Buying Semi-Trucks for Your SMB’S Fleet? 5 Things to Check for

Thursday, August 2, 2018

Buying Semi-Trucks for Your SMB’S Fleet? 5 Things to Check for

Whether you are just starting out as an owner-operator or expanding your business, buying a semi-truck-truck can be a little intimidating. No matter how familiar you may be with the trucking industry, it is always different when your money is on the line.

Checking for these items may help you make the best choice.

Prepare for Long-Term Commitments

When you purchase a semi-truck for your business, you make a considerable financial investment. Granted, the business generated by your semi-truck should help offset the payments. However, be prepared to provide a down payment and assume that you will not see a return for a few months to a few years.

It is better to have the financial assets set aside and be pleasantly surprised if you do not need them than the other way around.

Check for Grant Funding

Grants and low-interest loans are available for several things that might interest you as a small to medium business owner. If you need additional education associated with owning or operating your semi-truck, financial aid is an option. There are trucker-specific grants.

General grants are a good option, especially if you happen to be a female business owner. SBA Business Development assists with mentoring and grant-writing if you want that option.

Know Your Seller

Many owner-operators choose to purchase a used semi-truck. Many used semi-truck dealers, like Arrow Truck Sales, offer warranties. If you buy a used vehicle from an individual, ask for service records.

A discerning buyer will ask why the truck is on the market. Check accident records before committing to a sale. When you make a major financial commitment for your business, thoroughness is vital.

While everyone wants to be the driver in the Ferrari, it is not practical, comfortable or safe to choose that option. Do your homework when it comes to comparing truck models. You do not need to start out with a top of the line truck outfitted with every gadget and whistle.

Many small or medium business owners get caught up in the thrill of a semi-truck purchase. You quickly find yourself carried away. Instead, keep your overall goals in sight.

Know What Your Semi-Truck Needs to Haul

One factor often overlooked is the load ratio. If acting as an owner-operator is your plan, research cargo needs in your area. Refrigerated cargo weighs more than a lot of dry cargo. Hauling any hazardous substance requires special knowledge and equipment.

Once you know your cargo needs you can determine the power necessary for your semi-truck. You do not want to purchase an underpowered truck. On the other hand, many new owner-operators buy more power than necessary, which increases your fuel costs, among other things.

When you plan carefully, your business will expand and grow when you add a semi-truck. Be prudent and use common sense to build your semi-truck fleet.

By  Hannah Whittenly Embed

Author Bio - Hannah Whittenly is a freelance writer and mother of two from Sacramento, California.


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