Partners in Business

PIB TIP: TRUCK LOAN BASICS: Loans for trucks and other secured loans, such as cars or houses, are lowest because assets are backing them up. A bank’s business loan often is around 1 percent a month or 12 percent annually. That’s where the best credit card rates start, but they’re usually much higher, even 20 percent or more for owner-operators with bad credit ratings. The Partners in Business program is ...

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PIB TIP: FINANCING YOUR TRUCK. Give yourself plenty of time to shop for a truck and seek favorable financing. Visit dealers and ask questions. Know what risk you present for a potential lender. The good news is that truck loans, like business loans from a bank, usually have much lower rates than credit cards. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm, ...

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PIB TIP: CHOOSING A TRAILER. Among all owner-operators, trailer ownership brings a $6,000 gain in yearly net income. Even with the additional costs of operating your own trailer, the average added earning potential in flatbed, dry van and reefer segments returns the investment in roughly two or three years. 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 ...

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PIB TIP: CHOOSING A TRAILER. Among all owner-operators, trailer ownership brings a $6,000 gain in yearly net income. Even with the additional costs of operating your own trailer, the average added earning potential in flatbed, dry van and reefer segments returns the investment in roughly two or three years. 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 ...

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PIB TIP: UNDERSTAND ESCROW ACCOUNTS. Lease purchase agreements often require an initial security escrow of $1,000 to cover expenses the lessee may fail to pay. Maintenance escrows, which are funded throughout the length of the lease-purchase, usually are required. A lease contract should state the precise purpose of escrows and that all unused escrows should be returned with interest at the end of a lease. Partners in Business program is produced by Overdrive and the ...

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PIB TIP: ASSESS LEASE-PURCHASE PLANS. Calculating the total cost of a truck under a carrier’s lease-purchase plan can be difficult. Beyond knowing the monthly lease payment, make sure you know the total purchase price. The interest cost is only one of the factors. Given the price and truck’s condition at the lease’s start, you should make an estimate of what it would be worth by the time you take ownership. Otherwise, you run the risk ...

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PIB TIP: LEARN ABOUT WARRANTIES. Most warranties, especially on used trucks, are limited. With new and used equipment warranties, take as much time as you need to understand the warranty being offered and the claim procedures, such as who accepts and rejects claims. Warranty costs increase with equipment age but can decrease with major preventive maintenance investment. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator ...

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PIB TIP: THREE TESTS FOR A USED TRUCK. Three technical tests should be pursued on a used truck before you buy it. The dynamometer or “dyno” test usually costs $100-$00 and determines the engine’s strength by measuring drive wheel power. While it’s running, a technician can look for leaks, also, because the engine will be at maximum temperature. Most dealerships don’t have a dynamometer, and the nearest might be far away from the truck you’re ...

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PIB TIP: KNOW A USED TRUCK’S MAINTENANCE HISTORY. While you’re asking your dealer for crucial paperwork, ask him for a record of the truck’s maintenance history, including oil analysis. Any well-managed fleet truck should have this. Any savvy buyer should ask or look for an inspection, test drive, comparison drive, surface clues such as a shabby exterior, tires, coolant guarantees and the truck’s Blue Book value. The Partners in Business program is produced by Overdrive ...

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PIB TIP: EVALUATE USED TRUCKS. Ask to see information from a truck’s onboard computer from the dealer and carefully review the report’s details on idle time, brake actuation per thousand miles, the number of panic stops per thousand miles and time spent in each gear. Then compare your findings to statistics from your independent mechanic. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services ...

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