Partners in Business

PIB TIP: NEGOTIATING THE DEAL. Getting a serviceable truck at the lowest payment possible is your goal when you seek a loan. Before you head to the bargaining table, know how much you want to pay for a truck, how much you can manage per month and what interest rate you want. Then negotiate with who you consider to be the top three dealers. The Partners in Business program is produced by Overdrive and the ...

Read More

PIB TIP: SEEK CREATIVE SOLUTIONS. Some finance companies offer creative solutions to its customers. One option is a variable rate loan. Though most truck loans have a fixed interest rate, which means that you pay the same rate throughout the term of the loan, sometimes you can get a variable rate. That can be a good deal if the rate holds steady or drops, but if rates go up too much for too long, you ...

Read More

PIB TIP: FACTORS INFLUENCING INTEREST RATES. People who have good credit and a stable job history get the lowest interest rates. Also, people who live at the same address for a long time usually have a better credit rating. Don’t take the first financing option you’re offered. You can negotiate loan rates just as you would haggle over the price of a truck. The Partners in Business program is produced by Overdrive and the consultants ...

Read More

PIB TIP: GETTING THE MONEY. Keep in mind that truck loan interest cost can easily consume up to 4 percent of your gross revenue. Interest rates can vary by two or three percentage points, even more – a difference of as much as thousands of dollars in interest over the life of a loan. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm, ...

Read More

PIB TIP: LIST CREDIT REFERENCES. For submitting a business plan to a lender, list credit references, even if you don’t have a perfect credit history. Include present and past creditors. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm, and is sponsored by Freightliner Trucks.

Read More

PIB TIP: DEVELOP A BUSINESS PLAN. A business plan outlines the details of your operation, including the types of freight you’ll haul, the traffic lanes you’ll run and the rate you’ll be paid. It lists the name, address and telephone number of the company you plan to lease to and a contact name to verify that lease. If you plan to run independently, list contacts for customers you will haul for.  The Partners in Business ...

Read More

PIB TIP: BASICS FOR A LOAN. You’ll need a budget, a business plan and a cash-flow statement when you apply for a loan. A detailed budget will assure the lender that you can meet the financial obligations of owning a truck. A cash-flow statement shows that your projected revenue will be sufficient to meet current obligations. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business ...

Read More

PIB TIP: PREPARE FOR LOANS. When you apply for a loan, be prepared to provide as much information as you can. The more you tell a potential lender about yourself and your operation, the more comfortable he or she will be lending you the money. Show the lender that you are a business owner first and an operator second. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s ...

Read More

PIB TIP: SEEK THE BEST LENDERS: Captive lending companies are owned by equipment manufacturers. They often are more willing than banks to lend money to new owner-operators because they are in the business of selling trucks. Also, some commercial lending institutions cater to the trucking industry. Check with your used truck dealer, who may refer you to lenders other than captive finance arms. The Partners in Business program is produced by Overdrive and the consultants ...

Read More

PIB TIP: KNOW YOUR CREDIT RATING. Get a copy of your credit report before you attempt to secure equipment financing. Your credit history could contain wrong or hurtful information that you’ll want to explain to a potential lender. Always be up front about your problems. Showing that you have overcome hard times demonstrates determination and strong character. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator ...

Read More