If you are a company driver looking to purchase a semi-truck and start your own owner-operator business, you will probably run into a few bumps along the road. The largest obstacle on your road to becoming a successful owner-operator is probably sifting through thousands of offers looking for quality companies for semi truck Leasing. Many of them will try to get your attention by offering deals that are just too good to be true and are coincidentally appealing to your financial situation, but in reality are bad for any future owner-operator.
That said, you don’t have to settle for worn-out and barely operable vehicles just to meet your budget either. These vehicles will likely cost you more in the long run when you consider all the maintenance and repair expenses. A better way to start your own business is to look for truck financing or leasing offers from trustworthy semi truck leasing companies. But to find them you have to know what to look for in a quality semi truck leasing company.
Commercial and Semi Truck Leasing
If you are planning on buying a semi truck in order to start your own trucking company, you have to know how to obtain proper financing for the vehicle you need. Many owners spend more on some vehicles that their actual worth because they get insecure about staying inside their planned budget and cling to shady offers.
When looking to buy semi trucks and all the necessary equipment to start your business, you can look to trustworthy companies like Go Truck Capital that can help you achieve your dreams of becoming an owner-operator. For most part, the requirements for obtaining the finances are that you have a Commercial Driver’s License, a few years of experience and a developed business plan. Others only need you to fill in a few forms and expect an answer shortly or immediately.
The Benefits of Reputable Truck Leasing Companies
A lot of truckers are immediately turned down by the term “leasing”, but the fact is it does have its benefits, especially for aspiring owner-operators. Most people associate the term with car leasing, but the reality is that commercial leasing is very different from personal vehicle leasing in that it is more structured. There are two types of truck and equipment leasing associated with commercial truck leasing companies. These plans are called operating lease and capital lease.
Operating lease allows the owner-operator to buy the vehicle at the end of the leasing period for its market value. The payments you use to pay the lease can be deducted for tax purposes as operating expense for your trucking business.
Capital lease is great for owner-operators looking for a long-term ownership of the semi-truck or the commercial equipment. This is similar to a traditional loan issued by a bank and is considered a long-term liability on your accounting balance. When filing for taxes you will need to pay a small interest, but at the end of the leasing period, you can buy the vehicle and the equipment for a very small sum. Most future owner-operators choose this option.
How to Find the Best Semi Truck Leasing Companies?
Go Capital is a respectable online financing and leasing company offering you a chance to fulfill your dreams of becoming an owner-operator. Our clients are assigned an account manager, who is tasked with helping you understand your transaction and introduce you to the best leasing program to suit your needs. We don’t treat our clients as numbers but as individuals with their own story. A story we will help you turn into a success story company drivers will one day tell each other.