The 10 Best Lease Purchase Trucking Companies
Lease purchase programs are becoming a popular choice among truck drivers. Some of the most successful trucking firms are now transforming into lease purchase trucking companies. The program combines elements of a traditional rental agreement such as you would find in Ford Truck Lease Deals, but with the right to purchase the truck during the lease term. The combination of various leasing aspects makes this lease-purchase contract different from the usual lease.
Unlike the regular lease, the structure for lease purchase trucking programs often comes in two parts. The first part is the lease term, while the second one contains the sale contract. The prospects of purchasing a truck at the end of the lease make lease purchase programs attractive, more so to rookie truck drivers. Therefore, it is common for a lease-purchase contract to come with a fee, along with a monthly payment.
If you intend to buy a truck, we would suggest that you first consider the lease-purchase program. Further, in the article, we will be sharing essential details concerning truck driver lease purchase programs, including ten of the best lease to own trucking companies.
How A Lease Purchase Program Works?
If you are unfamiliar with the lease purchase programs that trucking companies are providing, we are going to reveal the details in this section. You have probably tried to lease a mini-truck before, including chevy truck lease deals, and already know what the process entails. Unlike your previous experience, this lease purchase program for truck drivers can lower your upfront costs, which might reduce the monthly payments for the truck.
The truck driver lease purchase program gives you a chance to buy the truck at the lease end, with no option for returning the vehicle to the lessor. For that reason, most contract terms are between two and four years. Moreover, lease purchase trucking companies determine the vehicle’s residual value at the beginning of the lease. Even though truck drivers might find the contracts attractive, we recommend gathering as much information as possible to be sure of the deal.
The best lease to own truck companies is often leasing in large numbers. Therefore, lease purchase programs are an excellent choice both for businesses looking for commercial vehicles and for truck drivers who want to buy affordable trucks. Besides, it is vital for those seeking to leverage these deals to make an educated decision of whom they are buying from the commercial lease.
Making an informed choice can give you an advantage when leasing the truck, including a contract with zero mileage restrictions, no wear and tear conditions, and high residual value. It means that some of the lessors for commercial vehicles might allow installing extra features on the truck during the lease term, such as painting and putting decals without penalties. For this reason, you’ll want to ensure that lease purchase programs for commercial vehicles specify the value at the beginning of the lease.
Types Of Truck Lease
Here is a breakdown of the types of truck lease you will encounter in the commercial truck market, and the available options at the end of the term.
1. Closed End Lease
Also known as a walk-away lease, a closed-end contract allows lessees to walk away from the truck when their lease term ends. Most of these leases come with mileage limitations between 12k to 15k miles per year. However, you can add more miles to the lease upfront, which will result in higher monthly payments. Going over the mileage limit attracts a 15 to 25 cents penalty per mile when turning in the vehicle.
The leasing company determines the residual value in walk-away leases, which includes the risk of the vehicle’s actual value at the end of the contract. The options when ending a closed-end lease include:
- Turn in the truck and walk away: You will pay for any wear and tear, as well as excessive miles if they are applicable. If not, you have no other obligation concerning the vehicle.
- Trade-in for the acquisition of another vehicle: In some instances, the trade-in value versus the residual value can make it profitable to trade in the truck for a new one.
- Buy the truck: The leasing company determines the lease buy-out price upfront in the contract.
The most significant selling point on a walk-away lease includes level lease payments, predictability, as well as no surprises at lease end. The downside is that it is likely to cost more. When leasing companies are taking the residual risk, they will price it into the cost of your lease.
2. Open End Lease
The lease-end residuals in open-end leases are flexible and less structured. A company can use the vehicle without restrictions and pay for the use at the end of the contract. The formula results in higher monthly payments, with higher lease-end cost risks. Nevertheless, the charges are tax-deductible if you are using the truck for business purposes.
What Are The Benefits Of Lease Purchase Trucking?
If you dream of owning your own business, becoming an independent contractor opens the way for better earnings, more flexibility, and greater career control. Lack of finances or credit to buy a semi-truck can ruin these prospects. Leasing a truck should help you start earning immediately. Here are the main benefits of lease-purchase trucking:
- Financing: Purchasing a semi-truck can be expensive. Prime qualified drivers can leverage lease purchase truck driving, which can come with no credit check and no money down offers, plus a host of bonuses.
- Flexibility: Working as a company driver places you on the employer’s schedule. A lease-purchase deal can give you a greater say in running your schedules.
- Company support: The best lease purchase trucking companies often provide various benefits, including emergency funds, discounted rates for spare parts, and breakdown payments.
The 10 Best Lease Purchase Trucking Companies
- JB Hunt Company
- Swift Transportation
- Schneider
- USA Truck Capacity Solutions
- CRST Expedited Trucking
- Covenant Transport
- Southern Refrigerated Transport (SRT)
- PGT Trucking Inc
- Roadrunner Freight
- Baylor Trucking
Signing up for a lease purchase program does not go well with some truckers. Some of the programs in the market are easy to join, without providing credit checks or money down guarantees. Nevertheless, they can occasionally make it difficult to realize your goal of owning a truck.
Various companies, including Buy Here Pay Here Trucks, have excellent lease to purchase truck deals that help the driver, although the rate at which such programs fail is high. Lease purchase trucking can be a convenient financial tool when financing your new truck. We recommend that you read every detail so you can understand what to expect from the lessor.
If you are looking for an excellent lease purchase program, we have put together the ten best lease purchase trucking companies to help you achieve your dream of owning a truck.
1. JB Hunt Company
JB Hunt Company is among the best providers of 0 down lease purchase trucks in the continental US, Canada, and Mexico. The company avails of several lease-purchase plans, including;
- Basic percentage plan
- Performance mileage plan
- Performance percentage plan
- Basic mileage plan
General Outlook
| Benefit | Availability |
|---|---|
| Dental insurance | Yes |
| Medical insurance | Yes |
| Vision insurance | Yes |
| Profit-sharing | Yes |
| Retirement plan | Yes |
| Safety bonus | Yes |
| Paid orientation | Yes |
| Rider program spouse | Yes |
| Rider program child | Yes |
| Pets | Yes |
| Allowable moving violations | 4 |
| Allowable preventable accidents | 4 |
| Hazmat endorsement | No |
| DUI/DWI accepted | Yes |
Driving Job Options
- Dedicated routes close to home
- Intermodal
- Drop Deck
- OTR
- Dry van
- Reefer
- Tanker
- Flatbed
Driver Type
- Lease purchase
- Team
- Company driver
- Owner operator
Other Package Benefits
- Health savings account
- 401K Plan
- Flexible weekly repayments
- Flexible spending account
- No credit check
- Employee discounts
- No upfront costs
- Basic dismemberment and accidental death pay
- Sign-out within 90 days
- Home and vehicle insurance
- Low fuel prices
- Vision insurance
2. Swift Transportation
The company runs offices in 42 US states, including the District of Columbia. The vast network of offices makes it local most drivers in the US. Also, Swift Transportation comes with one of the largest fleets in business, consisting of 16,000 trucks and 60,000 trailers. The lease-purchase trucking company boasts high-tech equipment with a commitment to supporting its lease-purchase drivers.
General Outlook
| Benefit | Availability |
|---|---|
| Dental insurance | Yes |
| Medical insurance | Yes |
| Vision insurance | Yes |
| Profit-sharing | None |
| Retirement plan | None |
| Safety bonus | Yes |
| Paid orientation | Yes |
| Rider program spouse | None |
| Rider program child | None |
| Pets | Yes |
| Allowable moving violations | 3 |
| Allowable preventable accidents | 3 |
| Hazmat endorsement | No |
| DUI/DWI accepted | Yes |
Driving Job Options
- Dedicated routes close to home
- Heavy haul
- Refrigerated
- Flatbed
- Intermodal
- Dry van
Driver Type
- Lease purchase
- Team
- Company driver
- Owner operator
Other Package Benefits
- Up to $1,500 in OTR bonus
- Weekly payments
- Up to 300 hours paid CDL classes with their experienced driver as you earn
- Available 401k
- Improved truck speed
- State of the art equipment
- Scholarship program for veterans
- Get tuition reimbursement for hired graduates
- Decent work-life balance
- No employment contracts
3. Schneider
The company has been in the trucking industry since 1935 and has become an established transport and logistics provider. Running offices in 44 states, you can trust them for a lease-purchase agreement.
General Outlook
| Benefit | Availability |
|---|---|
| Dental insurance | Yes |
| Medical insurance | Yes |
| Vision insurance | Yes |
| Profit-sharing | Yes |
| Retirement plan | Yes |
| Safety bonus | Yes |
| Paid orientation | Yes |
| Rider program spouse | Yes |
| Rider program child | Yes |
| Pets | No |
| Allowable moving violations | 4 |
| Allowable preventable accidents | 3 |
| Hazmat endorsement | No |
| DUI/DWI accepted | Yes |
Driving Job Options
- Dedicated routes close to home
- Heavy haul
- Refrigerated
- Flatbed
- Intermodal
- Dry van
Driver Type
- Lease purchase
- Team
- Company driver
- Owner operator
4. USA Truck Capacity Solutions
Bringing over 30 years of experience in the continental USA, Mexico, and Canada, USA Truck is renowned for its passion for its truckers. The highly modern fleet and the opportunity to make contact directly with the firm executives earn the USA Truck the top ten spots as an excellent lease purchase trucking choice.
General Outlook
| Benefit | Availability |
|---|---|
| Dental insurance | Yes |
| Medical insurance | Yes |
| Vision insurance | Yes |
| Profit-sharing | None |
| Retirement plan | Yes |
| Safety bonus | Yes |
| Paid orientation | Yes |
| Rider program spouse | Yes |
| Rider program child | Yes |
| Pets | Yes |
| Allowable moving violations | 3 |
| Allowable preventable accidents | 2 |
| Hazmat endorsement | No |
| DUI/DWI accepted | Yes |
Driving Job Options
- Dedicated routes close to home
- OTR
- Team fleets
- Flatbed
- Dry van
Driver Type
- Lease purchase
- Team
- Company driver
- Owner operator
Other Package Benefits
- Weekly productivity payments
- $0.01 CPM monthly fuel or idle bonus
- Rider policy
- Increasing paid-time-off depending on experience
- Employee stock ownership plan
- $4000 in driver referral bonus
- Available 401k
5. CRST Expedited Trucking
The company boasts over 50 years in the trucking business with exceptional customer service for its drivers. CRST is actively recruiting for its truck driver lease purchase program by offering an array of benefits, including excellent fuel discounts, no credit checks, a chance to hire a co-driver from its fleet, no money down, and guaranteed home time.
General Outlook
| Benefit | Availability |
|---|---|
| Dental insurance | Yes |
| Medical insurance | Yes |
| Vision insurance | None |
| Profit-sharing | None |
| Retirement plan | Yes |
| Safety bonus | Yes |
| Paid orientation | Yes |
| Rider program spouse | No |
| Rider program child | No |
| Pets | No |
| Allowable moving violations | 3 |
| Allowable preventable accidents | 3 |
| Hazmat endorsement | No |
| DUI/DWI accepted | Yes |
Driving Job Options
- Dedicated routes close to home
- OTR
- Flatbed
- Dry van
- Reefer
- Tanker
- Drop deck
Driver Type
- Lease purchase
- Team
- Company driver
- Owner operator
Other Package Benefits
- Receive 70% of gross revenue per load, about $1.30 CPM
- 97% fuel surcharge
- 99% no-touch freight
- Guaranteed longest average trucking miles in the business
- Up to $2,000 in sign-on bonus
- Get an extra $0.04 per mile for loads with Haz-Mat placards
- Up to 80% drop-and-hook freight
- It up to $0.12 fuel card discount
- Up to $1.50 CPM when loaded and $0.90 CPM when unloaded
6. Covenant Transport
Enjoy an array of conveniences at Covenant Transport, such as the option of an automatic or manual transmission truck. The trucking is actively recruiting team drivers by offering a $40,000 sign-on bonus, while single drivers can undergo the company’s matching program for an appropriate partner. If you are searching for a nationally renowned lease purchase trucking company that looks after its drivers, Covenant is a great choice.
General Outlook
| Benefit | Availability |
|---|---|
| Dental insurance | Yes |
| Medical insurance | Yes |
| Vision insurance | Yes |
| Profit-sharing | None |
| Retirement plan | Yes |
| Safety bonus | Yes |
| Paid orientation | Yes |
| Rider program spouse | Yes |
| Rider program child | Yes |
| Pets | Yes |
| Allowable moving violations | 3 |
| Allowable preventable accidents | 3 |
| Hazmat endorsement | No |
| DUI/DWI accepted | Yes |
Driving Job Options
- Dedicated routes close to home
- OTR
- Flatbed
- Dry van
- Reefer
- Tanker
- Drop deck
Driver Type
- Lease purchase
- Team
- Company driver
- Owner operator
Other Package Benefits
- Up to $40,000 in team sign-on bonus
- At least $1,000 weekly pay for HazMat drivers depending on experience
- Guaranteed home time
- Excellent bonus opportunities
- Up to $56 CPM for HazMat team drivers
- A $72 CPM in starter trainer income
- Paid HazMat testimonial
7. Southern Refrigerated Transport (SRT)
With constant raises, Southern Refrigerated Transport is among the best paying trucking companies in the industry. The lease purchase-trucking firm is known for its impressive Texarkana headquarters, brimming with a host of amenities for its drivers.
General Outlook
| Benefit | Availability |
|---|---|
| Dental insurance | Yes |
| Medical insurance | Yes |
| Vision insurance | Yes |
| Profit-sharing | Yes |
| Retirement plan | Yes |
| Safety bonus | Yes |
| Paid orientation | Yes |
| Rider program spouse | Yes |
| Rider program child | Yes |
| Pets | Yes |
| Allowable moving violations | 3 |
| Allowable preventable accidents | 3 |
| Hazmat endorsement | No |
| DUI/DWI accepted | Yes |
Driving Job Options
- Dedicated routes close to home
- OTR
- Dry van
- Reefer
Driver Type
- Lease purchase
- Team
- Company driver
- Owner operator
Other Package Benefits
- Up to $2,000 sign-on bonus for expert HazMat drivers
- Latest technology fuel island
- State of the art inspection bay
- Automatic, environment-friendly truck wash
- Vending and snack areas with showers
- Quiet rooms
- Free Wi-Fi maintenance shop featuring over 32 bays
- Free onsite laundry facility
- Secure personal parking
- TV lounge
- Fitness room
8. PGT Trucking Inc
PGT Trucking is a nationally renowned company with one of the best leasing purchase programs owing to their support all through the deal. A large company, PGT, offers flexible scheduling with plenty of incentives to help you realize your truck ownership goals.
General Outlook
| Benefit | Availability |
|---|---|
| Dental insurance | Yes |
| Medical insurance | Yes |
| Vision insurance | Yes |
| Profit-sharing | Yes |
| Retirement plan | Yes |
| Safety bonus | Yes |
| Paid orientation | Yes |
| Rider program spouse | Yes |
| Rider program child | Yes |
| Pets | Yes |
| Allowable moving violations | 3 |
| Allowable preventable accidents | 3 |
| Hazmat endorsement | No |
| DUI/DWI accepted | Yes |
Driving Job Options
- Dedicated routes close to home
- OTR
- Dry van
- Reefer
Driver Type
- Lease purchase
- Team
- Company driver
- Owner operator
Other Package Benefits
- Health savings account
- Paid time off
- 401K Plan
- No down payment
- Flexible weekly repayments
- Flexible spending account
- Discounted spares and tires
- Fuel cards with up to $0.20 per gallon price-cut
- Flexible freight choices
- Basic dismemberment and accidental death pay
- Rider programs
- Revenue incentive
9. Roadrunner Freight
Roadrunner is one of the leading lease purchase trucking firms in the US with state of the art supply chain technology, $0 money down, as well as low weekly payments.
Main coverage areas
- Nationwide coverage in the USA and Canada
Type of operations
- Intermodal
- Temperature controlled
- Freight including Less-than-Truckload (LTL)
- Dry-van
- Flatbed
- Warehousing
- Dedicated contract
Expected weekly mileage
- Averagely over 2,800 miles per week
Expected earnings
- At least $1,200 / Week + $3,000 annual retention bonus, with a $0.45 CPM
Best incentives
- Sure work schedule
- Steady work
- Weekly time at home
- Detention reimbursement
- Layover compensation
- Weekly payments
- Outstanding referral and safety incentives
- New equipment; the year 2013 or newer
- Paid orientation
- Paid vacation
- Full benefits, including 401K
10. Baylor Trucking
Get one of the best lease purchase programs in the market with Baylor trucking. Qualify for a lease-purchase after 60 days of working with the company. Besides, truckers should be in a stable working condition with exceptional on-time service levels. Begin your lease with a $1,500 down payment. Baylor has excellent payment deductions, making it easier for you to save towards the down payment.
Main coverage areas
- All 48 states, including Ontario, Canada
Type of operations
- Dry-van
- Refrigerated
- Flatbed
Expected mileage
- Consistent miles depending on customer freight
Expected income
- Pay up to $0.55 per mile
Best incentives
- Up to $0.15 CPM Per Diem
- Health insurance, including dental cover
- Paid vacation
- Guaranteed home time
- Retirement plan
- Up to $50-holiday pay
- Late-model equipment
Zero/$0 Down Lease Purchase Trucks
Zero down lease purchase trucks provide an excellent benefit to truck drivers. The offer often targets new truck drivers. In this formula, truck drivers can own their vehicles without putting down money in advance, also called $0 down purchase leases. Some lessors combine the deal with no credit checks to make it easier for truckers who cannot afford to pay cash upfront and with poor credit scores to become truck owners.
Bottom Line
Truck lease purchase programs are an excellent way for company drivers to leap in their careers by becoming owner-operators. In this way, truckers can make extra cash, own the vehicle they drive, get more flexible schedules, and begin individual businesses. Lease purchase trucking companies re-classify drivers as owner operators when they enroll in lease purchase programs.
The new re-classification means instantly making owner-operator money. However, it also means the truck drivers have to incur owner operator expenses, such as truck payments. Truck drivers need to be careful with the deals some carriers are selling. The terms and inconsistent work can sink lease-purchase drivers, no matter how high the CPM for owner-operators might appear. Drivers should scrutinize each deal, to find realistic packages that result in a win-win situation for both parties.
Frequently Asked Questions (FAQ)
Who has the best lease purchase program in the trucking industry?
The best lease purchase program in the trucking industry might depend on your individual needs. However, Schneider offers more opportunities with offices in 44 states and plenty of truck varieties from which you can choose for a lease-purchase agreement.
How to lease my semi-truck to a company?
You can lease your semi-truck to a company as a trucking lease operator. In this way, you become an owner-operator, and the company pays all the expenses for the vehicle, such as maintenance, fuel, fuel tax, and repairs.
Is a leased truck a company asset?
A leased truck is a company asset in an operating lease, where the truck driver does not assume any role in the ownership of the truck. On the other hand, a capital lease often transfers some of the rights of ownership to the lessee.
Can I create a leasing company so I can purchase equipment and lease it from myself?
Leasing allows you to rent equipment that you cannot afford to buy outright. Leasing yourself equipment you already bought might be profitable to your leasing company, but not to you.
Which trucking company has the best lease purchase program?
Different trucking companies have various offers, which might appeal differently to individual truck drivers. Nevertheless, JB Hunt has one of the most rewarding lease purchase programs, with more incentives and benefits to its drivers.
