Trucking companies are now offering purchase programs to own a truck; this is a significant advantage for truck drivers.
Most of the student drivers are the ones that are targeted for this option. This offers the driver to get into a truck without a down payment and without a credit check; all this can be extremely tempting for any driver.
A lot of drivers benefit from these programs. This is why many drivers jumped into this without a thought and didn’t have a good plan. As a result, they lost the money that they put into the truck and some of the leasing payments, not to mention the time they put into it.
Leasing a truck
Like any lease-purchase arrangement of a truck company, they will require you to work for them. The trucking company may not want you to own the truck, and they will just reduce the number of loads you are currently running for them. Because you are on a lease program for the company, you are not allowed to drive for another company.
If your budget was based on the current load you are hauling for them on a weekly term then you will not have the income to come up with the lease payment.
New or used truck
Something else to think about is the quality of the truck you are leasing from them. Is it brand new and will it be under some kind of warranty? When it comes to a used truck, you could dump a bunch of money into it for repairs before you drive it off the truck lot; this will hurt your pocket really fast.
A lot of trucking companies will not allow you to pick the truck. They will place you into the truck they want to. Once you have signed that agreement, they will throw you into a truck of their choice. Even if the truck is there it could be in another state, and you will have to be the one to go and get it.
When it comes to a lease option to buy program, make sure you go with a good company that has a good reputation about the lease program. You can talk to people that have gone through the lease option before. You can read the Status Transportation Reviews. They have a great reputation for the lease program.