Are you part of the group that has yet to adopt ELD (electronic logging devices) into your transport business? Many are waiting to see if the July 18 bill that the House of Representatives created will extend the deadline to 2019. As the December 18 deadline approaches, it becomes more and more likely that this bill will not be accepted in time. Hence, it only makes sense to prepare for the inevitable. STRADA Capital has assisted truckers and the transportation industry with equipment loans since 1999.
Covering The Costs of Implementing ELDs
While many ELD manufacturers offer financing for their products, most are requiring a certain amount of devices to be ordered before you qualify. Are you an individual owner-operator or own a small trucking fleet? Getting a traditional loan for ELD equipment could be a lengthy process. Additionally, you may not want to use your credit card to get the equipment and pay substantial fees to pay it off. Costs that you will incur for ELDs include:
- New ELD device: $200 to $2200 per truck
- Installation of the device (hard wiring it to the trucks engine and electrical system): depends on ELD chosen and configuration of truck
- Yearly fees for monthly service: $240 – $720 per truck
If you are already on a tight budget, it makes sense to defer these expenses by leasing the equipment.
Leasing ELD & Other Trucking Equipment With STRADA
Our trucking equipment leasing process is a lot less complicated than traditional banks. In fact, you may be able to get the funds need for your ELD update and other trucking equipment within a few days. Fill out our online application for a quick review and quote for your equipment leasing.