GREAT NEWS FOR ASPIRING OWNER/OPERATORS MAKING THEIR FIRST HEAVY TRUCK PURCHASE.

If you've been a seasoned professional driver for at least 2-3 years, the prospect of venturing into entrepreneurship as an Owner/Operator with your own truck might be an exciting thought. The exciting news is that EquipEASE Lease Co. has been instrumental in assisting individuals nationwide, just like you, in making their first heavy truck purchase! Before delving into the process, here are some valuable tips and best practices to guide you on your path to becoming a successful Owner/Operator.

GUIDELINES FOR A SUCCESSFUL START:

Insurance, Plates & Registration: When seeking financing, it's crucial to comprehend the availability and costs associated with truck insurance, plates, and registration. Depending on your province of operation, we can connect you with a seasoned owner/operator insurance broker. Often, clients discover insurance options by consulting fellow drivers or fleet operators. Be aware of startup costs.

Timing until the First Paycheck: Consider how long it will take before you receive your first payment once you commence operations. Typically, lenders require the first payment 30-45 days from the contract signing when financing your truck. Anticipate potential delays in payment when starting a new job. Plan for this by ensuring you have sufficient cash or credit lines available for a smooth start without complications.

Bookkeeping: Never underestimate the importance of meticulous bookkeeping. This involves generating professional and timely invoices, maintaining records of accounts and expenses, and fulfilling federal and provincial tax obligations promptly. While it may require a bit of time and incur some costs to have someone handle this for you, it stands as one of the wisest investments, saving time and money in the long run.

Lines of Credit: Having a small line of credit at the bank or available credit lines on lower-rate credit cards can serve as a buffer against unexpected costs. Cash is an acceptable alternative.

Protection Insurance: EquipEASE Lease Co. provides highly competitive Protection Insurance, offering robust coverage. This insurance, payable monthly, safeguards you from having to make significant truck payments if you're compelled to take leave due to a disability, even if only for a few months. Life coverage is particularly vital for operators with dependents.

Embarking on your business journey is thrilling, and success becomes more probable when you're well-informed. Connect with other owner/operators to learn what strategies work for them. Merge your experience with theirs to determine the most suitable approach for your venture.

READY TO TAKE THE WHEEL? APPLY NOW FOR A NO-OBLIGATION PRE-APPROVAL!

OR CALL 1-844-369-6567 TO GET PRE-APPROVED

Truck Types:

Medium Duty: Cube Vans, Roll-off Trucks, etc.
Standard Highway Tractors: All makes and models
Vocational Trucks: Service Trucks, HydroVacs, Cement Trucks, Garbage Picker Trucks, etc.

Already own a truck and looking to upgrade or add another? We've got you covered.

Call us at 1-844-369-6567

Email us at info@equipease.ca

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