Maintenance & Repair

Semi-truck maintenance can be expensive and unpredictable, but it’s a necessary evil that comes along with ownership. It’s tempting to put off repairs until damage occurs, but regular maintenance is crucial to preventing more serious problems down the road. Preventative maintenance can save costs and eliminate downtime for your truck. Annual repairs and tune-ups are recommended by industry professionals, but how often are they really necessary, and how much should you be saving for them? Here are our recommendations for how to keep up with your annual semi-truck maintenance.

What Yearly Maintenance is Necessary?

Major engine repair can cost up to $22k, so preventative measures are cheaper in the long run. While the intricacies of your truck are unique, there are a few measures that are standard for all trucks. While many are relatively cheap and mundane, they can prevent engine and body damage that could potentially cost you a small fortune in repairs. Here are the most important methods of regular truck maintenance to keep in mind:

• Checking tires for wear
• Regular oil changes
• Fuel Vent Cleaning
• Brake checks
• Add Grease to Moving Parts
• Check Radiator for Leaks and Fluid Loss

Some Repairs Are More Important Than Others… 

While all regular maintenance is important, there are three things that are especially crucial: tires, radiators, and oil changes. These are particularly important because they can cause the most expensive damage if left unattended.

Tires

 Replacing your worn tires is essential for responsible truck ownership due to the dangerous alternative. Popping a tire on your route becomes a massive collision risk once you lose control of the vehicle. When you drive with worn tires, you risk damaging your own truck, public property, as well as posing a massive public safety risk. It’s important to be able to recognize when your tires have worn down too thin. Most semi-truck tires have clear indicators of this, known as “tread wear indicators,” and if they’re visible, it’s time to replace. They usually just look like flat bars running the width of the tire. A good standard to follow is to reassess every 100,000-150,000 miles or if you notice a cracking or bulging along the sidewalls of the tires.

Oil Changes

Oil changes are vastly important, and if you don’t keep up with it, you’ll start to see a plethora of problems with your engine. Oil changes clean out sludge and grime, and without them, your engine could overheat and cease its normal functions, leading to a much bigger bill. While your truck might have a light that comes on on your dash when it’s time, the best way to be sure of your oil situation is to regularly check your oil stick.

Radiator Maintenance

It’s important to check for leaks in your radiator and replace any fluids that appear to be running low. These efforts also aid in the prevention of an engine overheat. Engine care is especially important considering that it can be one of the most expensive repairs you’ll ever have as an owner-operator.

How Much Should You Save?

It can be difficult to judge how much money to put away from each paycheck towards a maintenance fund. These costs will differ dramatically depending on various factors. One of the most important factors is your own skillset. Doing the maintenance yourself will be a fraction of what it would cost you to go and have it done by a professional. If you’re not well versed in semi-truck maintenance, you’ll have to fork over significantly more dough, but the quality is the most important priority when it comes to taking care of you and your livelihood. Additionally, the type of truck that you have matters. Older trucks tend to have more expensive maintenance proceedings due to the rarity of their parts and the added wear and tear.

While there is no exact formula, there is a usual estimate based on miles driven that industry professionals recommend using. Usually saving between 5-10 cents per mile driven is a good idea, but if you’re finding that you have to save more than 15 cents per mile, it might be time to consider replacing your truck in favor of a more dependable option.

Staying Safe and Financially Secure

Breaking down due to poor maintenance can not only cause expensive repairs, it can majorly cut into productivity, as you have to stop your route and seek help. Sometimes you even have to forfeit your haul and therefore lose out on the pay from the entire trip, putting you behind on paychecks with the added stress of repair bills.

It can additionally be dangerous to not have a properly functioning semi, as many of these repairs are essential to having total control of the truck. It can be especially unsafe if you break down on a route and you’re in an unfamiliar place without immediate assistance. All of these factors are important to consider before getting a semi-truck, as these procedures are part of operating costs that will determine your overall profit and lifestyle. If you think you’re ready to take it all on, contact Mission Financial to get started with your semi-truck financing!

If you’re a veteran of the open road, you probably know as an owner-operator just how expensive it is to maintain a semi truck. But how exactly does that cost break down? It’s no secret that truck driving can be a lucrative career. But how do the costs of repair maintenance compare to average income, and what are your options to cover repairs if you don’t have the cash up front?

Today, a successful commercial truck driver according to CNN can make a median annual wage of $73,000 working for a privately owned fleet (such as Wal Mart). According to the Labor Department, the median salary for all truck drivers is around $40,000 a year. However, trucker wages have been steadily increasing alongside a national shortage of commercial vehicle drivers. The demand for more drivers has influenced private fleet owners in particular to offer more enticing benefits and gains. Truck driving is also a sustainable career, with the median age for drivers landing at 49 years old, slightly higher than the median age for all American workers (42).

With all the financial opportunities and benefits that lie in the commercial transportation  industry, the costs of operation can still add up. Operating a commercial vehicle is expensive, and can cost up to $180,000 on a yearly basis by some estimates. Diesel fuel alone is one of the largest expenses, with semi trucks requiring up to 20,500 gallons a year in standard use. This equates to $70,000 of diesel fuel per year! This is 39% of total operating cost, or $0.54 per mile. If you operate a small fleet as a business owner, you’re especially attuned to these costs.  

Most importantly, year truck maintenance and repairs are estimated to cost around $15,000 annually. Common issues include air/line hoses, alternators, wiring, and brake repairs. Additionally, annual tire expenses can run around $4,000 a year to replace 16 out of 18 tires on an 18 wheeler. So what happens when you run into trouble and need cash to finance inevitable semi truck repairs or maintenance? Commercial vehicle lenders provide a range of financing options.

1. Commercial Vehicle Title Loans

Commercial vehicle title loans can function as a means toward cash for repairs. You can utilize commercial lending for title loans when you own your semi truck and want to use that capital for a loan to cover the expense of repairs. When you take out a title loan, the lender holds your title as collateral for your loan. You make payments to buy your title back and regain ownership. The terms of your loan may depend on the value of your truck as well as your overall credit. You may also be able to approximately determine the your monthly payments and down payment using a loan calculator, or even a commercial loan calculator. While these tools are not definitive, they could help put your finances in perspective. As you consider your options, note that many commercial vehicle financing companies offer commercial truck title loans as well.

2. Refinancing

If you already have a commercial vehicle loan but need fast cash for repairs, you may consider refinancing your loan. If you’re refinancing, you’re already familiar with commercial truck financing, but you may not realize that refinancing could help reduce your monthly payments and save you money. You can use the money you save monthly towards the repairs your semi truck needs. Refinancing can help you direct money toward the demands of your business including tires, regular maintenance and repairs.

3. Personal Loans

It might be tempting to pursue a personal loan when your truck needs repairs and you’re short on funds. However, commercial vehicle loans for bad credit are readily available. Commercial vehicle loan rates can be slightly higher, but are usually more flexible on issues like bad credit or child support issues. Factors like established credit, collateral, a history of payments on a semi truck or home, and a clean record of bankruptcy or repossession will improve your rates on a semi truck repair loan. If you decide to pursue a personal loan, know that a credit check will be a part of that process. Personal collateral as well as business collateral can be useful when you’re trying to obtain any type of loan.

4. Commercial Vehicle Repair Loan

Many lenders offer loans tailored to your truck repair needs. Repairs on one semi truck can frequently run between $10,000 and $20,000. When you work in the commercial transportation industry, you know that every day you’re off the road is a day of revenue or income lost. Many lenders have flexible requirements to qualify for a truck repair loan, and offer loans for less experienced drivers or drivers with bad credit.

If you’ve run into some trouble with your semi truck and need options fast, don’t hesitate. You can finance your repairs to get back on the road and continue earning your living. Consider refinancing, a title loan, a commercial vehicle repair loan, or a personal loan when you’re at a crossroads.