When pursuing a career as a truck driver owner-operator, there are many things to consider in taking the next step. One of them is how to get a new truck. Rather than leasing one from an employer, it is always more profitable to own one when the work is available or if someone wants to own their own company. Deciding whether to buy a new or used truck is key in making a profit versus barely getting by. Obtaining commercial truck financing is usually the difference between buying a new or used vehicle.
New Equipment
Having a new vehicle of any sort is always nice, whether it is a personal vehicle or one used for business. It has a special smell, is spry and comes with all of the state-of-the-art features. Paying for it is the biggest obstacle most people face. Excellent credit is required. Many lenders are leery of first-time owner-operators purchasing new equipment and may not be willing to qualify the applicant for a loan. Once the person is approved, several things must be done before the truck is road ready. Paying for taxes, titles, tags and a business license are also required. Making regular monthly payments on the vehicle regardless of how much money is coming in is also a consideration. Keep in mind that payments are higher for a new truck than an old one. Continue reading ‘Purchasing a New Versus Used Truck’ »