Owner-operators often have the best of both worlds. Not only do they own their own rigs, but they also work for themselves, which means that they don't have to split wages with any larger company. For the most part, this kind of trucking operation is a good idea. However, repairing a large rig can easily cost any owner-operator a lot of money.
While it's important for any small business to set aside emergency funds, this isn't always plausible. Today's sinking global economy means that even the transportation business is slowing down. This translates into fewer wages, and less money available to set aside for a "rainy day." Still, making necessary repairs to a rig is vital to any professional driver's livelihood. Without the machine that makes business possible, business would simply cease to exist. The problem is that repairing a large rig isn't quite the same as repairing a regular vehicle.
Truck repairs can reach far into the thousands. Lack of necessary repair funds can often lead to bankruptcy. Alternately, many owner-operators dip into retirement plans and personal savings accounts in order to gain repair money. While this situation might seem bleak, there is a way to make truck repairs without declaring bankruptcy or emptying one's bank account.
Specific truck repair loans exist solely for the purposes of repairing a large rig. These loans are given out by private lenders seeking to invest in a professional driver's livelihood. Unlike traditional loans, credit history does not play a part in obtaining a private truck repair loan because these loans are secured by the borrower's vehicle.
To apply for this kind of loan, an applicant must be able to prove that they have a steady source of income, and that they own their own truck, or another vehicle. As soon as an application is approved (often a matter of minutes), the requested loan money is deposited directly into the applicant's bank account.
Since a truck repair applicant is involved in the repayment process, paying back that private repair loan is logical and simple. Both the applicant and the lender often enter into a repayment agreement that makes sense for both parties involved, so there are no surprise fees or extra costs.
When an entire business rests upon needed truck repairs, alternative private truck repair loans are the best possible option. There's no denying the fact that traditional lenders see potential risk and money loss involved in approving truck repair loans. Contrastingly, private lenders don't view approving loan applications as losing money. Instead, these lenders see helping owner-operators fix their rigs as a way to lend a simple helping hand.