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Best Lease Purchase Program in Trucking Industry

Last Updated on  June 23, 2021  By  eformblogadmin
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Best Lease Purchase Program in Trucking Industry

Lease purchase program, also known as a lease purchase agreement offers truckers the option to lease a truck with the option to purchase it eventually. When you opt for a lease purchase program, you need to make lease payments on the truck as well as take care of the fuel costs, insurance, and maintenance.

Lease purchase programs offer you a higher owner-operator pay rate for your work. Once you’ve completed the payment, your lease term draws to an end and you will be able to own the truck and begin your career as an owner-operator.

What are the benefits of a lease-purchase program?

Many aspiring truckers prefer the lease purchase program for the various perks that come with it. Here are some of them:

  • Lease purchase programs are affordable compared to purchasing a trucking as you can make the payment over the course of the lease period. You will be an owner-operator from the get-go all the while lessening your financial burden.
  • If you work with a good lease-purchase company, they will offer a greater degree of support by assigning consistent loads and helping you pre-plan and schedule your trips.
  • You don’t need to provide a line of credit as the lease purchase agreement is through a carrier.
  • You can garner a strong reputation and build reliability by working with a good lease-purchase company.
  • Some lease-purchase companies provide permits so you can save yourself from jumping through hoops to procure them.

Best lease-purchase programs for you

Different lease-purchase companies have different rules and perks that give them the competitive edge over others in the market. The trick is to pick a company that helps you grow and flourish. We’ve put together a list of top lease-purchase programs that are most preferred in the industry:

  1. Swift Transportation
    Swift Transportation is one of the leading companies generating $4 billion revenue through trucking. The company offers competitive rates per mile, as well as additional pay and perks all the while allowing you to set your own hours and offering the flexibility to accept only the loads you want.

  2. Benefits:
    • Prompt support by the entire Swift network, including our 40 terminals and shops
    • Access to online business management tools, medical and legal protection plans, and more
    • Provides base plate licensing and permits
    • $35 for each additional drop/pick on multi-stop loads
    • 100% of lumpers fees are paid
    • Contractors are insured while under dispatch by Swift Transportation
    • Tolls are reimbursed

  3. J.B. Hunt
    J.B Hunt has access to one of the largest and most consistent freight bases in the country. The company makes equipment leasing options available through multiple third-party lease-purchase programs. Through these programs, CDL-A drivers make weekly payments within defined terms and agreements to buy and own a tractor.

  4. Benefits:
    • No forced dispatch
    • You are eligible for voluntary health programs
    • Provides base plate licensing and permits
    • You get discounts on fuel, insurance rates, tires and maintenance cost
    • Weekly settlements are paid promptly- no waiting on bills and paperwork
    • Get access to new trailers and newest equipment in the industry

  5. Pam Transport
    Pam Transport offers truckers an easy and accessible way to become an owner-operator through their PAM Overdrive Lease Program. You can easily lease a truck without a credit check or money down.

  6. Benefits:

    • Get access to Pam corporate fuel rates
    • Maintenance and repairs at company rates
    • Provides base plate licensing and permits
    • You can file your own taxes as Pam does not deduct tax from your salary
    • Licensing and permitting fees are paid up front
    • IRS’s Heavy Highway Vehicle Use Tax is paid up front

  7. PGT Trucking
    PGT offers one of the best lease-purchase programs in the US. You will be assigned a fleet manager to assist with freight selection and to help you get started. Moreover, tractor payments are deferred for the first four weeks.
  8. Benefits:

    • Pay is based on percentage not mileage
    • Discounted prices on truck tires and parts
    • Provides base plate licensing and permits
    • Own your truck in just under 3 years
    • Flexible financing options

  • Riverside Transport
    Riverside Transport has the most driver centric lease purchase program in the US. The company provides superior services along with technologies and equipment that helps you function efficiently and grow your business.
  • Benefits:

    • 24/7 extended coverage support
    • Weekly payment and reimbursed lumper fees
    • Reimbursed scales
    • No payments on hometime
    • No credit checks, money down or trailer fees
    • No forced dispatch
    • Bumper-to-bumper full-service maintenance program
    • Loaner truck offered

    Final Thoughts

    If you aspire to grow professionally and become an owner-operator, lease-purchase programs are the best option for you. You must choose the best lease-purchase company to ensure that you reap the maximum benefits. Once you own your vehicle and fulfill your dream of becoming an owner-operator, don’t forget to stay compliant by filing your form 2290 on time over an IRS-approved partner like so you can drive worry-free and grow your business.