Estimates are that 15.5 million trucks are on the road in the United States and that 2 million of them are semi-trucks. Many of these semi-truck drivers want to be their own boss and own their own rig. Being an owner-operator means working when you want and carrying loads that you want.
The first step to this kind of freedom is buying a semi-truck. Unfortunately, coming up with the cash for such a large expenditure is tough for many individual drivers and even for some small businesses. Even if you have the cash to buy a truck outright, financing is often a better way to go. Why?
When you finance a semi-truck, it frees up cash for other things. For an individual driver this might include having a monthly reserve for truck repairs and maintenance. For a business it might mean having cash to cover payroll, rent, insurance and more.
Getting financing for a semi-truck is usually easier than with other business loans because the truck acts as collateral. You will, though, need a decent credit score, a registered business and a current CDL. You will also need money for a down payment.
Once you become an owner-operator you have to start thinking about business taxes. If you finance a truck, then the interest you pay on the loan is usually tax-deductible. The truck also counts as an asset, meaning that you can write off its depreciation. Make sure you talk to an accountant to understand all the benefits of financing.
If you are ready to finance a semi-truck, then contact us. We are an independent, used semi-truck sales dealership and want to make your dream of being an owner-operator come true.