We suggest giving Pinnacle Business Finance a try....here's what they have to say:

At Pinnacle Business Finance Inc. you’ll get the individual attention, personal service and access to capital to provide your business with a full spectrum of equipment finance and leasing solutions.  Pinnacle allows you to take advantage of quick turn times, innovative payment structuring and flexible underwriting all with just a one page application up to $100,000. There is no age restriction on equipment or mileage limitation.  Whether it’s new or used equipment our pre-approved lines of credit are good for 90 days.  With our Four Tier Credit Matrix there is truly a credit window available for all types of credits.  Preserve your capital, avoid large down payments and keep your cash working for you.  There is no cost to apply and there is no obligation to use the funds.  Approvals from $5,000 to $500,000.  Terrific customer service that will see your loan from application to final payment. 

Apply for credit with Pinnacle Business Finance Here

Tax Deductions For Truck Drivers

Thinking of Buying a New Truck This Year? 

If you are thinking of buying a new truck,  This year may be the time. The government is providing an incentive.  The Economic Stimulus Act of 2008 ups the depreciation provision for new truck purchases in 2008 from 30 percent to 50 percent.

This will effectively reduce a buyer’s 2008 federal tax liability by thousands of dollars for new trucks purchased during the year.  Navistar Truck Group has developed a web site to learn more and share information about the benefits of this new law at www.InternationalTrucks.com/TaxSavings.

To qualify under this new depreciation schedule, the new truck purchase must satisfy the following rules:

1. The truck must have a recovery period of 20 years or less under normal tax depreciation rules

2. The original use of the truck must commence with the taxpayer seeking to claim the deduction

3. The truck generally must be acquired during 2008 and no written binding contract for the acquisition must have been in effect before 2008

4. The truck must be placed into service during 2008 (or, in certain limited cases, 2009)

If a new truck purchase meets these requirements, the owner is entitled to deduct 50 percent of the adjusted basis of the property in 2008. The remaining 50 percent of the adjusted basis of the property is depreciated over the ordinary tax depreciation schedule.  Some financing tips are available here. 
 

We're continuing our financing tips from our last post:

Know your credit score. How good a financing deal you'll be able to arrange depends on your creditworthiness. The higher your credit score (over 720 is great), the better the deal you'll be able to cut. You should review your credit record at least annually. You can get one free credit report per year from each of the three major credit reporting agencies. That means you can be a free report every 4 months every single year. Click here to get your free credit report. Once a year pay the extra few bucks to obtain your credit score with your report. The report is free, but you have to pay a small fee for the score.

Few people have the cash on hand to plunk down a pile of bills when they buy a new truck. Most of us peons have to finance our major equipment purchases. Of course, my accountant tells me I get a break on my taxes, but that's not the same thing as cash in my hand. Actually, you'll find that financing a truck or trailer isn't that much different from financing the family car -- just a lot more expensive! Consider these financing tips from Trucker to Trucker next time you buy a truck or trailer:

I have a client who is in need of financing.  They are a first time owner operator in Canada.  I have a truck for them, but I do not have a place to get them financed.  If you are a finance company and you can finance in Canada, please give me a call.

Thank you,

Marc Hess

888-819-8600

There are a few lucky stiffs out there who can plunk down a fistful of cash when they decide to buy a new or used semi truck or trailer, but most of us working stiffs will have to finance or lease any addition to our fleet. While leasing has its advantages, financing is your best route if you want to someday own the vehicle. Financing a semi truck or trailer isn't that different from financing your family car, but there are a few things you should do to make sure your purchase goes through without a hitch.