Partners in Business

The leading business training program for owner-operators.

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Latest Stories: Page 26
Overdrive Extra
Your role in tax prep
If you want to avoid the most common mistakes I see with owner-operator tax returns, you need to get involved in checking the major numbers your tax preparer is using.
April 1, 2012
Fuel, maintenance and per diem are three major cost categories for which you should do a rough estimate to double-check your accountant.
Partners in Business
PIB TIP: SHORTER LOAN, LESS COSTLY TRUCK. The idea
PIB TIP: SHORTER LOAN, LESS COSTLY TRUCK. The ideal loan term for a three-year depreciable asset like a heavy-duty truck is three or four years, during which you can reap the tax benefits of depreciation to maximize the affordability of the monthly payments. The shorter the term, the less you’ll pay overall due to interest. […]
March 28, 2012
Partners in Business
PIB TIP: LEARN TO BARGAIN. Never settle for the fi
PIB TIP: LEARN TO BARGAIN. Never settle for the first quote when you are seeking a truck loan. In many cases, you can work with a reputable dealer and bring down the price of your new rig through negotiation or specification changes. If you’re buying a new truck, ask three of the best dealers to […]
March 14, 2012
Partners in Business
PIB TIP: NEGOTIATING THE DEAL. Getting a serviceab
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 […]
March 7, 2012
Overdrive Extra
Avoiding irregular tire wear
The solution requires multiple steps, but they reduce tire wear issues, increase longevity and save money
March 1, 2012
The wear of your existing tires provides valuable information that can help in adjusting alignment.
Partners in Business
PIB TIP: SEEK CREATIVE SOLUTIONS. Some finance com
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 […]
February 29, 2012
Partners in Business
PIB TIP: FACTORS INFLUENCING INTEREST RATES. Peopl
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 […]
February 22, 2012
Partners in Business
PIB TIP: GETTING THE MONEY. Keep in mind that truc
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 […]
February 15, 2012
Partners in Business
PIB TIP: LIST CREDIT REFERENCES. For submitting a
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 […]
February 9, 2012
Partners in Business
PIB TIP: DEVELOP A BUSINESS PLAN. A business plan
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 […]
February 2, 2012
Overdrive Extra
Extend drains with bypass filter
The best way to know when engine oil needs to be changed is to take an oil sample, send it to a lab, and let the condition of the oil determine the interval.
February 1, 2012
Taking an oil sample and getting it analyzed is a key first step in extending drains. Engine makers’ service centers, as well as vendors such as Polaris Laboratories and Blackstone Labs, are good sources for doing the analysis. In some cases, results can be available online in less than a week.
Partners in Business
PIB TIP: BASICS FOR A LOAN. You’ll need a budget,
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 […]
January 25, 2012
Partners in Business
PIB TIP: PREPARE FOR LOANS. When you apply for a l
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 […]
January 18, 2012
Partners in Business
PIB TIP: SEEK THE BEST LENDERS: Captive lending co
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 […]
January 12, 2012
Partners in Business
PIB TIP: KNOW YOUR CREDIT RATING. Get a copy of yo
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 […]
January 6, 2012
Overdrive Extra
How to do a fuel-saving test
Though it can be labor-intensive, developing your own testing methods to improve fuel mileage pays off.
January 1, 2012
Visit mygauges.com for Rutherford’s online tutorial that walks you through the process of keeping fuel mileage records and detailed notes for testing. You’ll also find resources for controlling fuel mileage variables, which is critical when testing fuel-saving devices.
Partners in Business
PIB TIP: TRUCK LOAN BASICS: Loans for trucks and o
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 […]
December 30, 2011
Partners in Business
PIB TIP: FINANCING YOUR TRUCK. Give yourself plent
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 […]
December 22, 2011
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