Dump Truck Financing and Purchase Tips for Owner-Operators

Dump Truck Financing - Owner Operator Tips

Dump truck owners are contracted for various jobs, from supplying materials to construction sites to moving debris from places struck by natural disasters or demolition areas. These trucks are supplied with hydraulic equipment that their driver operates. There is a lot to know about how dump trucks work, how they can be purchased through a company willing to offer bad credit dump truck financing, and how you can start your own business after you’ve obtained the right dump truck for you.

There’s so much more to becoming an owner-operator than learning to drive and purchasing a dump truck, and in this article we’ll break down the basics.

Experience is Gold

In order to be able to start your owner-operator business, you will need a commercial driver’s license. In order to prepare for the CDL exam, needed in all states to operate a dump truck, take a local truck driving course. The driving school might be able to help you with finding you a job after you’ve obtained the CDL.

The second thing you will need is experience. Don’t rush into starting your own owner-operator business until you’ve learned how the system works. Find a job within a company offering these services on a larger scale and learn on their mistakes rather than your own. During your tenure you can even save up to purchase your truck, which will help you in days to come. Even if you apply for a dump truck loan with bad credit, being able to provide a down payment will significantly improve your chances of finding and purchasing the ideal dump truck.

Purchasing and Insuring the Truck

The next step would be to purchase the ideal dump truck for your owner operator business. Whether you go for a used truck or a brand new one, choose a dump truck in regards to its power, capacity and affordability. There are pros and cons to buying both used and new trucks, but if you go for a new one make sure to secure an affordable repayment plan through an experienced bad credit semi truck financing partner like Go Capital. Make sure to visit the truck salesman prepared and be ready to negotiate the best deal for you. After you’ve purchased the dump truck, make sure to get in touch with the best insurance agency to secure commercial insurance and liability coverage.

Getting the Business Going

After you’ve purchased your own dump truck and started your business, the first thing you will need is to get the word out and find clients. If you’ve followed our advice and worked for a larger company start with the clients you used to serve while employed there. Connect with the local construction companies and spread the word of your newly-opened owner-operator business. Do not spare any expenses when it comes to marketing: print flyers, set up your online and social media identity and build your reputation so people will trust and hire you.

As competition can be tough, learn how to bid against other owner-operators. Learn how much the other dump truck companies charge per service, and use this information to come up with your own price list. Don’t be afraid to take the prices down around 5% from what your competition charges for the first few contracts in order to attract more customers. Don’t cut the prices too low however, or companies will undoubtedly suspect foul play if you are charging significantly less than the competition.

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One comment on “Dump Truck Financing and Purchase Tips for Owner-Operators
  1. I appreciate you explaining some things to consider when making a big purchase like a dump truck. It’s important that you have a good financing plan to help you manage costs over time. It’s also important to find a seller who can help and educate you on the options available when it comes to buying a dump truck.

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