Lease purchase is one of the most common things drivers are interested in today.
As newer drivers get more experience they are looking for a way to gain more independence and transition to owner operator and new trucking jobs.
Lease purchase programs are a great way to purchase your first truck.
Some companies even have their own lease purchase programs, like us.
Some truck driver veterans even say that after you get used to the OTR driving, you should get a lease purchase as soon as possible.
For it is your door to bigger earnings, and much wanted independence.
Lease purchase program, what is it?
Lease purchase is considered to be the best way to start your own trucking business.
Especially for those that don’t want to pay a big downpayment for the equipment.
There many benefits that come with a lease purchase program.
For example:
Getting the benefits from a full-service leasing company
If you decide to purchase a lease from a full-service leasing company, you can enjoy the following benefits:
- Driver training
- Scheduled preventive maintenance
- Performance reporting
And many more.
Administrative costs reduction
If you lease from a carrier, you will probably get help with some administrative tasks, tracking your hours of service and managing logs for example.
When you become a leased owner operator, you will still operate under the carrier’s license.
There’s a high possibility that you will have your taxes and reports managed by the company.
Low price new vehicles
Lease purchase programs sometimes allow you to pick the truck you want.
While used trucks are constantly attractive offer due to the low price, you can also opt-out for a new truck and still get a good deal.
Permits
One more big perk about being a lease owner operator is that you can get licence plates, permits, and everything else to be ready to go from the company.
This depends on the company, of course, so it’s advised that you check the program and see what exactly are you getting.
A lot of companies promise big figures when they offer a lease, but the reality is a bit different. This is where you have to be careful.
Truckers saw many companies promising them 2,500 – 3,000 miles per week, but when they got their lease, they got only around 1,000 – 2,000.
And we pay at the highest rates in the business!
A lot of companies from their lease purchase programs to attract less experienced drivers.
That kind of drivers hardly can push the miles the experienced ones can.
That is the biggest difference in the lease completion period.
If you have more than 2 years of OTR experience, then you should have no worries.
How to prepare yourself for lease purchase
Before you get a lease purchse, you should be ready for a number of things.
You will have more freedom, and with more freedom comes more responsibilities.
You will be completely responsible for the truck you leased.
And that doesn’t mean that you have to preserve it from damages, but all the expenses that go with the truck will be yours.
You will have to pay for repairs, maintenance, and any unplanned expenses for the truck.
Which is expected, since you bought it, and you will own it once you complete your lease purchase.
That might be the only novelty in your style of operation, except for all the independence and freedom plus extra earnings that come with the lease purchase.
Conclusion
Lease purchase programs come with a lot of benefits, especially if you score a good deal with a carrier.
That’s only the beginning in the journey of self-sufficiency, the next step is to get your independence to a new level, and operate with a couple of trucks under your authority and outsourcing only the essential services you need.