Truckers and Travelers

In Part One, we discussed the first three steps of starting a trucking business.  The first three steps involved  creating a trucking business plan.  This part of the three-part blog will have to do with your money issues, like financing, credit and equipment purchase.  Enjoy your reading!

7 Things to Consider Before Quitting Your Company Job – Part Two

Believe the unbelievable and receive the impossible!

4. Financing. Will you use credit or cash to finance your endeavor? If you decide to use cash and do this as debt free as possible you will need to have 3 to 6 months of your present gross salary saved. This money will be used for start-up costs and living expenses till you begin to get paid for your loads. If you use credit decide if you will use personal credit cards, a bank loan, or obtain corporate credit. (put article on corporate credit here). If you use personal credit cards, request a credit increase from your credit card companies before using this option. You may need that extra credit for unexpected expenses and delays in load pay.

5. Your credit score. The first major purchase you will want to consider is the type of semi you will buy. You will need a good credit score to obtain financing with a low interest rate. In order to know what your credit score is, you can check on any of the “free credit report” websites, such as www.freetriplescore.com, to see all three credit bureau scores. Remember however, these websites are offering a monthly service to monitor your credit. You may decide to pay the monthly fee or you can request your credit reports from all three bureaus, for a fee, through the internet, by letter, or by phone. Either option will give you your scores. Once you’ve checked your scores and they fall between 620 and 850, you can then begin your search for the right vehicle. If you find out that your credit is below 620, there are credit repair services that will fix credit issues and help raise your credit scores. I highly recommend www.originalcreditcoach.com, a reputable company that specializes in credit repair.

Now let’s get “the REST of the story”…in Part Three.