Is lease purchase trucking on your radar? Consider these key factors
If you or your team have looked into owning a semi-truck, you likely know that professional driving offers a combination of freedom, flexibility and earning potential that few traditional careers can match. But if the financial commitment or other challenges are holding you back, it can take time to achieve your goals.
Lease purchase programs help you get there faster by creating a practical path to truck ownership. Learn how lease purchase works and discover an exclusive opportunity from Panther® and Expediter Services.
Defining lease purchase trucking
A lease-purchase (or lease-to-own) agreement puts you on track to owning a truck. These programs allow a driver to pay for a truck in installments while driving it for the company they’re leasing it from.
As part of your contract, you could also receive:
- Flexible financing options (some with no money down!)
- More favorable rates
- Fuel discounts
- Carrier-paid license plates, permits and fees
- Enrollment in rewards programs
A lease purchase program is different from a lease operator program. With a lease operator program, you don’t need to pay anything upfront for the truck, but you have to return it when the contract ends.
Important factors to consider before you commit
Understanding the details of your agreement will help you plan effectively. Pay particular attention to these four elements.
Truck choice
Lease purchase options aren’t the same across the board. Make, model and age can vary, so check with the carrier or company to see if they have the truck you want. Some offer newer trucks, while others specialize in pre-owned inventory. Although an older truck might be cheaper, you may pay more for maintenance and upgrades. Consider that since your goal is to own the truck at the end of your lease.
Term length
Lease purchase contracts typically span 1-3 years, but some offer lengthier plans that are more economical. However, breaking an agreement before it ends can be complicated, so make every effort up front to find a term length that works best for you.
Monthly payment
One of the first steps is figuring out how much you can afford to pay for a truck each month. Make sure the monthly payment amount and when you’re expected to begin making payments are clearly stated.
Covered costs
As a lease purchase owner-operator, you’re in charge of your business, which means you’re responsible for most expenses. Still, some carriers offer incentives to help offset those costs as part of your lease-purchase agreement. Learn what your contract covers. These incentives might include fuel discounts, license and permit fees, trailer fees and a truck warranty.
Unleash your potential with Panther and Expediter Services
Whether you’re new to the industry or are a seasoned driving team ready to take control of your future, there’s a simpler path to truck ownership. Industry leaders Panther® and Expediter Services (ES) have teamed up to create an exclusive lease purchase program.
Secure a new truck with no money down, no minimum credit requirements, no balloon payment, and flexible financing options. Plus, you’ll gain access to Panther’s nationwide customer network, allowing you to haul premium freight for top pay and build a satisfying career. Apply today!
Note: The actual lease is signed with Expediter Services, Inc.