Do you want to bridge the gap between being a typical employee and an owner-operator as a truck driver? If so, you’ll want to research one of the lease purchase trucking programs. Without a doubt, lease programs are growing in popularity among truck drivers in the US.
A lease purchase trucking program can be advantageous if you drive for a company. You can quickly become an owner-operator by signing a lease-purchase.
However, it is important to take relevant details into account before signing the contract, as you will have the trucks to yourself and run them for the business.
The Operation of Lease-Purchase Programs
By agreeing to a lease-purchase agreement, you get a truck on lease. Throughout the period of the contract, you make monthly payments toward the price of the truck. Then, at the end of the lease, you can either fulfill the remaining conditions of the agreement and gain ownership of the truck, or you can return it to the leasing company.
Lease Purchase Trucking Companies
Here are a few companies for lease purchase that you can consider:
Since 2007, Road Legends has been associated with a high level of quality and professionalism. The company was created with the aim of defending the interests of its drivers. The brilliant lease purchase offer provides what is promised and gives ownership without any further hassles. With the help of their lease program, you can run your company with the necessary level of freedom. You can enjoy the advantages of running your own firm as an independent contractor while working with a corporation that has your back all the time.
Special Features
- Non-forced personal dispatch is available around-the-clock
- The business covers the cost of maintaining the trailer and offers an alternative vehicle for use in an emergency (breakdown)
- Ability to pre-plan your trip
Benefits
- Lower turnover every year with a strong reputation for excellent culture
- Cash advances are accessible with a weekly pay system
- Bonuses for referrals
- Nova Lines
For truckers who want to get started without any problems, Nova Lines provides a lease-purchase program. Drivers benefit from accommodating lease terms and flexible contracts, which allow them to leave at any time.
Special Features
- Steady freight
- Make your own path choices
- Full service company
Benefits
- Well-maintained trailers and trucks
- Three to five years are available for the lease terms
- No added costs
- Swift Transportation
Due to the flexibility they provide drivers, Swift Transportation is a great option for lease purchases. Drivers can become owner-operators through the company’s lease purchase program in as little as six months. You can also set your own hours, choose whether to drive alone or in a group, and select the load you want to haul with Swift.
Special Features
- Parking is available at all terminals
- Various freight options
- Licensing paid by the company
Benefits
- Bonuses
- Lower insurance costs
- Fuel cars available
- Rohel
The new model years with the most cutting-edge safety and efficiency technology are part of Roehl’s budget-friendly lease purchase program. They efficiently deduct tractor payments and expenses from settlements under their lease-purchase agreements.
Special Features
- Automatic deduction for tractor payments
- Training and assistance for business advisors
- Fuel cards
Benefits
- Lower turnovers
- Payment based on mileage
- Good trucks
- PGT Trucking
With flexible financing options, this trucking company makes it simple for eligible drivers to start out as owner-operators. They make the transition for drivers to becoming flatbed owner-operators simple by including tags, insurance, trailer rentals, and escrows in their reasonable lease fees.
Special Features
- Referral bonus for drivers
- Finance options with no down payment
- Great percentage of pay
Benefits
- Discounts on tyres and truck parts
- Lower turnover
- First four weeks of free trailer rental
- KSM
KSM is a decent company to lease a truck from. Driving for KSM gives you the freedom to run your own business while receiving support from industry leaders. All of their lease purchase drivers can also take advantage of their complete insurance.
Special Features
- Being able to pick what you haul
- Insurance for the cargo
- Company-funded trailer upkeep
Benefits
- Pay increases
- Longevity rewards
- During repairs, there are available loaner vehicles.
- JB Hunt
Due to its many third-party lease purchase program alternatives, JB Hunt is a great option for many different kinds of prospective owner-operators. JB Hunt offers flexible lease purchase terms, mileage-based and percentage-based compensation schemes, and both to help you get started without paying anything upfront. All drivers gain from being a part of one of the biggest freight firms in the country, yet each lease purchase plan is unique.
Special Features
- Terms of 12 to 36 months for leasing
- Flexible payouts every week
- Various leasing options
Benefits
- Obtain freight as needed
- Gasoline and insurance discounts
- Service and tire discounts
Considerations for a Lease-Purchase Program
It’s simple to launch a business by purchasing a semi-truck through a lease-purchase scheme, but you must carefully weigh the benefits and drawbacks. Additionally, the agreement requirements vary depending on the organization, so it’s crucial to do your homework in advance.
Don’t forget to take into account down payments, pay, perks, technology, equipment, and possible routes.
Benefits and Pay
Many lease-purchase companies provide great salaries and benefits that company drivers might not receive. The average annual starting salary for lease-purchase in the United States is $72,800. This amounts to $37.33 per hour on average. Drivers with experience can earn up to $180,000 annually.
Modern Equipment and Technology
An effective approach to driving more modern commercial vehicles is through truck leasing. During the lease, you can upgrade to a newer truck with the most modern hardware.
For instance, more recent trucks contain collision mitigation equipment that reduces collisions by using radar and sensors.
Reliable Routes
Truckers frequently spend weeks at a time away from their homes. You will operate as an owner-operator under a lease-purchase agreement, providing you with far more control over your schedule. Additionally, the majority of businesses let drivers determine their own routes, and many don’t even require them to communicate with dispatch.
Wrapping Up!
Without a doubt, lease-buy schemes offer a great opportunity to take the crucial step toward becoming an owner-operator. However, you should be well-informed before selecting a trucking firm. This is due to the fact that renting a truck is an important choice that can greatly expand your career options. As a result, you should think through all of your options before making any decisions.
Author Bio: Gjorge Stinikliev has been in the trucking business since 2011. He was then in charge of the day-to-day operations of the transport department, and since 2017, he has been leading a team of recruiters and managing daily recruiting and hiring decisions at Road Legends. He is also directly involved with the company’s growth strategies on a daily basis.
