What to Expect as a First Year Truck Driver

The ability to travel on a regular basis and make money while doing is, sounds like a dream come true to many people. One of the few jobs that can turn that dream into a reality is truck driving. Drivers deliver loads from all around the world to different locations in the U.S. and sometimes even Canada or Mexico.

Trucking are an essential part of everyday life, stretching from food and dining to retail. A first year truck driver has the opportunity to see parts of the country many of his friends and family will never see and will also be developing some serious driving skills. However, there are some things a first year truck driver should take into consideration before starting in this profession.

The Life of a First Year Truck Driver

  • Long days on the road
  • Limited time at home
  • Being assigned less favorable loads
  • Homesickness

4 Great Reality Trucking TV Shows

Reality TV shows are an inherent part in the age of mass culture. Although the quality of some of these shows in questionable at best, it did give us at least one great thing: reality trucking. Unlike the conventional reality shows that are overly dramatic, reality trucking shows reflect the lifestyle truck driver experience on a daily basis.

It may seem a bit unusual, but real-life truckers can actually learn quite a bit from the reality trucking TV shows. Trucking is a diverse field and many drivers operate in different types of weather and environmental conditions.

Must-Watch Reality Trucking TV Shows

1. Big Risk Bounty Hunters

These truck drivers, the so-called bounty hunters, have to retrieve missing tractor and trailer rigs. They include several crews of recovery crews that will try to recover the cargo for their clients. This show can be found on History Channel.

2. Ice Road Truckers

History Channel also airs this popular reality TV show about ice road truck drivers that transport their loads across frozen lakes and rivers. These ice road truckers or “polar bears” operate in the Arctic areas of Canada and Alaska. They face deadly ice crossing on a daily basis and the show displays the real picture of operating in these severe weather conditions.

3. IRT Deadliest Roads

This reality show was filmed in India, specifically the Himalayas and features some of the most extreme roads in the world. Some of America and Canada’s toughest and most experienced truckers are testing everything they know to operate in these conditions.

4. World’s Toughest Trucker

This show features a contest between truckers. In order to win the price of $150,000, these truck drives are challenged to navigate different routes in numerous countries, such as Australia, Brazil, Canada, England, India, Mongolia, Scotland and so on. You can find this show on Channel 5.

Love’s Truck Stops Stock Transflo ELD Devices

Managing logs and tracking deliveries has never been easier for small fleets. Now, with the addition of Transflo’s ELD device, independent truckers don’t have to worry so much about organizing their deliveries. The device connects to the engine, and tracks and manages information related to each delivery.

The company has partnered with Geotab to make this service possible. And now, Love’s and Transflo are working hand-in-hand to make the device available to truckers all over the country.

Click here for more information!

Don’t Forget About the Brakes!

Brakes are one of the most important parts of the semi. They are the only thing stopping your 80,000 pound truck, so they need to be checked and replaced regularly. Make sure you set up a routine plan for a professional to service your truck and check your brakes. Whenever you have your oil changed, get your brakes checked too. This way, you will never miss an opportunity to keep you and your truck as safe as possible.

One of the most important parts of your brakes that should be replaced regularly are the brake pads. Typically, they get worn down a lot quicker than other parts. In addition, make sure your linings, hoses, and S Cams are checked and greased.

Last but not least, make sure your truck’s psi is between 100 and 125. Your psi should never drop below 60, or else your truck is dangerous to drive.

Truckers Worried About Speed Cap

A government proposed speed cap will become effective Nov. 7, which will limit the speeds of trucks and buses weighing over 26,000 to 60, 65, or 68 mph on highways. The purpose of the cap is to reduce the number of yearly car-truck accidents. Regulators argue that the cap will reduce the number of mortalities in these types of accidents because the impact of the crash will be less severe if the truck is moving slower.

Many accidents involving trucks, however, are caused by cars rear ending slow moving trucks in the left lane. Truck drivers argue that the speed cap will just increase the number of rear endings because people passing in the left lane will not have time to slow down to make up for the speed difference. The National Traffic Safety Administration, on the other hand, argue that up to 500 lives would be saved if the speed were limited to 60 mph.

Independent truckers are concerned that the cap will only benefit big trucking companies at the expense of independent operators who need to cover more ground each day. While the cap could potentially reduce the number of deaths caused by truck-car accidents, the downsides are evident to truck drivers.

Benefits of using a Freight Factoring Company with a Non-recourse Agreement

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What is Factoring?

This is an agreement whereby a business sells its accounts receivable to a third party monetary company. This third party company is also referred to as a factor. The reason behind this is to enable the business to acquire cash faster than it would by waiting 30 to 50 days for a customer payment. Factoring is also known as accounts receivable financing. However, factoring is not a loan because debts are not accumulated during factoring.

Difference between Factoring and a Traditional Bank Loan

  1. Factoring takes into account your customer’s credit strength. This is why you can qualify for factoring despite having a low credit score. However, qualifying for a bank loan demands an analysis of the company’s finances, assets and credit history.
  2. Factoring takes less than a week to set up an account while a loan on the other hand takes even up to two months.
  3. The amount of money that you are able to finance increases as your receivables increase with a limit restriction.
  4. In factoring, the rates can be changed as you continue to finance more money. In a bank loan, the annual percentage rate is fixed.

Which Factoring Options are Available?

The factoring options available are recourse and non-recourse. Both of them refer to the party that takes on the risk of payment. A recourse agreement means that you are accountable for buying back the invoice from the third party company if the customer does not pay it for any reason.

On the contrary, a non-recourse agreement means that the third party company will take the loss if the customer does not manage to pay the invoice because of financial complications.

Truck Factoring with Non-recourse

This factoring option sounds tempting from a risk analysis angle. Not every factoring company takes on non-recourse accounts. The ones that do not provide non-recourse factoring normally have various preconditions. Non-recourse factoring is more costly compared to recourse factoring.

Additionally, non-recourse factoring is specifically limited to debtors who are possibly going to pay. In case the debtor has a bad credit history, the third party company will not take on the risk of non-payment. Furthermore, non-recourse factoring does not essentially safeguard your company from any risk of non-payment. Most companies give a non-recourse that applies only when a debtor is bankrupt.

Benefits of Truck Factoring with Non-recourse

You will still receive the money you require, even if your customers don’t pay

Non-paying customers are a liability to any business. With non-recourse freight factoring, the factoring firm takes on all the risks associated with non-payment so that you can retain your working capital.

You will constantly know what you are paying for

When it comes to non-recourse factoring there are no hidden costs. The flat price prohibits you from paying extra regardless of duration of time your freight bill stays open. This means that you can easily combine your factoring expenses with your operating financial plan.

You will be able to save money

Many freight factoring companies offer cut-throat industry low rates for the non-recourse factoring. This means that you will have more money on hand without increasing your debt and without restrictions on how to spend the cash.

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How Can Freight Factoring Help Your Trucking Business

truck-191919_640If you run your own trucking business, then you might be painfully aware of the fact that a lot of cash is required on a daily basis to pay fuel bills, drivers’ salaries, routine maintenance and repair bills and your other employees’ salaries. Since most of your clients could be paying you after a period of 30 days, meeting these routine expenses could pose a serious challenge to the growth and survival of your trucking company.

In such a case, you might wish for money in your hand, whenever you need to pay for your routine and even unexpected expenses, such as sudden repair bills or tire replacement bills. You could apply for a bank loan, in order to take care of such expenses. But, if you have just entered the trucking business, then banks would impose restrictions in the form of collateral or guarantors, in order to secure themselves against a bad loan. You might also need to provide your audited financial statements for the previous 3 years showing your profit figures, which would not be possible, if you were new to this line. You would have to repay the loan along with interest in the form of regular monthly installments for a fixed time, failing which the bank could take possession of the collateral offered by you, while availing the loan.

This unique need has created a financial tool known as freight factoring. Freight factoring companies offer you immediate cash against your credit invoices after deducting a factoring fee. They purchase your credit invoice and wire you the invoice amount after deducting a factoring fee of around 1.5% to 5%. This fee will be based upon the business that you generate for your factoring company, the number of days that you have extended to your credit clients and the credit rating in the eyes of your factoring company.

The factoring company might also retain another 5% to 10% of the invoice amount as security, although this would depend on the arrangement that you have with your factoring company. This means that instead of a fixed amount, you can get varied amounts at regular intervals depending on the amount of invoices that you have factored with the company. Thus, as your business grows, you might submit larger invoices to the factoring company, which in turn will provide fatter funds for your business.

Freight factoring will first and foremost help your trucking company by providing instant money without going through the hassles of providing collateral or audited documents. This money will immediately improve your cash flow and enable you to clear your daily bills such as fuel bills, drivers’ and other employees’ salaries, truck servicing and other repair bills, etc. Freight factoring will also enable you to take on new hauls, which previously would have seemed impossible due to shortage of funds. Freight factoring companies can also take over your receivables by collecting your payments from your clients on the due date, albeit at an additional fee. This too will enable you to divert your energy towards increasing sales rather than running after erring clients.

Thus, freight factoring can walk hand-in-hand with your trucking business and the money that is provided by such companies can help you to meet your expenses, take on new clients and larger hauls and even plan an expansion. Flexibility is the key in freight factoring and once you avail freight factoring services, your trucking business might easily reach from point ‘A’ to point ‘B’ without any hiccups.

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