6 Reasons Why You Should Apply for Truck Driver Financing

Running a trucking business can be a profitable venture, but it’s also extremely competitive. The 2020 Freight Trucking Global Market Trajectory and Analysis by Research and Markets estimated that the global market for freight trucking is projected to reach $5.5 trillion by 2027. It’s important to ensure that you have access to enough funds to continue growing your operations and remain competitive.

In this post, we’ll take a look at six ways your trucking gig can benefit from truck driver financing:

1. Improve Logistics

The trucking industry relies heavily on the use of logistics. Let’s take a look at UPS: UPS asked their drivers to only use left turns when absolutely necessary. This logistical move allowed them to save 10 million gallons of fuel per year. Even if you run a one-man team or a small-scale trucking business, you can still make several changes to improve your logistics.

Analyze every aspect of your delivery process and pinpoint which areas incur the highest expenses. You can use tracking and logistics software to boost efficiency and maximize profitability. By taking out truck driver financing, you can invest in a system that can work for your needs.

2. Upgrade Technology

Aside from automating logistics, there are other high-tech solutions for truck drivers, such as improved camera systems, electronic logging devices, weather forecasting technology, trucking apps, and electric trucks. These advancements in technology are one of the most effective ways to establish a competitive advantage.

If you wait a long time to upgrade, you may end up falling behind the competition. However, these upgrades can be costly, so applying for truck driver financing can help fund these updates and improve overall efficiency and create a safe working environment.

3. Purchase Trucks

Trucking companies rely heavily on fully-functioning trucks and other equipment. For some, it may be more economical to buy second-hand trucks and repair them rather than buying new ones. However, this depends on your business’ needs and the condition of your existing vehicles. Be sure to evaluate your operations before making any big decisions. With truck driver financing, you’ll have the working capital to purchase the equipment you need and pay for repairs when you need it.

4. Pay for Weather-Related Costs

Truck drivers need to be prepared for inclement weather. To ensure safe driving during bad weather, you’ll need to purchase durable tires, stock up on fuel, check your heating and cooling system, and update your roadside emergency kit depending on the weather. These expenses can quickly add up, which is why truck drivers should consider getting truck driver financing to cover these costs.

5. Market Your Services

As a professional truck driver, you need to know how to market yourself as a skilled and valuable driver. This increases your likelihood of getting hired or contracted by trucking agencies or private companies. Here are some of the ways you can market your services:

• Present a professional image. You can increase your value as a truck driver by keeping a clean driving record, maintaining personal hygiene, and being dependable and respectful. Be open to learning and constructive criticism.
• Use several social media platforms. You can use Facebook and LinkedIn to your advantage by advertising your services there. Buying sponsored posts allows you to target your ideal customers. For instance, you can target nearby individuals who are interested in trucking services. This ensures that your posts get in front of your target audience.
• Job sites specific to trucking. One of the best ways to advertise your services is to post on trucking-specific websites like EveryTruckJob. These websites provide filtering options that allow clients to filter driver type, routes, and required equipment.
• Offer incentives for referrals. Consider given special incentives for clients who spoke highly of you. Customers who like your services may tell a friend or two, but they'll most likely tell several people if they have the motivation to do so.

6. Have Extra Working Capital

When business is booming, and you’re going through busy seasons, you’ll want to have extra cash on hand to pay for unexpected repairs and maintenance. On the other hand, you’ll also want to have money on you during slow seasons to keep your operations afloat. Applying for truck driver financing gives you access to immediate working capital when you need it.

Conclusion: Having Access to Financing Makes All the Difference

With these ideas, you’ll be able to maximize your working capital to benefit the future of your truck driving operations. Applying for financing can help you grow your business and pursue your long-term goals.

Rumzz is a digital strategist. She enjoyed writing on various parts of entrepreneurship, express her opinion and thoughts on different topics including marketing and business. She also loves playing outdoor games, traveling.