Lease purchase programs are becoming more and more popular amongst truck drivers.
What is a lease purchase program? Moreover, how does the lease purchase program works?
Well, most successful trucking companies nowadays have started implementing this type of programs, which in fact is a combination of elements of a traditional rental agreement and the right to later on purchase the truck.
The lease purchase contract is way too different from the regular lease.
In general, the lease purchase contract can be structured in two parts.
The first part represents the lease term, whereas the second one represents the contract of the sale.
Thereupon, what makes the lease purchase programs so attractive to truck drivers, especially to rookie truck drivers, is the fact that at the end of the lease term, the truck driver will have the option to purchase the truck.
Hence, the lease purchase contract might include a fee as well a monthly payment.
So, if you are looking forward to buy a truck, I would suggest you to take the lease purchase program into consideration first.
Further in this article you will have the chance to read all important details about the lease purchase program, as well as which the 10 best Lease Purchase Trucking companies in the USA are.
Let’s take a look!
How A Lease Purchase Program Works
You are not familiar with the lease purchase program that trucking companies are offering?
Well, you will not have to worry about it anymore, because in this sub-heading I will reveal you how the lease purchase program works.
In general, if you are looking forward to buy a truck, you should know that the lease purchase program can relatively lower your upfront costs, and by that lower the monthly truck payments.
Thereupon, once a truck driver signs this type of contract he will have the chance and the right at the end of the contract to purchase the truck.
As well there is the option to return the truck to the company that you have leased the truck from.
So, the most common lease purchase contract are being formed for a term between two and four years.
Moreover, truck drivers should be as well informed about the fact that the residual value of a leased vehicle is being determined at the very beginning, when one is signing the lease purchase contract.
Yet, although truck drivers find this type of contracts highly attractive, still, they should gather as much information as they can in order to take their advantage when signing a contract with a lease purchase trucking company.
Types Of Lease
The lease purchase program comes in few types.
When one is signing a lease purchase contract with a lease purchase trucking company he/she will have the choice between a capital lease and an operating lease.
The capital lease is the type of lease that includes the liability as well as the asset for the lessee.
On the other hand, the operating lease includes expenses that are kept off of the books. With this type of lease the truck driver assumes no role in the ownership of the truck.
Truck drivers should take into consideration both typed of lease.
How Can Truck Drivers Purchase Their Leased Vehicle
Once the lease purchase contract comes to an end, the person who has signed this contract will have the opportunity to purchase the truck from the lease purchase trucking company, or to simply return the truck to the trucking company.
Still, this decision is no simple.
Except in the situation when the truck driver who has leased the truck is satisfied with the performance of the truck and wants to keep it.
Truck drivers who will want to purchase the truck at the end of the lease purchase contract should have accurate pricing information so that they will be in the situation to make an appropriate offer to the lease purchase trucking company.
Later on, you should not be surprised if the lease purchase trucking company declines your offer.
It might be due to the fact that you have set a price which is lower than the one that they have determined that their truck is worth for.
Nevertheless, you should try to make the lease purchase trucking company an offer and save more money.
Lease Purchase Programs for Commercial Vehicles
Lease purchase programs are ideal both for truck drivers who want to purchase an affordable truck, as well as for businesses that need more commercial vehicles.
The best lease purchase trucking companies in the USA are usually leasing in volumes.
Moreover, the ones who want to take the advantage of the lease purchase programs should make an informed decision with whom they are working with for the commercial lease.
If you make an informed decision, you might find yourself in a beneficial situation where the lease of the truck will come with no mileage restrictions, a high residual value, as well as no wear and tear conditions.
Which means that some commercial vehicle lease companies can allow you to install additional equipment on the truck during the lease period, as well as to paint it or put decals without penalty.
Hence, lease purchase programs for commercial vehicles should have a set value at the start of the lease.
1. JB Hunt
JB Hunt besides being one of the leasing trucking companies in the USA, it has as well become one of the 10 best lease purchase trucking companies.
This trucking company is part of the trucking industry for a long period of time, which straight proportionally means that they know the interests of truck drivers, as well they are well aware what can attract more and more truck drivers to join the trucking industry in this time when the trucking industry is in lack of truck drivers.
The plan that JB Hunt has set for their lease purchase program includes:
- Performance percentage plan;
- Basic percentage plan;
- Basic mileage plan;
- Performance mileage plan;
Nevertheless, JB Hunt as one of the best lease purchase trucking companies in the USA is offering several lease purchase program plans that can help truckers to reap the maximum benefits out of it.
Hence, the lease purchase program cam make truck drivers’ dreams become true.
Moreover, truck drivers or businesses in need of trucks, should know that this lease purchase trucking company is offering:
- Flexible weekly repayments;
- Simple terms;
- Incentives that can get you started without any upfront costs;
Still, JB Hunt can put aside the long credit checks and approval processes for their lessees. So, you can see why it became one of the best lease purchase trucking companies in the USA.
Moreover, the lease purchase program that this trucking company has designed can help truck drivers to save as much money as they have, while at the same time maximizing their profit.
2. PGT Trucking
When speaking about the best lease purchase trucking companies in the USA, I cannot miss PGT Trucking.
This trucking company is as well offering one of the best leasing purchase programs. What makes their lease purchase programs so special, is the support that this trucking company will provide you throughout the duration of the lease purchase contract.
Here are the benefits that PGT’s lease purchase program can bring you:
- No down payment;
- Drivers can get discounts in spare parts and tires;
- Flexible freight choices;
- Health care;
- Fuel cards;
- Trip advances;
- Rider programs;
- Revenue incentives;
- Fuel discounts;
In addition, PGT Trucking as one of the best lease purchase trucking companies in the USA will provide you few incentives that will help you success in making your career as a trucker great. As well, you will receive flexible scheduling.
Nevertheless, the main point of the lease purchase contract are the truck drivers.
3. Gordon Trucking
Gordon Trucking is offering: equipment specifications, fuel efficiency, decal allowance, air ride suspensions, aluminum’s wheels, jake brakes, air slide wheels. All that makes it be one of the best lease purchase trucking companies in the USA.
The lease purchase program that this trucking company is offering can enable truck drivers to become more successful than before.
Moreover, Gordon Trucking with their lease purchase program can offer you the opportunity to build a strong business equity.
Thereupon, as one of the best lease purchase trucking companies, Gordon Trucking is as well offering finance package.
4. Baylor Trucking
Baylor Trucking is one of the best lease purchase trucking companies in the USA.
Yet, this lease purchase trucking company has a bit stricter lease purchase program than other lease purchase trucking companies in the USA. In order for you to start a lease purchase contract with Baylor Trucking, first you will have to work with them for at least 60 days.
Once they determine that you are a stable truck driver, showing excellent on-time and safe service levels, then you will be allowed to enter in their lease purchase program.
Nevertheless, Baylor Trucking as one of the best lease purchase trucking companies is expecting from their lessees to start down with a payment of $1.500.
Their payroll deductions still can make it easier for you.
Wil-Trans although being a small business, it is still ranked as one of the best lease purchase trucking companies in the USA.
Moreover, the lease purchase program that this trucking company is offering is considered to be one of the best in the industry.
They are offering benefits that mayor industry players are not in the situation to offer.
Yet, Wil-Trans has designed the lease purchase program especially for truck drivers who want to improve their truck driving career.
Also, this trucking company can help you choose the truck that you want.
On the other hand, the lease purchase program that WIl-Trans is offering include low mileage trucks which are fuel efficient and budget friendly.
6. Penske Trucking
Penske Trucking knows that by leasing they will allow many truck drivers and fleet operators to obtain trucks and trailers without any upfront costs, or credit constraints of ownership.
Moreover, here are just few of the benefits that the lease purchase program from Penske Trucking can bring you:
- Leasing can remove the hidden costs of buying;
- Leasing can help you improve the focus on your business model;
- Leasing will keep your truck up-to-date;
Later on, Penske Trucking can definitely show you the difference of the cost of leasing with chance of purchasing and the costs that direct truck purchase can bring to your business.
Ryder is a trucking company built on trust. As such it has achieved enormous success. Besides becoming one of the best trucking companies it has at the same time become one of the leading lease purchase trucking companies in the USA.
Moreover, this company is well known among truck drivers, by the innovative approach and the most durable trucks.
The lease purchase program that this trucking company is offering differs in a large scale from the lease purchase programs other trucking companies are offering. In a positive manner of course.
Actually, Ryder has introduced in 2015 the first ever female-friendly vehicle package for lease. The female-friendly vehicle package for lease includes 15 unique specifications to better meet the needs of female truck drivers.
So, remember that Ryder has the most flexible leasing and maintenance solutions in the industry.
8. Celadon Trucking
Celadon Trucking is one of the largest and most progressive transportation companies.
This year Celadon achieved a ranking among the 10 best lease purchase trucking companies in the USA.
Moreover, if you decide to enter their lease purchase program, then you should know that this trucking company has the newest trucks equipped with the newest equipment and technology gadgets.
Yet, Celadon Trucking has international resources which are strategically located within the US, Canada and Mexico- which gives a great help to their lessees.
Thereupon, before you make the final decision, you should have in mind that Celadon has always recognized the powerful role that technology can play.
9. Bay and Bay Transportation
Bay and Bay Transportation is a trucking company with a clear mission- to attract and to retain customers by providing safe, quality and consistent transportation solutions.
In fact, Bay and Bay Transportation is one of the best lease purchase trucking companies in the USA.
With the lease purchase trucking company you will get on the road to success.
Bay and Bay Transportation is offering the following benefits:
- No money down;
- Sign and Drivel
- Late model equipment;
- Maintenance account for repairs;
- Discounts on fuel purchases;
- Previous owner operators on staff to assist you;
So, as you can see, this best lease purchase trucking company has a clear understanding of what it takes to be successful.
10. GDS Express
GDS Express is a family-owned trucking company, as such, since the very beginning it has respected real values.
By respecting real values and by appreciating truck drivers, especially rookie truck drivers GDS Express has implemented a lease purchase program and has become one of the best lease purchase trucking companies in the USA.
Thereupon, GDS Express has proudly celebrated 25 years in the trucking industry.
To enumerate, as stated in the article, lease purchase programs are very beneficial for new truck drivers, as well as for experienced truck drivers who want to start a trucking business.
This type of programs in the USA are being provided by many trucking companies, but according to few surveys performed the 10 that I have listed in this article are the best ones.
So, if you are planning to start a lease purchase program, take care to make an informed decision.
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