Having a cash reserve can save them from any surprises and emergencies that might cross their way. That is why when one is becoming an owner-operator truck driver should have in mind that class 8 truck is an enormous expense- no matter if you buy it or you lease it.
In reality, it seems that leasing can become even more complicated for owner-operator truck drivers.
When leasing a truck owner-operator truck drivers have to pay a monthly fee for the use of the equipment, even some truck leasing companies will set them to owe the equipment after the last payment.
There are numerous options for leasing a class 8 truck. What owner-operator truck drivers who want to lease a truck should do is to have a pair of legal eyes review of the paperwork before they sign any contract.
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Yet, in order for an owner-operator truck driver to maintain a good budgeting and record keeping, he/she should track virtually everything pertaining to the truck, including:
- Driving records;
- Repair records;
- Expenses;
- Trip records;
- Every move he/she makes as a truck driver;
Get Familiar With OOIDA
OOIDA stands for Owner-Operator Independent Drivers Association.
