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Sep 29, 2021 •
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How to start your own trucking company
Podcasts Feed the Need for Learning, Laughter and Inspiration on the Road
<p>Truck drivers can spend as much as 11 hours a day or 3,120 hours a year driving—and listening. It’s important to steer the media feed that can essentially be your entire world while you’re behind the wheel. </p> <p>Two truisms couldn’t be truer when it comes to audio feeds: you are what you consume and you are the company you keep. </p> <p>Today’s audio options for truckers abound. All the media makes sure of that. There’s satellite radio, audiobooks, streaming music and even CB. </p> <p>While most drivers stream music (62%) and significantly less listen to audiobooks (14%),podcasts (42%) represent a sweet spot for drivers for their bite-sized length, on-demand availability and abundant options. The variety of trucker-podcasts make it possible to feed every facet of a driver’s life from world events and industry regulations to the business of trucking and road humor that can lighten the load. </p> <p>See what we mean with these feed-enhancing podcasts selected to bring a smile to every facet of the driving life. Use it to help you achieve a recommended daily allowance of ideas and entertainment, keep things interesting, and maybe even shake things up. </p> <p><strong>Start with Dessert: Chill Out With a Funny Feed</strong> </p> <p>The <a href="https://www.18wheeltalk.com/podcasts" target="_blank">18 Wheel Talk Podcast Show</a> features Janet and Patrick. The duo is sharp witted, well-informed and prone to pulling interesting stories from the far reaches of the road. The show is billed as “For Truckers, about Truckers, by Truckers” and the insights and experiences they banter on live up to it. (Listen on Apple Podcasts, Spotify, Google Podcasts or iHeartRADIO) </p> <p><strong>Ahead of the Curve: Talk Like a Techie by Listening to Them</strong> </p> <p>The <a href="https://open.spotify.com/show/5SsA0LLoWsmyRXOidiHMkR" target="_blank">Trucking Technology & Efficiency</a> podcast is hosted by Kevin Rutherford, Joel Morrow, and John Walco. Their content gets its street cred straight from the road. Truckers call in to geek out about the exciting new tech as well as the everyday tools of the trucking trade. These guys make it easy to stay plugged in. (Find it on Apple Podcasts, Spotify and Soundcloud) </p> <p><strong>Truckers’ Guilty Pleasure: The Perfect True Crime Binge</strong> </p> <p>In the Trucking True Crime Podcast, hosts Angela Baum and her husband Larry host have created a mashup of two things drivers love: trucking and true crime stories. A survey by now defunct Matheson Inc. found true crime stories to be the most popular podcast genre among truckers. True crime roadies will love this one. (Listen on Apple Podcasts, Spotify, FeedSpot or Podbean) </p> <p><strong>Money Talks: Listen to Best Practices for Owner-Operators</strong> </p> <p>For a peek into best practices of starting a trucking company, The <a href="https://haulinassetsllc.com/" target="_blank">Haulin’ Assets</a> podcast throws the doors—and books—wide open. The podcast follows the progress of Chris Vernon and his one-man trucking company through all the highs and lows. Transparency into Chris’s financials, practical tips for finding loads and a breakdown of Chris’s cost per mile are just a few topics that make this podcast money. (Listen on Apple Podcasts, Stitcher or Google Podcasts) </p> <p><strong>You Time: Drive Healthier Habits on the Road</strong> </p> <p>Host Captain Jack, a former truck driver on a mission, runs the <a href="https://www.healthytruck.org/sibh-podcast/" target="_blank">Shift into Better Health</a> podcast series. Topics are trucker-specific and toggle among nutrition and exercise on the road to stress strategies, and mood adjustments just for drivers. Captain Jack brings the trucker’s perspective, and the medical professionals he invites on the show bring the health insights and expertise. </p> <p><strong>World News: When Your World Is Trucking</strong> </p> <p>There’s so much going on in the trucking that it is a world unto itself. Every trucker’s feed should include industry news that delivers the big picture. The <a href="https://talkcdl.com/" target="_blank">TalkCDL Trucking Podcast</a> goes deep and wide into the trends, legislation, economic indicators and current issues that matter to truckers. The show’s hosts keep it moving through their clever banter and range of hot topics. (Listen on Apple Podcasts, Google Podcasts or Stitcher) </p> <p><strong>Comfort Feed: A Podcast with Everything on Top</strong> </p> <p>Host Bruce Outridge is like a friend on the other end of a CB or Formica table who you can talk to about anything and everything. His podcast, <a href="https://www.theleadpedalpodcast.com/" target="_blank">The Lead Pedal Podcast for Truck Drivers</a> is like a menu at a Greek diner. You’ll find over 1000 satisfying episodes on everything from goal-setting and tax strategies to the different owner-operator business models and tips for truck drivers with families. (Listen on Apple Podcasts, Google Podcasts, Spotify, Stitcher, iHeartRADIO or Soundcloud) </p> <p>Truck drivers, like everyone else, need to be conscious of their podcast feed. Expanding or changing that feed can instigate a host of positive—or negative—shifts in mood, productivity, creativity, positivity, health and understanding. </p> <p>With over 2,999,008 podcasts in the world according to <a href="https://en.wikipedia.org/wiki/Podcast#:~:text=As%20of%20December%202022%2C%20there%20are%20at%20least%202%2C999%2C008%20podcasts%20and%20152%2C596%2C784%20episodes." target="_blank">Wikipedia</a>, truck drivers are lucky to have so many options. They also have hours of opportunity to listen, learn and expand their worlds that people outside of trucking can only envy. </p>
May 01, 2024
Understanding and Combating Cargo Theft in the US
<p>2023 was a year that saw a skyrocket in cargo theft across the United States, with a <a href="https://www.ccjdigital.com/business/article/15638346/cargo-theft-up-59-in-third-quarter">59% increase</a> in the third quarter of 2023 as compared to 2022. As we continue to witness this surge, cargo theft continues to pose a significant threat to the logistics and transportation industry. </p> <p>As cargo is being stolen at an alarming rate and is <a href="https://www.truckersnews.com/home/article/15661462/2023-rewind-cargo-theft-exploded-last-year-expect-more-of-the-same-in-2024">forecasted to get worse in 2024</a>, it is important for truck drivers, brokers, and carriers alike to take precautionary measures against cargo theft. Let’s take a look at what cargo theft entails, the different ways it occurs, and some proactive measures to secure freight. </p> <p><strong>What is Cargo Theft?</strong> </p> <p>Cargo theft, which refers to the act of stealing goods being transported by trucks, rail, or other means, can occur in a variety of ways. The stolen cargo can range from a variety of goods, although research has shown that the top targeted commodities are <a href="https://www.overdriveonline.com/business/article/15635411/cargo-theft-continues-to-skyrocket-in-2023">food and beverage and electronics.</a> </p> <p><strong>Ways Cargo Can Be Stolen:</strong> </p> <p><strong>1. Hijacking and Forced Entry</strong> </p> <p>One of the most dangerous forms of cargo theft involves hijacking, where criminals force drivers to stop their trucks and surrender their cargo. This can occur on secluded stretches of highways or during scheduled stops. When cargo is hijacked, the drivers are often forced to open trailers and hand over the goods. </p> <p><strong>2. Break-ins During Driver Absence</strong> </p> <p>Unlike hijacking operations, cargo theft might not always be a high-stakes operation. Sometimes, thieves may opt for a less confrontational approach by breaking into trailers when drivers are away. This can happen during scheduled breaks or when trucks are parked overnight and unsuspecting drivers return to find their cargo missing. </p> <p><strong>3. Trailer Theft</strong> </p> <p>Some thieves go a step further by stealing the entire trailer and using their own trucks for a quick getaway. This method not only results in the financial loss of goods but also the significant setback of losing an entire trailer. <a href="https://www.ccjdigital.com/business/article/15448218/cargo-theft-up-41-so-far-this-year-expected-to-rise-for-memorial-day?__cf_chl_tk=ZlL6kCXke7QEJ3r6BK3zdD4ORAHF4pJspfblyNyBwdo-1706107383-0-gaNycGzNGNA">Full trailer theft</a> is becoming more common amidst heightened security measures. Now, stolen trailers are sometimes abandoned after the trailer has been unlocked and the cargo has been unloaded. </p> <p><strong>4. Fake Trucking Companies and Load Board Scams</strong> </p> <p>As on-the-road security has been increasing, criminals have become increasingly sophisticated by establishing fake trucking companies and engaging in <a href="https://www.insurancebusinessmag.com/us/news/auto-motor/fraud-and-misdirection-schemes-drive-cargo-theft-surge-455858.aspx">misdirection fraud.</a> These thieves secure legitimate-looking contracts and loads, only to disappear with the cargo, leaving both companies and carriers in the lurch. An increase in this form of fraud has emphasized the need for enhanced verification and due diligence in the freight industry. </p> <p><strong>Tips to Secure Freight</strong> </p> <p><strong>1. Cargo Insurance</strong> </p> <p>With a greater increase in the inherent risks associated with cargo transportation, many shippers are turning to <a href="https://www.mikargo247.com/truckerpath">spot cargo insurance.</a> This type of insurance provides coverage for specific shipments on the spot on an ad-hoc basis, offering financial protection against losses resulting from theft, damage, or other unforeseen events. With cargo insurance, drivers now have a valuable financial safety net and this can also offer them some peace of mind when delivering goods. </p> <p><strong>2. Invest in Advanced Security Systems</strong> </p> <p>There has also been a massive move towards enhancing cargo security. This is largely through modern security practices, such as <a href="https://www.a1.digital/blog/digital-asset-tracking-in-logistics-security-efficiency-and-future-trends/">asset tracking</a> through GPS technology, geofencing, and real-time monitoring. These technologies allow shippers and carriers to keep a vigilant eye on their shipments and respond promptly to any deviations from the planned route or recover stolen goods promptly. </p> <p><strong>3. Strategic Route Planning</strong> </p> <p>Lastly, planning routes strategically can minimize exposure to high-risk areas prone to cargo theft. Especially now with the increased use of artificial intelligence (AI),there are route optimization tools that can help identify safer and more secure paths, avoiding regions with a history of criminal activity. </p> <p>As the freight industry in the US tackles the escalating challenge of cargo theft, there needs to be a more proactive and collaborative approach to mitigating cargo theft risks and safeguarding the logistics industry. </p>
Apr 18, 2024
The Most Desirable Truck Stop Amenities
<p>We asked our community of nearly 1 million truck drivers to give us their top choices of truck stop amenities. </p> <a href="https://truckerpath.com/uploads/2024/04/2024-04-09_14-20-37.png"><img src="https://truckerpath.com/uploads/2024/04/2024-04-09_14-20-37.png" alt="" width="600" height="1435" class="alignleft size-full wp-image-7432" /></a>
Apr 12, 2024
Trucker Path Levels the Playing Field Between Large and Smaller Brokerages
<p><em>New Trucker Path for Brokerages offering enables small to mid-size freight brokers to dispatch, track and manage their loads while growing and retaining robust carrier networks</em> </p> <p><strong>PHOENIX – April 03, 2024</strong> – Trucker Path, a subsidiary of leading global SaaS provider Moatable, Inc. (NYSE: MTBL) and the most comprehensive and relied upon mobile app for North American truckers, today announced Trucker Path for Brokerages. The new offering will enable small to mid-size freight brokers to dispatch, track and manage loads more efficiently and effectively to better compete against larger, more resource-rich brokerages. </p> <p>“Built for small to mid-size brokers, Trucker Path for Brokerages greatly simplifies the process of dispatching, tracking and managing loads awarded to carriers by freight brokers,” said Chris Oliver, CMO at Trucker Path. “By enabling significantly enhanced visibility into load location and status, it improves productivity and shipper satisfaction and streamlines processes to simplify operations. Trucker Path for Brokerages will help smaller brokers differentiate themselves and compete for carriers and customers like their larger competitors.” </p> <p>Trucker Path for Brokerages enables small to mid-size brokers to enjoy advanced features that streamline the interactions between the broker and carrier while making them both more efficient and productive. Providing their own customized version of the Trucker Path app to their carrier network gives brokers the ability to dispatch load details directly to drivers and track the progress of loads via an easy-to-use dashboard. Once deliveries are completed, the driver captures and uploads paperwork using the document scanner in the app for immediate processing. </p> <p>“The value of Trucker Path for Brokerages extends beyond replacing cumbersome, manual, time consuming and error-prone freight management and paperwork processes for freight brokers and their customers,” Oliver stated. “For small to mid-size brokers, it also increases efficiencies and carrier satisfaction. </p> <p>“Carriers also benefit from all the productivity tools the Trucker Path app offers the nearly 1 million North American truckers who already rely on the app regularly for truck-safe navigation, destination entry/exit guidance, real-time parking availability, fuel discounts, and more,” Oliver added. “It helps make life on the road safer, easier and more productive for drivers while also helping improve recruiting and retention for brokers.” </p> <p>Trucker Path for Brokerages is available to small to mid-size freight brokers at very affordable pricing. More details can be found at <a href="http://www.truckerpath.com/for-brokerages">www.truckerpath.com/for-brokerages</a>. Brokers attending the TIA 2024 Capital Ideas Conference April 10 - 13, 2024 can visit the Trucker Path booth #116 for more information. </p> <p><strong>About Trucker Path</strong> </p> <p>Phoenix-based Trucker Path, the provider of a wide range of truck driver-centric mobility products, is a subsidiary of leading global SaaS provider, Moatable, Inc. (NYSE:MTBL). The Trucker Path app is currently used regularly by nearly 1 million professional truck drivers. Offering best-in-class navigation with truck-optimized routing, the Trucker Path app also provides access to vital up-to-date information about truck stops, real-time parking availability, fuel prices and discounts, weigh station statuses, and truck scales and wash locations. The company also offers TruckLoads, a digital freight exchange that connects drivers, carriers and brokers; and COMMAND™, the industry’s first and only Operations & Driver Relationship (ODR) platform that provides small to mid-size fleets with the necessary driver and TMS technologies to successfully run a fleet. For more information, visit <a href="http://www.truckerpath.com">www.truckerpath.com</a>. </p> <p><strong>Media Contact:</strong> </p> <p>Susan Fall </p> <p>LaunchIt Public Relations </p> <p>619-890-9415 </p> <p>susan@launchitpr.com </p>
Apr 03, 2024
Financial and Business Structure Tips for Truck Drivers
<p>Truck drivers are used to hauling heavy loads for their clients. However, many professional drivers are also hauling heavy financial loads of their own just to stay operating. Like all professionals, truck drivers need to plan for the future. This is done through a careful strategy of setting up their business structure appropriately and saving money to reduce costs while also finding ways to boost income potential today. Here's a look at some business and financial planning tips for truck drivers. </p> <p><strong>1. Use Budgeting Tools</strong> </p> <p>Sloppy receipts cost truck drivers money. Truck drivers need to have systems for internal bookkeeping and external billing. By using budgeting tools that allow you to scan or upload receipts, you'll be ready to bill properly during each billing cycle. Charting your expenses accurately is vital to being properly compensated. That includes per-diem expenses that cover food, toiletries, and digital usage. What's more, organized records make it easier to claim deductions at tax time that can reduce your annual tax liability. </p> <p><strong>2. Cut Costs Where You Can</strong> </p> <p>Dollars add up quickly on the road because there's no "stopping home" for a quick bite or some essentials. That's why truck drivers need to watch their spending much more closely than people in other professions. Set a budget for food and entertainment while on the road to be able to anticipate costs instead of being surprised by large bills at the end of the month. Consider using meal-planning apps that give you ideas for how to prepare simple meals in your truck. Even just pivoting to having cereal in your truck instead of getting breakfast at a restaurant or truck stop can save thousands of dollars per year that could serve you much better when reinvested back into your business instead! </p> <p><strong>3. Start an LLC</strong> </p> <p>If you're an independent truck driver, establishing an LLC is a great way to protect your personal financial interests. LLCs give individuals the same legal and financial protections provided to traditional business structures. That means that you can protect your home, car, bank accounts, and other personal assets from being affected by what happens in your professional life. Any lawsuits filed against you in your trucking career will be limited solely to business-related assets. </p> <p><strong>4. Consider Purchasing a Franchise </strong></p> <p>Consistency is one of the keys to making money as a truck driver. That's exactly why <a href="https://www.franchisedirect.com/ultimate-guide-to-franchising/">franchising</a> can be such an appealing option for truck drivers who want greater financial security. With franchising, you're purchasing the rights to operate under a well-known brand name in trucking. That means that people who depend on truck drivers will already know and trust your business from the first day it opens. Franchisees receive support for setting up their franchises, handling marketing, training drivers, and managing the financial aspects of running a trucking branch. In many cases, trucking franchise companies also provide franchisees with systems for getting free or discounted uniforms, equipment, benefits, and more. </p> <p>The way to begin the process of purchasing a franchise is to research trucking franchise opportunities. It's important to compare different opportunities because initial investment costs for franchisees can range from $15,000 to $200,000. Potential franchisees also need to do their homework on franchise royalty fees to get an idea of how much they will be paying to the parent company each year. Franchisees who find the right fit can look forward to plugging into a model that's been built for success while also being their own boss! </p> <p><strong>Final Thoughts</strong></p> <p>Business and financial planning gives truck drivers peace of mind over the fact that every mile they're covering is truly worth it. By considering different business structure and growth options, budgeting plans and savings tips, truckers can create or modify a real business that makes real money and sets them up for real success. </p>
Mar 27, 2024
The Dangers of Ignoring Tax Filing Obligations for Truckers
<p>For self-employed truckers, many things are top of mind for them, such as being away from home, staying healthy on the road, and keeping up with the demanding aspects of the job. With all this, it’s easy for these truck drivers to overlook the less glamorous aspect of tax filing. </p> <p>However, especially for independent truckers, neglecting your tax obligations can lead to many financial and legal troubles that could derail your successful careers on the road. </p> <p>Let’s look at some of the potential consequences of failing to file tax returns on time or at all for truck drivers, as well as how you can rectify your tax mistakes and become compliant. </p> <p><strong>Consequences of Not Paying Taxes</strong> </p> <p>Failure to file tax returns on time, or worse, not filing at all, can have severe repercussions for truck drivers. The IRS imposes some serious penalties and interest charges for late or non-filing of tax returns. These penalties can quickly accumulate, compounding the financial burden on these truckers who are already grappling with the unique demands of the industry. </p> <p>One of the immediate consequences of non-compliance is the accumulation of penalties and interest. The IRS charges a late filing penalty, which <a href="https://www.irs.gov/payments/failure-to-file-penalty" target="_blank">amounts to 5%</a> of the unpaid taxes of each month that a tax return is late. For truck drivers, who often operate on thin profit margins, these additional financial burdens can be crippling to their or their family’s livelihoods. </p> <p>On another note, failing to file your taxes also means that truckers miss out on potential refunds. Truckers can get tax deductions for their businesses, including truck payments, fuel, accounting fees, maintenance fees, insurance, and other business expenses. By not filing your taxes, you could be losing money! </p> <p>Furthermore, failure to file tax returns for a long time, such as three years, can lead to more serious consequences. This could be wage or bank account levies, federal tax liens, property liens, potential tax evasion charges, passport revocation, or even seizure of tax refunds. </p> <p>Aside from the financial consequences, non-compliance with tax filing obligations can damage a truck driver's reputation and business relationships. Clients, other truckers, and business partners may view non-compliance with tax laws as a sign of irresponsibility or untrustworthiness, potentially leading to loss of contracts or employment opportunities. </p> <p><strong>What To Do To Be Compliant?</strong> </p> <p>So, what should truck drivers do if they find themselves in a situation where they haven't filed taxes in the past or are struggling to meet their tax obligations? </p> <p>The first step is to start proactive measures to address it. It can be difficult for truck drivers to dive headfirst into possible years of tax forms and receipts; this is where seeking the help of a professional can be beneficial. </p> <p>A qualified tax professional or accountant who understands the trucking industry will also understand the unique challenges faced by truck drivers. They can provide guidance on how to gather necessary documentation, handle the various tax laws, and help truckers develop a strategy to become compliant with filing requirements. </p> <p>It is also important for truck drivers to, going forward, be proactive in addressing their tax filing obligations and to prioritize compliance in future tax payments. This can look like having better record-keeping practices to track income and expenses throughout the year, setting aside funds for tax payments, and staying informed about changes to tax laws. </p> <p><strong>Get Help With Your Taxes</strong> </p> <p>At the end of the day, ignoring tax filing obligations can have serious consequences for truck drivers, both financially and legally. However, it’s not too late for truckers to start getting compliance and filing their taxes today. </p> <p>Trucker Path has partnered with ATBS to give Trucker Path users special discounts on tax and accounting services from professionals who specialize in helping truck drivers. </p> <p>Looking to get your taxes done right? Reach out to <a href="https://www.atbs.com/trucker-path" target="_blank">get help from ATBS today!</a> </p>
Mar 13, 2024
Legal Things to Include Within a Truck Driver’s Contract
<p>Truck drivers play an important role in making sure there is a smooth flow of products and goods that move across the country. As such, truck drivers and the companies they work for should both have a clear understanding of what makes a contract enforceable. When drafting a truck driver’s contract, there are legal and other aspects that both parties should be aware of. </p> <p><strong>What to Think About When Making a Truck Driver's Contract</strong> </p> <p>Both parties should thoroughly understand their responsibilities and expectations. What are the delivery schedules and routes, and what additional duties should the driver be aware of? Understanding the compensation package is crucial for the driver and their trucking company. What is the hourly wage or commission structure? Are there mileage rates to apply? Is there a bonus package? A clear understanding can help prevent future problems. </p> <p>There are labor laws that address working hours and break times. To comply with labor laws, a driver’s contract must state the maximum hours for driving without a break. The contract should also include mandatory rest periods. Is there a payment for overtime work, and if so, how much overtime is allowed? A clear understanding is important for a driver’s well-being and safety. They become aware of their work parameters. A well-written contract can also help a trucking company, or truck driver, avoid any legal risks for breaking labor laws. </p> <p><strong>Legal Things to Include Within a Truck Driver's Contract</strong> </p> <p>The driver’s contract should contain a provision explaining insurance coverage, and clearly explain the amounts and types. Coverage can include cargo, liability, and comprehensive insurance. If there is an unfortunate <a href="https://www.manfredlaw.com/personal-injury/truck-accidents">accident</a>, the driver and their company can expect protection. There should also be a clear method for reporting an accident, and every driver should know the reporting steps. </p> <p>These steps can include contacting emergency services, informing the company, and documenting how the accident occurred. Such actions are important for any legal proceedings or insurance claims that might arise. The truck driver’s contract should also explain the process for accountability and responsibility. The outline can define who is legally responsible for injuries or property damage. Clear contract clauses can help simplify things and prevent legal disputes that might arise. </p> <p><strong>What Else to Know About a Truck Driver Contract?</strong> </p> <p>There are additional elements that a truck driver’s contract should state. How long will the employment contract last? Is the employment for an indefinite amount of time, or is there a fixed term? Are there provisions for renewing the contract? What are the conditions for terminating a driver? This degree of clarity can help to avoid misunderstandings. </p> <p>It is also important to outline maintenance responsibilities for the truck and any other equipment in use. What are the maintenance schedules and expectations for keeping the vehicle clean? Is the process for reporting and repairing mechanical problems clear? A non-compete and confidentiality clause in contracts aims to protect a company’s interests. These clauses prevent drivers from working for a competing company for a specified time after the driver’s contract ends. </p> <p>Commercial drivers have rights, and the scope of those rights can protect against anything from coercion and driving an unsafe vehicle, to ignoring operating laws. Of course, there are Federal Motor Carrier Safety Administration (FMCSA) guidelines set forth to protect drivers. These guidelines include rules for reporting coercion and other similar incidents. The guidelines are found in state and federal labor laws. </p> <p><strong>Additional Considerations for Truck Driver Contracts</strong> </p> <p>A driver’s contract can also include processes for resolving disputes that may include litigation, mediation, and arbitration. Does the company offer safety and training programs? What are the consequences for drivers who violate compliance or safety standards? What are the provisions for alcohol and drug testing, and what happens if there is a positive result? There are also clauses that can address unforeseen events that affect a contract’s provisions. Truck drivers and trucking companies have the freedom to consult with legal professionals to ensure that contracts are within legal guidelines. </p> <p><strong>Conclusion</strong> </p> <p>It is crucial to create contracts that are clear and thorough for drivers and companies. Working relationships do matter. By addressing elements like job responsibility, compensation, and the conditions that can surround an accident, everyone involved can help establish a successful working relationship. When terms are clear, it helps to provide clarity for enforcing a contract. </p> <p>The transportation industry, like all things, evolves over time. This is why it is so important for drivers and companies to stay on top of best practices and legal requirements for every aspect of their industry. Transparency protects each party’s rights and helps to prevent future disputes or misunderstandings. A clear contract can establish expectations for performance for truck drivers and companies. </p> <p>Written by Taylor McKnight, Author for <a href="https://www.manfredlaw.com/">Manfred Law.</a> </p>
Feb 28, 2024
The Basics of Commercial Truck Financing and Refinancing
<p>Whether you're an owner-operator looking to upgrade your rig or a budding entrepreneur looking to get into the trucking industry, the first step is always to understand the basics of commercial truck financing and refinancing. </p> <p>This comprehensive guide will walk you through the essential steps of dealing with commercial truck financing and everything in between! </p> <p><strong>1. Finding Your Truck</strong> </p> <p>Before diving into the financing process, it may be helpful to narrow down the specific truck and price of the truck you want to purchase. Having more information about the truck can help round out your loan application and expedite it. </p> <p><strong>Brand New vs. Used:</strong> Brand new trucks offer the latest technology and are covered by longer warranties, but they come with a higher price tag. Used trucks may be more budget-friendly but will have a shorter warranty period and require careful inspection to ensure they meet safety and performance standards. </p> <p><strong>Amenities:</strong> Depending on your business requirements, you may require different amenities of the truck. Some truckers prioritize comfort features for long hauls, such as sleeper cabs, while others focus on fuel efficiency and payload capacity. </p> <p><strong>Budget:</strong> Establish a realistic budget by considering not only the upfront cost of the truck but also ongoing expenses such as maintenance, insurance, and fuel. This will be crucial when determining the financing amount you need and not financing more than you can afford. </p> <p><strong>2. Types of Semi-Truck Financing</strong> </p> <p>There are many different types of financing options available and understanding the different options allows you to choose one that is best aligned with your business goals. </p> <p><strong>Debt Financing:</strong> These are typically business loans and involve taking out a lump sum that you will repay over a set period with interest. Debt financing is suitable for purchasing a truck outright, giving you ownership from the start. </p> <p><strong>Equipment Financing:</strong> Tailored specifically for the purchase of business equipment, this type of financing allows you to spread the cost over time while using the equipment for your business operations. It is also more accessible than your typical bank loans. </p> <p><strong>Small Business Line of Credit:</strong> This is a more flexible financing option that is provided by the <a href="https://www.sba.gov/funding-programs/loans">U.S. Small Business Administration</a> to help small businesses get the funding they need to get started. There are a few different SBA loans available, depending on your business needs. </p> <p><strong>3. Choosing a Lender</strong> </p> <p>Selecting the right lender is a critical decision that can significantly impact the terms of your financing; this can depend on your loan requirements, credit score, and repayment history. </p> <p><strong>Banks and Credit Unions:</strong> Traditional financial institutions often offer competitive interest rates and a range of loan products, such as commercial vehicle lending or small business loans. However, approval criteria may be strict, so you will need a good credit score among other qualifications. </p> <p><strong>Alternative Online Lenders:</strong> <a href="https://www.l.lendio.com/trucker-path"> Online lenders</a> have gained popularity for their quick and streamlined application processes, as well as their more flexible terms. While interest rates may be higher, the accessibility and speed of funding can be advantageous for those with lower credit scores. </p> <p><strong>Business Loan Brokers:</strong> These professionals have a large network of lenders that they can connect borrowers with. This saves you time from applying separately to these different lenders, streamlining the application process. </p> <p><strong>4. Check Your Qualifications</strong> </p> <p>Before applying for a commercial truck loan, assess your qualifications to strengthen your loan application and the finance options that you qualify for. </p> <p><strong>Credit Score:</strong> A good credit score is key to securing favorable loan terms, preferably of 640 or higher. Regularly check your credit report for inaccuracies and work on improving your score if needed. </p> <p><strong>Business Revenue:</strong> Lenders will assess your business's financial stability, so if you are looking to expand your business ensure your revenue and financial statements are in order. For those looking to get into the industry, demonstrating a steady income stream increases your chances of approval. </p> <p><strong>Payments:</strong> While some lenders offer no-money-down options, offering a substantial down payment can improve your loan terms. By saving up for a down payment, you can strengthen your position during negotiations. </p> <p><strong>Insurance:</strong> Comprehensive insurance coverage is often a requirement for getting financing for your vehicle. This can include primary liability coverage, cargo coverage, and physical damage coverage, amongst others. Research insurance options in advance to include accurate estimates in your budget. </p> <p><strong>5. Completing and Submitting the Application</strong> </p> <p>Once all of these have been completed, it's time to complete the loan application. </p> <p><strong>Personal and Business Information:</strong> Specific documentation requirements may depend on the lender, but most of them will require tax returns, financial statements, and personal identification. You should also provide accurate information about your business structure, years in operation, and the intended use of the truck. </p> <p><strong>Loan Amount and Terms:</strong> Specify the loan amount you're requesting and the desired repayment terms. Other factors that you should mention include interest rates, monthly payments, and any additional fees associated with the loan. </p> <p><strong>Review and Submit:</strong> Carefully review your application before submitting it and ensure all information is accurate and complete; this will ensure that the loan process can be expedited. </p> <p>Embarking on the journey of commercial truck ownership is exciting and understanding the key aspects of financing is very important for success. Before applying for a loan, it is important to do your research and get all your documents in order to ensure that the loan is approved as quickly as possible. </p>
Feb 22, 2024
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