The Cost of Repairing a Big-Rig |
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Molly Wider
September 26, 2009
Molly Wider
http://bhmfinancial.com
Commercial owner-operators can earn a lot of money driving a truck, running their own business, and keeping abreast with the trucking industry. However, owning a big rig can also be a costly endeavour. The major problem with owning one thing that the rest of your business depends upon is, well, that the rest of your business depends upon that one thing!
What happens when a truck needs massive repair? New operators usually don't have a large amount of spare funds lying around, which means that repair money has to come from a different source. Far too many operators find themselves neck-high in credit card debt, struggling to pay back friends and family, and frustrated by traditional lenders.
The fact of the matter is that owning a big rig is expensive - there's no debating this statement. Unfortunately, the other fact of the matter is that traditional lenders (banks) won't lend an owner-operator a dime for repairs unless profits have been made, and solidified, in the past.
This is bad news for any new operator that is trying desperately to turn a profit. How can a profit be made, or proven, if an operator has not had the time to actually work? More often than not, new owner-operators purchase used trucks that tend to break down frequently. When this happens, many of these people simply declare bankruptcy due to a lack of funds.
If your dream is to drive a truck and operate a company, you shouldn't let the discouragement of truck repairs get in the way of your dreams - or your career. After all, there are plenty of owner-operators that make a nice wage owning a trucking company.
Instead of giving up all hope, apply for a private loan. If this thought has crossed your mind, but you are afraid of past credit mistakes, don't worry - private lenders of secured loans are not looking to penalize you for your credit history. Some lenders will even provide loans based on the value of your rig.
Private lenders lend large sums of money to owner-operators every day. When a loan has been granted, simply take the money that you have been approved for, and apply this money towards necessary truck repairs. As soon as your rig is up and running again, you can pay back your loan in no time.
Repairing a truck costs a lot of money, but letting your goal of owning your own company slip through your fingers will cost you a lot of pride. Don't let banks turn you down for a loan - look into private loans instead.
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