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How to Get Approved for Truck Financing

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Whether you are an independent truck operator or even work as part of maintaining a larger fleet, you are probably aware of some of the difficulties that are often involved in purchasing a new truck. This may be especially true if you are an independent driver and this is your first time attempting to buy a new truck for the first time. Often times, if you do not have a high credit score, it can be difficult or seem downright impossible to find a truck that will meet your needs and that you will be able to afford making monthly payments on. In some cases, you may be outright denied financing at all. Luckily for you, there are some steps you can take to better your chances of receiving reasonable truck financing so that you can drive that truck off the lot in no time.

For starters, what many truck owners decide to do is to find a cosigner. By finding a cosigner, you will be having another person or entity sign the financing paperwork, which makes them responsible for the loan in the event that you fail to make your payments. For this reason, finding a cosigners is not always an easy task, but if it is something you can do, then you can almost be guaranteed approval on a truck loan.

If you are unable to find one, however, you still have other options. For example, you may want to consider placing a larger down payment on the truck itself. This means that you will be borrowing less from the financing company and will, in turn, pay less in interest on the truck over time. Of course, this will mean forking up more money up front, but if this is something that you can afford to do, then it can really pay off over time.

Finally, if you do not have a lot of cash to put down on a vehicle but do have something else of value, then some dealerships or financing companies will allow you to put something down as collateral. This will essentially function as a down payments to guarantee that you will make the payments on your vehicle. If you fail to, then the financing company has the right to keep the collateral, whether it be another vehicle, piece of property, or other valuable possession.

By following the tips above, you can be sure to get approved for financing on a truck in no time. Good luck!

 

By Jason Dasher of Capital Solutions – a commercial truck financing company specializing in working with people with less than perfect credit.

 

Top 5 Ways To Use The Internet To Buy And Sell Trucks

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Top 5 Ways To Use The Internet To Buy And Sell TrucksA few years ago, the only way to buy or sell trucks was to list an ad in your local newspaper or place a sign in the windshield. These days, the Internet has made these methods almost obsolete. The Internet offers both buyers and sellers a number of advantages over more traditional marketing methods including offering a wider audience and keeping expenses low.

 

In order to be successful in finding the truck you want or selling one that you don’t, keep these tips in mind.

 

1. Global Audience: The Internet grows by leaps and bounds every single day. Thousands of new users make their way onto the World Wide Web daily, which means that the pool of potential buyers grows exponentially with each passing week. The main benefit of an online market for buyers is that the fierce competition and the lower cost of advertising tends to force prices down. This equates to better deals for both buyers and sellers.
The truth is that newspaper ads just don’t work anymore. Fewer and fewer people subscribe to local newspapers, which in turn bumps up the price for advertisers in order to keep the paper afloat. The pool of potential buyers is limited, which results in lower chances for success.

2. A picture is worth a thousand words: Sellers looking to truly reach their audience should be prepared to supply plenty of pictures in order to capture the attention of would-be buyers. Pictures of the exterior, interior, tires, tread wear, and engine are all essential to creating a successful advertisement. Studies have shown that ads with strong descriptions and plenty of ads have an 85% higher click through rate over their less illustrated counterparts.

3. Choose the right website for your application. There are literally thousands of websites aimed at helping you sell or buy a truck. Some are free, some are not, but just like in the real world, you get what you pay for when it comes to the options you have for making your advertisement stand out. While spending lots of money on your ad really doesn’t make sense, since it cuts into your profit, paying a small fee for extras such as listing standard and optional equipment is a great way to snag buyers looking for specific feature.

4. Shop from the comfort of your own home. For buyers, looking at trucks online is the best way to see the greatest number of trucks without spending a dime in gas. Buyers looking for a specific make or model can browse the Internet, view thousands of offerings and create a short list of sellers to contact in a matter of hours, a process that used to take days, weeks or even months. Most buyers are able to locate the specific vehicle they are looking for, in a price range that fits their budget, and make arrangements to view and test drive the vehicle(s) in the same day, saving time, money and effort.

 

Using the online marketplace is definitely the best and most efficient way to buy and sell trucks. The process is easy, low cost, and can reach the largest number of people in the shortest amount of time.

 

Truck Driver Medical Certificate Changes

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Truck Driver Medical Certificate ChangesIn 2008, the FMCSA issued a final rule that changes the way states must verify the medical certification for commercial truck drivers who are renewing or applying for a CDL.

The purpose of the changes is to link the medical certificate to the CDL and include the driver medical record in the Commercial Driver’s License Information System (CDLIS), the federal electronic database. The new rule will help prevent medically unqualified drivers from operating on the Nation’s highways by providing state licensing agencies a means of identifying interstate CDL holders who are unable to obtain a medical certificate and taking action to downgrade their CDLs accordingly.

On November 15, 2011, the FMCSA published a final rule that extends the requirement that drivers maintain a copy of their medical certificate on their person. The requirement was originally scheduled to expire on January 30, 2012, but the extension was necessary because all states are not yet able to post the required data on the CDLIS driver record. Once all states are deemed in compliance, FMCSA will drop the requirement to keep paper copies of the medical examiner’s certificate.

Starting January 30, 2012:

– Drivers applying or renewing their CDL must certify with their State Driver License Agency (SDLA), or DMV, what interstate or intrastate driving category they fall under.

– Drivers applying or renewing their CDL under the non-exempted interstate category must provide an original or copy of their medical examiner’s certificate to their SDLA. Note: Current CDL holders don’t need to have their medical certificate on file beginning on January 30, 2012, but will need to submit the first new one they receive after that date (no later than January 30, 2014).

– New: CDL drivers must continue to retain paper copies of their medical examiner’s certificate until January 30, 2014.

– New: Motor carriers are also required to retain copies of their drivers’ medical certificates in their driver qualification files.

Prior to the extension, the rule stated that once the information is entered into CDLIS, truck drivers would not be required to present the valid medical card for inspections or employment since access to the information will be available electronically.

With the recent extension, CDL drivers will now need three copies of their medical certification: One on their person, one in their employer motor carrier’s driver qualification file, and one deposited at the SDLA.

What remains to be seen is what will happen to medical certificates that are submitted to the SDLA after January 30, 2012, but before the State is ready to start processing them into CDLIS. There is no consensus thus far as to whether the State will refuse to accept them, accept them and discard them, or accept them and then enter them once they have the capability to do so.

 

FMCSA issues final Hours-of-Service (HOS) rules

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FMCSA issues final Hours-of-Service (HOS) rulesAs expected, the final rule for truck drivers’ hours-of-service (HOS) was issued by the Department of Transportation’s Federal Motor Carrier Safety Administration (FMCSA) today.

In December 2010, the FMCSA rolled out its proposed HOS rules changes, which have received decidedly mixed reviews in terms of their potential impact, in terms of its potential for an increase in the cost of doing business, as well as questions from trucking industry stakeholders as to whether or not these rules need to be changed from their current version, which have been in effect since 2004.

The final HOS rule is comprised of the following, according to FMCSA:

– the maximum number of hours a truck driver can work within a week has been reduced by 12 hours from 82 to 70;

– truck drivers cannot drive after working eight hours without first taking a break of at least 30 minutes, and drivers can take the 30-minute break whenever they need rest during the eight-hour window;

– the final rule retains the current 11-hour daily driving limit (the FMCSA was considering lowering it to 10 hours) and will continue to conduct data analysis and research to further examine any risks associated with the 11 hours of driving time;

– truckers who maximize their weekly work hours to take at least two nights’ rest when their 24-hour body clock demands sleep the most – from 1:00 a.m. to 5:00 a.m. This rest requirement is part of the rule’s “34-hour restart” provision that allows drivers to restart the clock on their work week by taking at least 34 consecutive hours off-duty. The final rule allows drivers to use the restart provision only once during a seven-day period; and

– carriers that allow drivers to exceed the 11-hour driving limit by 3 or more hours could be fined $11,000 per offense, and drivers could face civil penalties of up to $2,750 for each offense.

FMCSA officials said that commercial truck drivers and companies must comply with the HOS final rule by July 1, 2013.

As has been the case over the last year, the debate over HOS regulations has been somewhat polarizing.

On one side are safety advocates that maintain making these changes is the right and safe thing to do, as evidenced by a letter send to President Obama in October by a group of senators, including Frank R. Lautenberg (D-NJ), Chairman of the Commerce Subcommittee on Surface Transportation, and Senators John D. (Jay) Rockefeller (D-WV), Chairman of the Senate Commerce Committee, and Barbara Boxer (D-CA), Chairman of the Senate Environment and Public Works Committee in which they said they support the proposed HOS rules.
“The National Transportation Safety Board has found that fatigue is the primary factor in 30 to 40 percent of large truck crashes,” the Senators wrote. “The DOT’s proposal would permit increased flexibility for CMV drivers to get the adequate rest when they need it and to adjust their schedules to account for unanticipated delays without sacrificing a full day’s work. As you finalize the HOS rules, we urge you to make safety, scientific research, and the work that has already been completed by the DOT the primary factors in your decision.”

American Trucking Associations President and CEO blasted the final HOS rule.
“Today’s announcement of a new rule on the hours-of-service is completely unsurprising,” Graves said in a statement. “What is surprising and new to us is that for the first time in the agency’s history, FMCSA has chosen to eschew a stream of positive safety data and cave in to a vocal anti-truck minority and issue a rule that will have no positive impact on safety. From the beginning of this process in October 2009, the agency set itself on a course to fix a rule that’s not only not broken, but by all objective accounts is working to improve highway safety. Unfortunately, along the way, FMCSA twisted data and, as part of this final rule, is using unjustified causal estimates to justify unnecessary changes.”

What’s more, the ATA has repeatedly stated that the current HOS rules, which have been in place since 2004, have allowed the trucking industry to move more than 70 percent of U.S. goods while achieving record low levels of crashes and fatalities. Graves added that if there is a positive in this rule, it is the lengthy 18-month period of time before it becomes effective, which will give ATA time to consider legal options, noting that by delaying implementation of this rule, the agency is acknowledging there is no safety crisis on U.S. highways.

Michael A. Regan, president of TranzAct Technologies, chairman of the NASSTRAC Advocacy Committee, and point man for the planned February 1 Washington, D.C. “fly-in,” entitled Stand Up For Trucking, which will lobby Washington policy makers and legislators on the importance of maintaining and improving productivity in the trucking industry, said in an interview that this ruling will present major challenges for the shippers’ supply chains but noted it also cold have been worse.
“It is not as bad as it could have been,” said Regan, “and I don’t think it is over yet. One thing that is going to be very difficult is the change in the restart provision, which will present a very interesting dynamic for scheduling. There is a real incongruity in this decision and that is that the FMCSA says it wants to make the roads safer; as part of that you need to deal with congestion. Yet this rule is structured to maximize congestion after 5 p.m.”
Regan said a quandary within this rule rests in how to appease safety groups in favor of this rule—such as Public Citizen, Advocates for Highway Safety, unions and other groups—without having shippers and carriers up in arms. And with the changes in the 34-hour restart provision there are going to be drivers laid up in their ability to get back on the road, which shippers have not fully taken into account, along with Electronic Onboard Recorders eventually being implemented, which will change how driving a truck looked like prior to these regulations.

Casey Chroust, EVP of retail operations, at the Retail Industry Leaders Association (RILA) told LM that the retail industry is firmly against the HOS rule.
“Retailers are firmly aligned with carriers against these final HOS rules,” he said. “In today’s retail supply chain, just-in-time inventory rules the day. Retailers’ distribution networks are fine-tuned machines that are optimized down to the mile. HOS times greatly impact the ability for retailers to fulfill and ship their goods. We built distribution networks around the existing rules and done studies to determine optimal placement of distribution centers with the current HOS rules in place and the reach that it gets them. Now, the range of how far carriers can take retailers’ products will be reduced, coupled with a reduction in the ability of retailers to deliver goods in off-peak hours. These rules will increase congestion, costs, and emissions as a result.”

 

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