Posted on: 7 June 2016
If you have been driving a semi for other companies for years and you finally want to go out on your own, it's time to look at buying your own truck and getting your own customers. If you aren't sure how much you want to spend on a truck, or if you want to buy new or used options, there are some things you'll want to take into consideration. You want to budget carefully and wisely to make sure your business is a success. Here are a few things to consider.
Set Your Realistic Budget
A lot of people overestimate how much work they think they're going to get, and how much income they'll bring in, and take out a loan that they may not be able to afford. Set a realistic budget by going off the lowest amount you think you'll be earning for the year, so you don't end up in over your head. Once you have the amount you think you can afford, you can look at the new or used semi-trucks that fit within your spending limit.
Start a Year Ahead
Do you have enough money to put down on the loan that you could pay off a year of payments right away? Put enough down to keep your payment low, but don't put down all your reserves. Have your payments come automatically out of a business account, and fill that account with a year's worth of reserves if you can. This way, if things get bad with business, you can always pay the loan without worry.
Create a Plan to Pay Off Early
Building equity and lowering the amount of debt you have is one of the best ways to make your business a success. Create a plan to pay an extra amount of money each month so you can pay the truck off early, and so you have it to sell if you want to get out of the trucking business.
Make sure before you decide on what you want to pay for a semi-truck, that you also get quotes on what the insurance is going to be. This will vary depending on what type of items you plan to haul, and how much value the items have. If you are ready to be your own boss and you don't want to keep working for a trucking company, get your own semi-truck and get started. Contact a company like Arrow Truck Sales to learn more.Share