from being a driver to an owner-operator. Owning your truck provides a lot more freedom, power, and potential income for industry professionals hoping to expand their success.

10-4 Financing is here to provide complete semi-truck financing services to drivers across the nation. Based out of Tulsa, our truck finance team is here to deliver ideal results for clients with good credit, bad credit, and even drivers with no CDL experience. We understand how frustrating it can be to secure fair funding, and will work to create a personalized approach to help drivers with all manners of credit histories.

Top Considerations For New Owner-Operators

Before you embark on this exciting journey, it is vital to consider every aspect of making such a big investment. 10-4 Financing is here to deliver complete assistance, and our team will work with you to determine the best route to achieve your owner-operator status.

Before you fill out our free application form, be sure to consider the following five areas to ensure you are ready for the challenge. After you are finished, contact us for more info or fill out our form to get started!

Hauling Source

Do you have a hauling source lined up? It is essential for new owner-operators to have a reliable source in order to cover their immediate costs, including fuel, truck payments, insurance, and financing for maintenance and repairs. Building strong relationships in the industry will allow you to build your business, providing enough money to make the transition a worthwhile choice. When seeking financing for your truck, it is beneficial to have a reputable company and a letter of intent proving your future income. Be sure to secure a hauling source, as it will allow you to obtain much better terms and rates.


Investing in your first truck is similar to starting a new business from the ground up. Truckers hoping to move into the owner-operator role will face difficulties in acquiring financing, as this dynamic industry is always in a state a change. The more money you have saved for a down payment, the more likely you will be to acquire advantageous financing terms. Factors such as your credit, driving experience, and the truck itself will also play a major role in determining how much of a down payment is needed. Generally, 10 to 30 percent is required or recommended for financing.

Credit Score

Your FICO score will range from 300 to 850, and will play a major role in the financing process. Tax liens, bankruptcies, and late payments can all affect this score negatively. It is vital to work towards a high score to acquire beneficial terms, but if you have had credit issues in the past, do not worry! 10-4 Financing will be able to help you with improvements for score suggestions, flexible term options, and more. Drivers with bad histories can still acquire commercial truck financing!


The length of time and number of loads carried will play a role in transitioning to the role of owner-operator. Drivers with extensive (and clean) driving records will have proof that they know how to get the job done, and will therefore be considered a good partner for investment. If you are new in the industry, it will prove beneficial to work with an experienced company in order to build a foundation of skills that will help you for future trips, while also bolstering your value on paper. Be sure to absorb everything you can, and drive safely to create the best opportunities for future investments!

The Truck

Your vehicle will play the largest role in determining your future success. This machine will be your primary tool for getting the job done, and will support every aspect of your business. There are many factors to consider in choosing the right rig, including vehicle longevity, horsepower, and more. This will be your workhorse for the next few years, so be sure to do your research and find a truck that fits your needs.

10-4 Financing is here to help drivers of all types across the transportation industry. If you’re ready to make the jump to owner-operator, be sure to fill out or form, or contact us online for complete assistance!