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.
Buying Used
Purchasing a used vehicle carries many of the same expenses as a new one, but at a smaller cost. Monthly payments are cheaper, as are taxes on the vehicle's value. Tags and business fees are the same. Regular maintenance costs are at least equal to those for a new vehicle. It is easier, however, to obtain commercial truck financing from a company that specializes in used vehicles for owner-operators. They often have access to vehicles such as used Freightliner trucks or used Peterbilt trucks. Columbia trucks are also affordable for owner-operators ready to take the next step. Be sure to thoroughly check over the vehicle to see what condition it is in before making the commitment. Ask for any available receipts or paperwork regarding maintenance or warranties. Used vehicles can be reliable or refurbished to be like new. Taking the time to find the right truck may make the difference between a smart investment and a financial pitfall.
Repairs
On new vehicles the heat and air conditioning work and there are no odd noises or vibrations to investigate or fix. Brand-new vehicles are unlikely to break down and require little serious maintenance for the first several hundred thousand miles. After that, they meet the same level in maintenance as a used one. As an owner-operator of any truck, it is the individual's responsibility to make sure that weekly, monthly and annual maintenance checks are done to prolong the life of the vehicle. Regular maintenance takes time away from hauling jobs on the road and creates regular bills. Before making the commitment to purchase any vehicle, be sure the ability to make the monthly payments and maintain the upkeep is there.
Author Resource:
Author is a freelance writer. For more information on commercial truck financing please visit http://www.wholesaletruckandfinance.com/.
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