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Best Lease Purchase Trucking Companies in

What Are The 10 Best Lease Purchase Trucking Companies In 2020?  Trucking is an extremely lucrative career. If you have ever seen a show where a trucker or trucking is shown, you will see what sort of tremendous hardships and trials that the truckers have to face as a part of their jobs. Their jobs are almost like an adventure, where the truckers get to travel, experience fascinating things, and also provide a significant benefit to society! Where do you think all of your groceries and farm produce comes from? Or who do you think aggregates and helps deliver your e-commerce parcels? They are truckers of course! Braving the snow, the winds, and the rains, truckers, and trucking jobs are significant and important links in the supply chain. Whether it be for the manufacturers or the consumers, the role that truckers play in linking supply to their end consumer cannot be overstated.

Unlike cars though, trucks are much more expensive. While you can be employed as a part of a company that could supply your truck, more often than not, truck drivers prefer to purchase their trucks themselves. Trucking companies themselves often offer a good lease purchase solution for those involved in trucking, such as the ford truck lease deals

A lease-purchase deal combines the best of a lease, which is low monthly payments as well as the benefits of owning a truck outright – which is retaining the title over the truck, as well as the ability to use the track for your day to day earnings. It makes for an extremely lucrative option. Read on to understand how exactly this works!

How does the lease-purchase Program work? 

Simply put, there are usually two options a person wanting access to a vehicle has. He can either choose to purchase the vehicle outright, or he can rent or lease it. Rent or a lease allows the lessee the unencumbered use of the truck during the specified rental period, based on other stipulations laid out in the rental contract. Sale refers to the outright acquisition of the property, including the title to the truck. When an individual purchases a truck in a sale, he is the owner of the truck as well as the titleholder. A lease-purchase agreement is a combination of both of these aspects, the sale aspect as well as the Rental aspect.

For those truckers just starting, especially ones unsure as to whether they want to continue trucking or not, one of the biggest advantages can be a lease-purchase program. Considering that the purchase of a truck is a huge investment, an ideal option for many can be a lease purchase. Therefore, if you are wondering whether this is an ideal option for you and you are wondering which companies you can consider to lease/purchase from, read on further!

The details of a lease-purchase agreement when it comes to trucks

Now that you have understood what the basic elements of a lease-purchase agreement are in the previous section, you can now see how exactly they work in this section when it comes to trucks. Usually, there is both a fee as well as a payment (usually every month) component when it comes to leasing purchase agreements or contracts. If you have purchased a smaller vehicle or a mini-truck before under a lease-purchase such as a chevy truck lease dealyou probably know how exactly they work. But for those who are unaware and just starting, it is important to understand what the details are before entering into a lease-purchase agreement.

Usually, the purchaser or the lessee is allowed to buy the truck outright at the end of the lease-purchase deal. While the lease is on, you can use the vehicle like you would in a normal rental agreement. One of the biggest advantages of a lease-purchase agreement is that you will not have to make an immediate and a huge upfront payment and you can also continue to earn a living through your truck considering that you can still retain access to it.

An important thing to remember however is that most companies that offer a rental-purchase agreement do not permit the vehicle to be returned at the end of the term, based on various factors stipulated in the contract. Ensure that you understand how the contract is drafted and that you read through the finer details carefully to understand what you are getting yourself into.

There are plenty of companies that specialize specifically in leasing trucks. Given their track records and their ability to provide good quality trucks as well as customer service, it makes sense to purchase/lease from these companies that have a good track record and reputation, irrespective of whether you are looking to set up your own trucking company or commercial practice, or whether you are a truck driver who wants to purchase your truck.

Like purchasing any other high price investment, you have to ensure that you do the requisite research and understand what sort of a truck you want, what features you want it to have, what you plan to use it for, and examine various other factors carefully before leasing the truck. Furthermore, the safety of the truck (such as if you are driving in heavy snow conditions) or the aesthetics of the truck are also factors that you can consider before buying / leasing your truck or signing off on the lease-purchase agreement.

What are the main types of truck leases?

Now that you have understood what the basics of a lease-purchase agreement are, it will do good to understand what the different types of a truck lease. There are two main types, and depending on what you think will be the best choice for you, you can select one that best suits your needs. The two main types of truck lease are either a closed lease or an open-end lease.

  • Closed-end lease

A closed-end lease is one, as the name suggests, where the lease-purchase agreement is closed. The features and the use of the truck during the time of the lease are delineated in the contract for the lessee to follow. You can walk away with your truck at the end of a closed-end lease. Usually, closed-end leases have a mileage restriction of about 15000 miles a year, but depending on which company you have signed the agreement or the contract with, you can always negotiate the number of miles allowed. However, keep in mind that this might affect the amount of payment that you will have to make every month. If you exceed the mileage limit, you might have to pay a penalty for the excess. One of the best aspects of a closed-end lease is that the risk is significantly lower in a closed-end lease due to the specific and structured nature of the contract. There are multiple options that you can exercise at the end of a closed-end lease, including:

  • Turning in the truck: You can always turn or return the truck to the leasing company. Keep in mind though; you might have to shell out some money for aspects such as depreciation, excess miles, wear, and tear, or damage.
  • Trade-in favor of another truck: In a closed-end deal, you can also trade the current truck that you have in favor of another truck, depending on the terms of your closed-end lease contract. Ensure that you only do so if it is monetarily better for you to acquire a newer truck instead.
  • Purchase the truck: This is the usual and most commonly exercised option at the end of most purchase lease agreements that feature a closed lease. You can pay the price determined by the company providing the truck and acquire your truck outright depending on the terms of the contract. Remember that your regularity in making payments, interest, and the use of your truck can play a role in determining this end value of the price.
  • Open-end leases

The second type of lease that you can consider is an open-end lease. Compared to a closed-end lease, one of the biggest advantages that an open-end lease offers is its flexibility and ability to fine-tune the terms of the leased based on the requirements of that particular individual. Usually, the restrictions placed under the contract are also much more limited compared to that of those placed in a closed-end lease. However, this level of flexibility means that you may end up paying a higher sum monthly, as well as apportion a greater amount of risk on yourself. If you pay taxes that allow deductibles, especially in terms of running a commercial business, then an open-ended lease deal might be a much better option for you than a closed-ended deal.

What are the biggest advantages of a lease-purchase truck deal?

There are plenty of significant advantages of a lease-purchase deal. One of the biggest advantages does not have to pay the entire amount upfront, which makes investing in a truck much more affordable to most people. Similarly, you can also continue to use the truck while being amid a lease-purchase agreement, which means that you can continue making money off the truck while also being able to own it at the end of the agreement. Here are some of the most significant advantages of a lease-purchase agreement.

  • The ability to pay the cost of the truck slowly: You do not have to make a large payment upfront to acquire the truck, as stated above. You can take your time and slowly pay off the cost of the lease and then acquire the truck at the end of the agreement depending on the computed value of the truck at the end. This is a lower-risk option than buying the truck outright, especially for those who may have limited funds.
  • The amount of flexibility that it offers: You can not only lease the truck but also be an owner (in time) while also being able to use the truck to earn some money. Therefore, the amount of flexibility that this offers is unparalleled.
  • You get the support of the company: One of the best things about the companies that offer lease-purchase agreements is that often these companies are experts in their particular field of trucking as well as being able to repair, and maintain trucks. Hence, if you have an issue with the way your truck is functioning or you need someone to look into it, you can probably get the company that you purchased the truck from to help you out.

What are the top 10 best lease-purchase trucking companies in the market today?

While making a purchase such as selecting a trucking company (which is a pretty high stakes decision), you should research your options and ensure that you select a company that matches your needs, that is reliable, as well as provides the features that you want. Whether you want to approach a traditional company or a buy here pay here Trucks Company, each of them often offers different features for a specific clientele – such as focussing on low down payments, financing those with poor credit, offering discounts, etc.

Ensure that you do the research required and perform the diligence required to purchase a new truck. Only if you are armed with details and possess the know-how of what each of the plans of these companies entails, you can make an ideal choice.

  1. JB Hunt company

If you are an avid trucker, you would have probably heard about the JB hunt company. They are famed in the market for their low / nil down payment lease purchase options, and offer services throughout the US, in Canada, as well as in Mexico. (site)

  • One of the best features of this company is that you can choose between multiple plans such as the Basic Percentage Plan, the Performance Mileage Plan, the Performance Percentage Plan, or the Basic Mileage plan.
  • Various benefits such as dental, medical, and vision insurance, retirement plans, safety bonuses, programs for the spouse and child of the trucker, allowance for movement violations, for preventable accidents, and DUIs are available. Allowance for pets, safety bonuses, paid orientations, profit-sharing, and hazmat endorsements are also available.
  • If you want to glean more information about the various other options and features that they offer, it will make sense for you to visit the website and gather the information.
  • Various driving options such as OTR, Dry Van, reefer, tanker, and flatbed are also made available.
  • Drivers can choose between lease-purchase agreements, company driver, owner-operator schemes, etc as well.
  1. Swift Transportation

Swift Transportation is famous for their large fleets of trucks that one can choose from. They have about 15k trucks that one can decide between, and also boast of an extremely structured lease-purchase contract. All of their truck and spare equipment are modern and glitch-free. The best aspect about this company is how accessible they are, given that they operate across about 42 states in the United States of America.(Site)

  • Various benefits such as dental, medical, and vision insurance, retirement plans, safety bonuses, programs for the spouse and child of the trucker, allowance for movement violations, for preventable accidents, and DUIs are available. Allowance for pets, safety bonuses, paid orientations, profit-sharing, and hazmat endorsements are also available.
  • Driving job options include routes close to home, dry van, intermodal, flatbed, heavy-haul, and refrigerated.
  • Driver types include team, company driver, owner-operators, as well as lease purchase.
  • Various other benefits such as OTR bonuses, a feature of weekly payments, educational programs, and modern equipment, scholarships for military personnel and veterans, and tuition reimbursement is also provided.
  1. Schneider Transportation and Logistic Services

Given the long track record of this company, (that started in 1935), it is no wonder that this company is considered one of the ideal choices in the US today. They offer services across 44 states in the US. They are an extremely trustworthy, reliable, and dependable company.(site)

  • Various benefits such as dental, medical, and vision insurance, retirement plans, safety bonuses, programs for the spouse and child of the trucker, allowance for movement violations, for preventable accidents, and DUIs are available. Allowance for pets, safety bonuses, paid orientations, profit-sharing, and hazmat endorsements are also available.
  • Driving job options include routes close to home, dry van, intermodal, flatbed, heavy-haul, and refrigerated.
  • Driver types include team, company driver, owner-operators, as well as lease purchase.
  1. USA Truck Capacity Solutions

If you live in the US, in Mexico, or Canada, you have probably already heard about USA Truck Capacity Solutions. With over 30 years of experience, they are one of the premium and well-known trucking companies in continental America. The customer support is great, making it an ideal choice for all truckers, whether a veteran trucker or those just starting. If you want to select a reliable company as well as one that is modern, then this might be the best solution for you.(site)

  • Various benefits such as dental, medical, and vision insurance, retirement plans, safety bonuses, programs for the spouse and child of the trucker, allowance for movement violations, for preventable accidents, and DUIs are available. Allowance for pets, safety bonuses, paid orientations, profit-sharing, and hazmat endorsements are also available.
  • Driving job options include routes close to home, dry van, intermodal, flatbed, heavy-haul, and OTR.
  • Driver types include team, company driver, owner-operators, as well as lease purchase.
  • Various other benefits such as productivity bonuses, idle bonuses, experience-based paid time off, ESOPs (Employee Stock Ownership Plans), referral bonuses, and 401k are also available under this company.
  1. CRST Expedited Trucking

If you want to select a company that cares about you and the hard work that you are going to be putting in, CSRT Expedited Trucking is an ideal option. With over 50 years of experience in the field of trucking, this company is one of the best when it comes to low costs with high gains. If you do not want to pay high amounts as a down payment, or if you have poor credit, yet also want to be able to kick back, relax and visit your family, this company should be the one that you select. (site)

  • Various benefits such as dental, medical, and vision insurance, retirement plans, safety bonuses, programs for the spouse and child of the trucker, allowance for movement violations, for preventable accidents, and DUIs are available. Allowance for pets, safety bonuses, paid orientations, profit-sharing, and hazmat endorsements are also available.
  • Driving job options include routes close to home, dry van, intermodal, flatbed, heavy-haul, and OTR.
  • Driver types include team, company driver, owner-operators, as well as lease purchase.
  • Other benefits such as 70% of gross revenue per load, no-touch freight, sign-on bonuses, extra payment for loads with hazmat, fuel card discounts, and a 97% fuel surcharge is provided to the truckers.
  1. Covenant Transport 

If you want a wide range of modern fleets to choose from, and want a company that offers a high amount of sign-on bonuses, then Covenant Transport is an extremely ideal choice for you. Therefore, if you want to select a company that cares about you and the work that you are going to be putting in, and rewards it, then this is an ideal choice. Read on to understand what the features that this company offers are. (site)

  • Various benefits such as dental, medical, and vision insurance, retirement plans, safety bonuses, programs for the spouse and child of the trucker, allowance for movement violations, for preventable accidents, and DUIs are available. Allowance for pets, safety bonuses, paid orientations; profit-sharing and hazmat endorsements are also available.
  • Driving job options include routes close to home, dry van, intermodal, flatbed, reefer, tanker, and OTR.
  • Driver types include team, company driver, owner-operators, as well as lease purchase.
  • Some of the other features that Covenant Transport offers are a huge sign-on bonus, (40000$), weekly pay bonus for Hazmat drivers, home time, training, and guaranteed hazmat bonuses.
  1. Southern Refrigerated Transport 

Undoubtedly, the reason that most people take on trucking is because of its high-value payment and how lucrative it is. If you want to select a company that gives you good gains for the amount of work that you are putting in, while also not compromising on ensuring that you have a modern fleet with good features of safety, then Southern Refrigerated is an ideal choice. (site)

  • Various benefits such as dental, medical, and vision insurance, retirement plans, safety bonuses, programs for the spouse and child of the trucker, allowance for movement violations, for preventable accidents, and DUIs are available. Allowance for pets, safety bonuses, paid orientations, profit-sharing, etc are also available.
  • Driving job options include routes close to home, dry van, reefer, and OTR.
  • Driver types include team, company driver, owner-operators, as well as lease purchase.
  • Other benefits of this company include a high sign-on bonus for Hazmat drivers, latest fleets and fuel technology, a great and modern inspection bay, functional and aesthetic truck wash area, provisions for snacks, showers, quiet rooms, Wi-fi maintenance, laundry, parking, TV lounge, fitness lounges, etc.
  1. PGT Trucking Inc

Another company that is famous for the quality of services that it provides as well as the modern and latest fleets that it offers is the PGT trucking company. Not only does it offer great solutions for all its truckers, but its lease-purchase plans are also amongst the best in the market. Therefore, if you want to be a truck owner at the end of it, PGT trucking is perhaps one of the best options for you. (site)

  • Various benefits such as dental, medical, and vision insurance, retirement plans, safety bonuses, programs for the spouse and child of the trucker, allowance for movement violations, for preventable accidents, and DUIs are available. Allowance for pets, safety bonuses, paid orientations, profit-sharing, etc are also available.
  • Driving job options include routes close to home, dry van, reefer, and OTR.
  • Driver types include team, company driver, owner-operators, as well as lease purchase.
  • The company also offers various other benefits such as paid time off, flexible purchase plans and weekly repayment schemes, a plethora of freight choices, rider programs, accidental death/injury compensation, revenue incentives, and discounts for repairs and spare parts. It also offers a 401K plan to its drivers.
  1. Roadrunner Transportation Systems

If you want to go in for a company that both treats its drivers right as well as offers plenty of benefits to the drivers and a good deal of flexibility, perhaps one of the best options in the market currently is the Roadrunner Transportation System. You will be running the show on the road in no time! (site)

  • It offers intermodal, temperature controlled, LTL, Dry Van, Flatbed, Warehousing, and dedicated contract options. You are usually expected to make a weekly mile count of about 2500 miles per week. You can earn up to 1200$ a week, and are usually paid an annual bonus as well, which can go up to about 3000$.
  • The company offers a clear and structured work schedule with a steady number of hours, while also allowing for some time at home. If you are detained anywhere, you are going to be compensated for your time, and this is the same for a layover as well. Another brilliant thing is that you will be paid weekly, and all of the equipment is new. You also have a paid vacation scheme, a paid orientation, and a full range of incentives and benefits, including the 401K plan.
  1. Baylor Trucking

If you want to be the owner of your truck at the end of it and want to exercise the option of a lease-purchase agreement, Baylor Trucking is perhaps one of the best options. They offer a great fleet and several incentives to their truckers. The value of the down payment that you will have to make is also significantly low, and you can also save a considerable amount of money with the down payment deductions that the company offers. They offer services in all US states, as well as in some select parts of Canada. (site)

  • Type of operations includes dry van refrigerated and flatbed, and mileage requirement usually depends on customer freight. Income usually is at a value of about 0.55$ per mile.

Various other benefits such as health insurance, vision insurance, dental insurance, paid vacations,

  • Guaranteed home time, retirement benefits, etc are made available to the truckers.

Get Zero / 0 down lease purchase trucks

The answer, you will be relieved to know is a huge resounding yes! If you do your research, you can find a company and a plan that offers you a lease-purchase agreement with 0 down, or a minimal down payment amount. Under the lease-purchase agreement, you can pick a deal in which you pay off the value of the truck through monthly payments, rather than as a down payment. If you have poor credit, select a company that does not perform credit checks, or that does not rely on credit checks for approval, and you will be in a better position.

FAQs or some Frequently Asked Questions

  1. Which is the best company for a lease-purchase program for trucking?

Several companies provide a lease-purchase program – and no one company is ideal for every trucker. Depending on what features you want from the lease-purchase agreement, and how you want to structure it, you can make a selection from the variety of options that are available in the market. However, overall, Schneider and JB Hunt seem to be trusted choice amongst truckers today.

  1. How Can I lease my semi Truck to a company? How do I do it?

Yes, you can lease your semi-truck. If you do so, you will assume the role of an owner-operator. One of the benefits of doing so is that the liability of the maintenance of the vehicle such as for repairs, fuel, etc are transferred to the company that hires that semi from you.

  1. Is a leased truck a company asset? When do I become the owner of the truck?

Yes, A leased truck is usually a company asset. You assume the ownership of the truck only after the culmination of the lease-purchase agreement, post the payment of all the monthly dues, and when you finally pay for and acquire the truck. Many people are under the misconception that they will profit from buying a truck and then leasing it to another company – tread carefully if you plan to do this!

Conclusion

Therefore, if you are planning to embark on a career as a trucker, it is important to choose a company that offers you benefits that you seek. Lease purchase agreements are tremendously helpful to those truckers who want to own their trucks at the end of it, without having to invest or pay a huge sum of money upfront.

Ensure that you perform the requisite research and be diligent before signing up for any deal to ensure that you make the best of the options in front of you. Similarly, select a company that allows you to visit home has a good work-life balance, and that rewards you for the hard work that you are putting in. With a little bit of effort and a good amount of knowledge, you can be well on your way to becoming a fancy trucker and the owner of a fancy new truck!

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