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Once you have selected a truck driving school for CDL Training, there are a variety of ways to pay for your CDL education. Each school will offer different ways to pay, depending on their specific programs.
Option #1 – Pay cash out of pocket
This is the simplest and most straight forward method to pay for your CDL training. Simply pay the complete cost of the school with cash or check, no financing or other arrangements.
Although not everyone has the means to pay for school out of pocket, this method does offer a number of advantages. The main advantage is that you have no restrictions on where you work and what trucking company you work for. You also have no interest to pay, making your first few years as a driver much more profitable.
Option #2 – Financing
Financing your CDL training is a good option for many drivers. You may either use financing through your truck driving school, or personal financing such as a bank loan or credit card.
Financing will allow you to earn your CDL with no restrictions on where you work, however, some interest charges may be high, significantly adding to your expense.
Option #3 – Company Sponsored School
When you are sponsored by a trucking company, this means they pay for your school up front and you agree to work for them for a set period of time. If you quit working for your sponsoring company, you will owe the complete cost of your CDL training.
Option #4 – Company Financed Trucking School
In a company financed situation, a trucking company will pay for your school up front, and you agree to pay them back through payroll deductions over a set period of time. This can be a good option for many needing financing for their school, but a lower credit rating.