What is a lease-purchase program?
A lease-purchase trucking program is an arrangement that allows drivers to acquire their trucks through lease agreements with no upfront payment. These lease purchase trucking companies offer drivers the opportunity to transition into owner-operators. While some companies may designate drivers as owner-operators immediately, others may require a waiting period before granting this status.
With a lease-purchase agreement, drivers gain the flexibility to plan their own schedules and routes. Additionally, lease purchase trucking companies often provide a range of leasing options, allowing drivers to choose the one that aligns best with their specific needs.
One of the advantages of driving for lease purchase trucking companies is the access to well-maintained trucks and trailers. These companies may also offer the option to trade in the truck for a newer model every few years, reducing maintenance costs and ensuring the driver has reliable equipment.
In traditional owner-operator arrangements, drivers are responsible for all maintenance and repair expenses. However, when partnering with a lease purchase trucking company, a significant portion of these costs may be covered. Additionally, these companies often assist with the necessary fees and permits required to get the truck on the road.
Lease purchase trucking companies provide an appealing option for drivers who aspire to become owner-operators while minimizing upfront costs and benefiting from additional support. By exploring the lease-purchase opportunities available, drivers can take a significant step towards achieving their entrepreneurial goals in the trucking industry.
Top ten lease purchase trucking companies
Choosing a trucking firm to lease-buy is undoubtedly a high-risk option for the majority of individuals. You should consider all of your possibilities before making the right decisions. This is important because it will guarantee that you select a business that can satisfy your needs, is trustworthy, and offers the features you need. It goes without saying that lease-purchase truck programs are a very helpful financial instrument for helping you finance a new vehicle and work for yourself. However, it's crucial to read the contract completely. This will guarantee that you are aware of and understand what to expect from the trucking company offering the bargain.
Here are some of the top lease-purchase trucking companies with excellent lease-purchase programs:
1. Road Legends
Since 2007, Road Legends has been known for its superior quality and degree of professionalism. The organization was founded with the intention of protecting the interests of its drivers. The excellent lease-purchase offer delivers on its promises and transfers ownership without any complications. Their lease program allows you to operate your business with the desired level of independence. As an owner-operator, you can benefit from running your own business while also working for a company that will always have your back.
Some of the benefits include:
- Bonuses for referrals
- Ability to pre-plan your trip
- Cash advances are accessible with a weekly pay system
- Non-forced personal dispatch is available around-the-clock
- Lower turnover every year with a strong reputation for excellent culture
- The business covers the cost of maintaining the trailer and offers an alternative vehicle for use in an emergency (breakdown)
2. Roehl
Roehl Transportation is another great choice for your list of lease-purchase trucking companies. The company provides drivers with ownership training and help from a business advisor through the company's Business Owner's Support System. They have some new models and conveniently deduct tractor payments and expenses from settlements under their lease-purchase agreements. It is ideal for drivers seeking excellent prospects for professional advancement.
Some of the benefits include:
- New, top-of-the-line trucks
- Top fuel surcharge program
- Mileage-based compensation
- High pay and low turnover rates
- Automatic tractor payment deduction
- Business advisor’s training and support
3. CRST Expedited Trucking
You may not be aware, but this company has been in the transportation industry for more than 50 years. CRST is another great lease-purchase trucking company because it offers its drivers top-notch customer service.
The best aspect of CRST's trucker lease purchase program is that it aggressively recruits applicants. The business achieves this by providing a wide range of perks.
Some of the benefits include:
- No money down
- Guaranteed home time
- Excellent fuel discounts
- No credit or income checks
- A chance to easily hire a reliable co-driver from its extensive fleet
4. KSM
KSM is a great option for business drivers looking for a truck they can lease to own with no money down. Driving for KSM gives you the freedom to run your own business while receiving support from industry leaders. When you're ready, you can join KSM's zero-down lease purchase truck program while still working as a company driver. All of their lease purchase drivers can also take advantage of their full insurance.
Some of the benefits include:
- Longevity bonuses
- 3,000 miles weekly average
- Ability to choose what you haul
- Paid cargo and liability insurance
- Company-paid trailer maintenance
- Loaner trucks are available during repairs
5. PAM Transport
Drivers can enroll in PAM Transport's program, and the system will automatically reclassify them as owner-operators. Because of this, drivers start earning money right away. PAM keeps things moving so that both owner-operators and PAM are always profitable. Additionally, as an owner-operator using PAM, you will pay less overall because maintenance and repairs are done at the shop rate of the business.
Some of the benefits include:
- No trailer fees
- You don't need cargo insurance
- No hidden costs or trailer rental fees
- PAM perks, such as shop and fuel rates
- Steady work throughout the duration of the lease
- Low monthly payments with fees as low as $599 per week
6. Swift Transport
Due to the flexibility it offers drivers, Swift Transportation is a fantastic option for lease-purchase trucking. Drivers can become owner-operators through the company's zero-down lease purchase program in as little as six months. With Swift, you may also establish your own hours, decide whether to drive alone or with a crew and pick the kinds of loads you wish to haul.
Some of the benefits include:
- Detention pay
- Productivity bonuses
- Flexible freight options
- Cheaper insurance premiums
- Parking is available at all terminals
- Licensing and permits paid by the company
7. ATS
ATS offers a one-year lease program with the objective of making it simple for a business driver to transition to an owner-operator. This way, you'll be able to operate your very own truck.
You can always use your bonus money right away to put a down payment on a truck. With no background checks and several advantageous terms, ATS is an excellent lease alternative for anyone who may have credit blemishes.
Some of the benefits include:
- No money down
- No credit check
- $3,500 sign-on bonus
- $4,000 completion bonus if you stay with the company for a year
8. JB Hunt
JB Hunt is a great choice for many different kinds of prospective owner-operators due to its many third-party lease purchase program alternatives. You may get started right away with JB Hunt's flexible lease purchase periods and mileage-based and percentage-based pay programs. All drivers gain from being a part of this company, as each lease purchase plan is unique.
Some of the benefits include:
- Multiple lease plans
- Deals on service and tires
- Flexible weekly repayments
- Get freight when you want it
- Discounts on fuel and insurance
- Lease terms range from 12 to 36 months
9. PGT Trucking
Another great choice for zero-down lease purchase trucks is PGT Trucking. This trucking company offers flexible financing alternatives with no money down to make it simple for qualified 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.
Some of the benefits include:
- Excellent percentage pay
- $5,000 driver referral bonus
- $0 down and flexible financing
- Discounts on truck parts and tires
- Earnings of up to six figures yearly
- Free trailer rental for the first four weeks
10. 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 with Nova Lines' road to ownership, which allows you to leave at any time. New owner-operators are then better prepared for their future jobs when the lease period expires.
Some of the benefits include:
- No balloon payment
- Choose your own routes
- Consistent revenue stream
- Only well-maintained trucks and trailers
- Lease terms range from three to five years
- Return every week or drive four weeks in a row
Lease purchase for truck drivers explained in easier words
You may simply make the crucial transition from a professional truck driver to an owner-operator. To accomplish this, all you need to do is buy your truck from any of the above lease-purchase trucking companies. As a result, a series of monthly or quarterly leasing payments will be required from you.
While any of these lease-purchase trucking companies may be the best fit for you, keep in mind that you will gain an edge if you have some years of experience driving company trucks. By transitioning into an owner-operator and opting for a lease-purchase trucking company, you'll increase your income and free up more time on your calendar.
One of the best options is to get into a lease arrangement with a reputable lease purchase trucking company. This is because it will enable you to use the truck without any restrictions. Other restrictions and conditions may apply, but you’ll still be able to use the truck during the agreed-upon lease time.
You shall operate the truck on behalf of the business or organization providing the truck lease, and you will return the truck to that business in a timely manner at the end of the lease term. It is important to note that drivers often take full responsibility for all truck maintenance and upkeep as needed. Keep in mind that you need to finish the payments and become the truck's owner when the lease period is through.
Final thoughts on lease purchase trucking companies
Without a doubt, lease purchase agreements offer a great opportunity to take the important step toward becoming an owner-operator. However, you should be well-informed before selecting a trucking firm. This is because 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 snap decisions.
Road Legends Team
Post created: April 25 ,2023
Post updated: January 23 ,2024