Apr 12, 2024

The Most Desirable Truck Stop Amenities

We asked our community of nearly 1 million truck drivers to give us their top choices of truck stop amenities.

The Basics of Commercial Truck Financing and Refinancing 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. This comprehensive guide will walk you through the essential steps of dealing with commercial truck financing and everything in between! 1. Finding Your Truck 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. Brand New vs. Used: 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. Amenities: 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. Budget: 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. 2. Types of Semi-Truck Financing 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. Debt Financing: 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. Equipment Financing: 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. Small Business Line of Credit: 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. 3. Choosing a Lender 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. Banks and Credit Unions: 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. Alternative Online Lenders: <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. Business Loan Brokers: 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. 4. Check Your Qualifications Before applying for a commercial truck loan, assess your qualifications to strengthen your loan application and the finance options that you qualify for. Credit Score: 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. Business Revenue: 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. Payments: 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. Insurance: 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. 5. Completing and Submitting the Application Once all of these have been completed, it's time to complete the loan application. Personal and Business Information: 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. Loan Amount and Terms: 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. Review and Submit: 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. 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.

Feb 22, 2024

The Dangers of Ignoring Tax Filing Obligations for Truckers 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. 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. 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. Consequences of Not Paying Taxes 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. 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. 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! 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. 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. What To Do To Be Compliant? 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? 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. 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. 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. Get Help With Your Taxes 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. 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. 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>

Mar 13, 2024

Trucker Path Levels the Playing Field Between Large and Smaller Brokerages 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 PHOENIX – April 03, 2024 – 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. “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.” 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. “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. “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.” 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. About Trucker Path 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>. Media Contact: Susan Fall LaunchIt Public Relations 619-890-9415 susan@launchitpr.com

Apr 03, 2024