Truckers and Travelers

Thank  you for joining us for the final part of This three-part series on Starting a Trucking Business. In Part One, we discussed creating the trucking business plan.  Part Two covered the money issues associated with  a trucking business.  Now we’ll finish this series by covering equipment purchase and types of freight to haul.

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

Believe the unbelievable and receive the impossible!

6. Buying new or used truck equipment. If you decide to buy used try to purchase one with less than 100,000 miles. There will still be a warranty on the truck that can be transferred with the sale and used to defray any upfront repairs. If you buy new, here is what you will need for your purchase: a. Most truck dealers require 10 to 20% down payment at the time of purchase. Also, your credit score will determine the interest rate set for your particular truck loan. I suggest going through a truck dealer, whether a name brand dealer or a truck sales company because they already have financing companies available to put together a loan package for you. My first truck purchase was a Vovlo 770. It was used with 70,000 miles and had a 600 Cummins with an 18 speed transmission. We were able to purchase it with 5% down and 8% interest. With truck sales down dealers may be more willing to work with you to make sure you drive away a satisfied customer. One more thing to consider when you purchase a truck, make sure that the truck dimensions especially between the back of the cab and the kingpin are long enough for the type of trailers you will be hauling. My Volvo had to have a particularly long wheel base for the enclosed car hauling trailer I was pulling. The trailer had 5 foot bubbles on the front and back. The front bubble had to be able to clear the cab in tight turns.

7. What type of loads will you haul, freight, produce, cars or equipment? Once you know the type of loads you will haul, you will need to call the company you will contract to and find out about the type of paperwork needed before you can haul for them. Most companies require a contract spelling out your responsibilities and pay. If you are an owner/operator, you will drive under this company’s trucking authority. If you obtain your own authority, you will have to have all the necessary steps in place before you can drive. For a step-by-step guide to trucking authority, take a moment to order my E-book on this subject. You can also refer to our Members Access page for all the information you are looking for to get trucking authority in place.

Now that you’ve been given information to help you get started in your own trucking business, remember that what you dream you CAN achieve. Getting your own trucking authority is a goal you can reach! You are the architect of your life and you can be successful if you will write down your goals and the steps to accomplish them. You WILL see your dreams realized! I believe you will be successful!!!

Thank you for the time you’ve taken to review the steps in starting a trucking business.  Please visit our website for more information and resources on the road.  Be safe out there!!!