Lease Purchase Programs

Could lease purchase trucking be right for you? Here’s what to know
If you’re a professional truck driver with an entrepreneurial spirit and a desire to take more control over your career, chances are you’ve considered buying your own truck. But because of the cost or other potential limitations, becoming an owner-operator might seem out of reach.

The good news is there’s a path forward with lease purchase. Explore what it is and how it works to decide if a lease purchase program is right for you. Then find out how Panther® and Expediter Services can help get you started on the road to truck ownership.

What is lease purchase trucking?
A lease-purchase (or lease-to-own) agreement is a bridge to owning your own truck. It allows you to work as a company driver (while earning owner-operator pay) for the carrier you’re purchasing the truck from. Unlike lease operators — who pay no money down for their equipment but must return it at the end of the contract — drivers in a lease-purchase program make a down payment on the truck and own it when all the installments are paid.

Why lease purchase can be beneficial
When you lease purchase through a reputable carrier, you operate under their authority, which means they handle the administrative details so you can focus on driving. Some even help you track your hours of service and manage loads!

Other advantages may include:

Access to new equipment
More favorable rates
Multiple financing options
Carrier-paid license plates, permits and fees
Fuel discounts
Rewards programs
Factors to keep in mind before you sign
Entering into a lease purchase agreement is a serious investment that shouldn’t be taken lightly. Clearly understanding the details of your commitment — especially the following four elements — will help you know what to expect so you can plan accordingly.

Truck choice
Options like make, model and age depend on what’s available from the carrier or company you’re leasing from, so make sure they have what you want. Some offer new trucks, while others deal in used inventory. While an older truck should cost less, you may pay more for maintenance and upgrades. Consider that since your goal is to own the truck at the end of the lease.

Term length
While lease purchase agreements commonly run for 1-3 years, some offer extended arrangements that are more cost-effective. What if you sign a contract and decide to terminate it early? Breaking an agreement before the term expires is often complicated, which makes finding a comfortable term length even more critical.

Monthly payment
Determining how much you can afford to pay for a truck each month is one of the first and most essential steps in finding a suitable lease purchase agreement. Make sure the monthly payment amount is clearly stated, as well as when you’re expected to begin making payments.

Covered costs
As a lease purchase owner-operator, you run your own business, which means you are responsible for most of the expenses. Still, some carriers offer incentives to help offset those costs as part of your lease purchase agreement. Find out what is covered in your contract. These incentives might include a truck warranty, fuel discounts, license and permit fees, cargo insurance, and trailer fees.

Take control of your career with confidence
As you grow professionally, it’s easy to forget that you entered this industry because you enjoy driving. Lease purchase gives you the freedom to pursue your passion while getting all the support you need as you work toward owning a truck. Plus, you get to be your own boss!

Hello there! I can relate to your situation as I have faced a similar problem in the past. In my opinion, lease purchase programs offer a unique solution for acquiring goods and services that may be difficult to obtain otherwise. This type of arrangement involves leasing a product or service for a specific period of time, with the option to buy it at the end of the term. This allows individuals or businesses to access products and services that they may not have been able to afford initially. I wish you the best of luck in finding the lease purchase program that suits your needs.

Good afternoon. I prefer the lease purchase program because of the access to expensive items or equipment without the need for a significant upfront investment. This allows me to spread costs over a longer period of time and manage my finances effectively.

Last year, for the first time, I used a lease from Hyundai Motor Finance to buy a new car. The process was simple and transparent, and the terms of the offer turned out to be very profitable. I liked the flexible approach to leasing conditions and the friendly attitude towards customers. Watching hyundai motor finance reviews confirmed that I am not alone in my admiration for this type of financing. Leasing from Hyundai Motor Finance turned out to be an excellent choice for me. Now I know that this is a reliable and profitable solution for buying a car.