An owner operator or truck driver wanting an independent trucking business is a costly affair. The big rigs often cost too much for the truck driver job to realize their big dreams. A new rig and a trailer would require a big sum of investment ranging from one fifty thousand to two hundred thousand dollars. In this situation the truck driver turns towards commercial truck finance option. The finance companies are more than happy to offer commercial truck finance as this loan is far less risky. This is because of the reason that truck drivers make good money and has the potential to earn over one hundred thousand dollars in one year by running their trucks for approximately 70 hours a week. If they start the business in partnership with two drivers on the road then the amount earned is even more.
The types of finances covered not just include the big rigs which makes interstate trips but all other truck types used for different loads available as well. The other truck purchases that might require commercial truck finance are flat bed, dump truck, reefers, dry vans, hazmat trucks and many more. The area includes all those trucks and trailers that are commercially used to raise income. At this point of time many new owner operators and truck driver feel hesitated to take up such a huge amount of loan. Therefore, many starters go for another option which is more economic and practical i.e. of Truck leasing. In this case they take the required truck on lease for a certain period of time. This option does not require a big initial investment so the truckers can focus on other financial requirements until the business is perfectly set.
Rising fuel price is another challenge faced by both the owner operators and the truck finance companies. Where the fuel was costing 500 dollars some four years back now costs 1000 dollars. The investors are now looking for low cost finance options. The overall economy of the country depends on its fuel prices and trucking industry. According to estimation the trucking industry will face a shortage of 20,000 drivers by 2014. There are a few reasons why the truckers these days want to have their own commercial truck. The first one off course is the freedom to drive the big rig on your own terms and conditions. Many truckers don’t find the scheduled 10 or 14 hours a day job offered by trucking companies much fascinating. Moreover these days the new semi trucks are coming loaded with features like beds, microwaves, toilets, satellite televisions, and much more. So the aspiring trucker wants to get all such facilities with their own trucks.
Commercial Truck Finance options are not only limited to new trucks but are also available on used trucks and trailers for those who do not want much financial load on themselves. Many companies are coming into picture offering truck finances for new and used trucks. With the start up of the owner operator business you have the potential towards increased earnings. You can use the facilities of load boards to keep your truck always loaded. Thus taking commercial truck finance is a good idea for those truck drivers who cannot afford to buy a truck on their own but want to start up the o/o business.