13 Best Lease Purchase Trucking Companies In 2022

Starting your own trucking business is not easy. You will need to have enough money to afford a truck. The latest semi-trucks are so expensive that it feels impossible to achieve this goal when working with a budget.

That’s where lease-purchase trucking companies come in handy. They offer various lease purchase programs that could make it easier to own a truck and start your own business and make more money. When you enroll with such a company, you are immediately reclassified as an owner-operator.

What is the lease purchase program, and how does it work? 

A lease purchase program lets you rent a vehicle for a specific time period, which is usually between two and five years. When the lease period ends, you can either return the vehicle or buy it for a fixed price.

The price of the vehicle (as well as terms and conditions) are determined at the beginning of the lease contract. So, you should carefully read and understand the contract before signing. If there are too many technical terms, ask a lawyer to review the contract for you.

The agreement includes all the necessary details like the amount you need to pay monthly, who should be responsible for maintenance, and what will be the ‘damages’ if any party breaches the contract.

Most companies offer three types of lease —

  • Lease operator: This is like a rental contract where you need to return the truck to the company at the end of the lease.
  • Leased owner-operator: In this agreement, you have to make a down payment anywhere ranging from $10,000 to $20,000. Then you pay a fixed amount per month for a specific period. At the end of the contract, you own the truck.
  • Independent owner-operator: This agreement gives you the flexibility to install accessories from a third party instead of from a carrier. In other words, you can lease to own a truck and customize it the way you like.

This business model has gained significant popularity in the recent decade. Today, we have hundreds of firms that lease trucks at attractive prices. In fact, many of them require zero down payment.

To help you make an informed decision, we have mentioned some of the best lease purchase trucking companies in this highly competitive market.

9. PGT Trucking

Area served: United States
Headquarters: Aliquippa, Pennsylvania

Pay: Based on percentage (not mileage)

Founded in 1981, PGT has grown to be a state-of-the-art flatbed trucking corporation. It serves building materials, raw materials, oil and gas, machinery, aluminum, steel, and automotive industries.

Their lease purchase program has flexible financing options (most of the plans require zero down payment). Once you join a program, you will be assigned a fleet manager who will help you at every phase, from selecting a vehicle to signing a suitable lease term.

To ease the burden, the company doesn’t charge you anything for the first month. Plus, they provide a free trailer rental for the first month.

Benefits

  • No down payment, no balloon payment
  • Discounted prices on truck parts and tires
  • Great plans to own your trick within 3 years
  • Roadside safely incentives
  • Offers a driver referral bonus

As for the pay, PGT uses the percentage-based model instead of the mileage-based model. On average, drivers make 25% of the line haul revenue. This means you make more money when your carrier makes more money.

The company is quite transparent about its payment system. They will tell you how much you will be paid for the assignment before you pick up the load.

8. Nova Lines

Area served: United States
Headquarters: Bridgeview, Illinois

Earnings: 2,500 weekly miles driven earn $5,700

Nova Lines provides a wide range of top-of-the-line trucks and driver-friendly lease terms. There are several lease plans, so you can choose one that perfectly fits your needs.

In addition to providing a new vehicle on lease, the company also offers a steady workflow to ensure you get paid every week. Plus, it allows you to choose your own routes and distances. This means you can decide whether you want to return home every week or prefer to keep working for up to 4 weeks in a row. You get complete control of your trucking business.

Their agreements are transparent and quite easy to understand. Depending on the vehicle’s life and your requirements, the lease terms can last from 4 to 7 years. This is enough time to pay out your lease while making a decent profit.

Benefits

  • Flexible lease contracts
  • All trucks come with an extended warranty
  • Buyout the truck for $1 at the end of the lease
  • Competitive, weekly pay option
  • 24/7 roadside assistance

Most of their fleet contains 2018-present Freightliner Cascadia vehicles, which deliver a perfect balance of performance and price. These vehicles are equipped with a ParkSmart HVAC system that takes care of the driver’s comfort, even when the truck engine is off.

Furthermore, all trucks have an automatic transmission and 65 MPH cruise for better convenience. However, if you want more control, they can provide trucks with a manual transmission as well.

7. KSM Carrier Group

Area served: United States
Headquarters: Griffith, Indiana

Rent: $1,300 (fixed cost)

KSM Carrier Group is a family-owned transportation business that focuses on dry van and temperature-controlled freight. They offer rewarding pay to all their drivers. The company’s drivers receive guaranteed pay while lease purchase drivers and owner operators enjoy an industry-leading percentage pay.

KSM provides several maintenance plans to drivers, so they don’t need to go to third-party service centers. It also continuously monitors the transportation industry for new technology that could make drivers’ lives a little bit easier on the road.

In their lease rental programs, they provide the latest truck models, including Peterbilts 579 and KW T680. If the truck breaks down in the middle of the road, they will repair it within 8 hours or send a replacement vehicle.

Benefits

  • Rewarding pay and benefits
  • New trucks and trailers for rent
  • Focuses on truck equipment and technology
  • Offers premium discounts for parts and services

The company charges a fixed cost every month until your lease is over. The amount includes truck payment, full maintenance, cargo and liability insurance, and occupational accident insurance. Variable costs include fuel and toll charges. 

6. Ryder

Area served: North America, United Kingdom
Headquarters: Miami, Florida

Rent: varies from $40 per day for box trucks to $90 per day for straight trucks

Ryder is popular for its fleet of commercial rental trucks. It manages more than 250,000 commercial vehicles and operates over 300 warehouses encompassing 55 million square feet.

The company provides full-service leasing, rental, and maintenance, as well as sales of used vehicles. It has more than 37,000 rental vehicles across all classes to select from, including vans, tractors, trucks, reefers, and trailers.

You can rent trucks from 425+ locations at preferred rates. Once you sign an agreement, they assign a dedicated manager to focus on your needs. 

Benefits

  • 20-minute pickup and drop-off guarantee
  • Preferred rates on rentals and fuel discounts
  • RyderGyde app to find fuel locations, log fuel receipts, and more
  • Offers the largest selection of semi-trailer and refrigerated trailer rentals
  • 24/7 emergency roadside assistance

Although Ryder is a large company with annual revenue of more than $9 billion, they do not accommodate customers who need one-way truck rentals. You have to return their trucks to the original pickup location. This could be a deal breaker for drivers who prefer long-distance, one-way moves.

5. Schneider

Area served: North America, Central America, China
Headquarters: Green Bay, Wisconsin

Rent: varies from $1,500 to $2,500 per month (based on the vehicle)

Schneider is a premier provider of trucking and logistics services. It handles 20,000+ loads per day, with 12,000+ company drivers, 9,000+ company trucks, and 36,000+ trailers on the road.

The company handles more than 200 facilities, conducting businesses in the United States, Mexico, Canada, and China. Their customers include over 65% of the Fortune 500 companies. Since they have to work with thousands of drivers, they regularly launch new programs to provide owner-operators with more load options and business opportunities.

As of now, they have three main programs:

  • All-in revenue program: Under this lease program, the owner-operator doesn’t have to calculate fuel surcharge or accessorials. Everything is included in ‘all-in’ rates.
  • Percent-revenue program: The owner-operators receive 65% of linehaul revenue. They also get fuel 100% of the surcharge and accessorials for each load.
  • Solo van truckload revenue: The top 25% of solo van drivers earn an average of $290,000 a year, while the owner-operator fleet average is $210,000 per annum (depending on lease type).

Customers who choose the ‘all-in revenue lease program’ get exclusive access to a wide range of loads, including spot freight, surge freight, and dedicated loads. It totally depends on customers — the load they select, the schedule they run, and how often they get home. The company doesn’t force you to choose specific routes or long-week shifts.

Benefits

  • Ship any distance in North America
  • Attractive truck financing options
  • Discounts on truck maintenance and tire chains
  • Free roadside assistance

You also get attractive fuel discounts and tools that significantly reduce costs at the pump. In general, you can save about $3,500 for every 100,000 miles your truck travels.

4. CRST The Transportation Solution

Area served: United States
Headquarters: Cedar Rapids, Iowa

Earnings: 70% of revenue plus fuel surcharge

CRST is a privately held firm with a current fleet of 4,500+ trucks and annual revenues of over $1.5 billion. It provides a wide range of transportation and logistics solutions, including dedicated, flatbed, expedited, and last-mile services.

Experienced drivers can join their lease purchase program and work towards owning the latest model truck and generating decent profits. Once you sign a contract, you can leverage the company’s shops, tools, and optional benefit programs.

Benefits

  • Low payments
  • Doesn’t require a credit check
  • Up to $10,000 sign-on bonus available
  • Bumper-to-bumper maintenance and repairs
  • No forced dispatch; select your home time
  • Walk-away leases

There are a lot of freight options for both solo drivers and teams. You can choose the route and earn as per your convenience. Their lease purchase drivers earn an average of $215,000 per annum, while the top 10% of owner-operators earn $350,000 per year.

Unlike most other lease purchase firms, CRST doesn’t run a credit check and requires zero down payment. However, you do need to have a valid CDL-A license and at least six months of OTR experience.

The company has started offering one-week flatbed training. And the best thing is you don’t need any experience to enroll in this flatbed securement certification course.

As per the official website, flatbed contractors can earn up to $325,000 per annum.

3. PAM Transport

Area served: United States, Mexico
Headquarters: Tontitown, Arkansas

Rent: Starts at $380 a week for solo drivers

With a humble beginning in 1980, PAM now boasts 2000+ trucks, 6,000+ trailers, and over 2,500 drivers. Most of its trucks are Freightliner, Peterbilt, and International tractors with an average age of 1.5 years. All trucks include standard industry equipment such as air-ride cabs, electronic logs on all units, Qualcommsatellite equipment, in-cabin email service, and routing and directional software program.

The company offers various truck options and lease-to-own opportunities. You can select from hundreds of fully loaded trucks; the cheaper ones (2018 models) start at $380 a week for solo drivers. Team owner operators can lease these trucks at $680 per week.

Plus, there is an option to purchase the (2018 model) truck at the end of two years for $12,500. The newer models, such as 2019 Cascadias and 2019 and 2020 Peterbilts, are available at slightly higher prices.

Benefits

  • Low-cost leasing options with zero down payment
  • New truck models are available for lease
  • Option to buy in two years only
  • Experienced drivers can earn more (about $.10 CPM) by mentoring new drivers

PAM also offers a CDL training program for enter-level drivers. The company sponsors the upfront training costs and provides entry-level jobs to drivers once they complete the training. So far, they have introduced more than 15,000 new drivers to the trucking industry.

2. JB Hunt Transport Services

Area served: United States, Canada, Mexico
Headquarters: Lowell, Arkansas

Lease purchase price: Starts at $400 a week for three years with no balloon payment at the end

JB Hunt employs more than 29,000 people and operates 13,000+ trucks, generating an annual revenue of $10 billion. Its fleet contains over 100,000 trailers and containers.

The company offers various lease purchase programs, each having its own credit qualification and down payment requirements. You can enroll in any specific program as per your needs and earn weekly.

As an owner-operator, you can choose from two compensation plans: percentage-based and mileage-based plans. Under percentage-based compensation, you are paid a percentage of the revenue for each load hauled plus 100 percent fuel surcharges. With mileage-based payment terms, on the other hand, you are paid a specific amount of cents per mile for each load hauled.

Benefits

  • No forced dispatch
  • Discount on fuel, insurance rates, and maintenance services
  • Compensation plans to fit your business needs
  • Receive incentive payments for referring owner operators or company drivers
  • Truckload contractors can use the official app to book their own freight

As soon as you sign the contract with JB Hunt, you can access special discounts on fuel prices, tires, and maintenance charges through their numerous vendors. For example, you get a 35% discount on Goodyear tires and $0.50 per gallon off the diesel pump price. Though fuel discounts can vary based on location and market conditions.

1. Swift Transportation

Area served: United States, Canada, Mexico
Headquarters: Phoenix, Arizona

Earning: Lease operators make an average of $80,000 a year

With over 23,500 trucks and 48,000 trailers, Swift Transportation is the largest common carrier in the United States. They offer many freight options ranging from refrigerated and dry vans to intermodal and flatbed trucks.

The company takes care of your work-life balance. It allows you to run solo or team, set your own hours, and accept only the loads you want.

Benefits

  • Numerous freight options
  • Productivity bonuses and referral programs
  • Toll reimbursement and detention pay
  • Cheaper insurance premiums

When you sign a lease agreement with Swift, you will be supported by their all shop locations and terminals, as well as their extensive trailer network. You can leverage their massive business resources and utilize online business management tools and medical and legal protection plans.

The company regularly updates its truck technology and in-cab equipment. In 2021, they introduced the Zoner Tablet, which helps drivers perform their everyday tasks with ease. For example, it makes it easier to document pre- and post-trip inspections, submit documentation without setbacks, and view assigned loads on-demand.

They have also developed an advanced safety system called SmartDrive. It’s an automated video-based safety tool that records audio and video, reads roadway signage, and assigns drivers a Safety Score.

Overall, Swift provides a comprehensive benefits package and supplemental pay options that you can choose to participate in on an as-needed basis.

Other Equally Good Lease Purchase Trucking Firms

10. Riverside Transport

Area served: United States
Headquarters: Kansas City, Kansas

Rent: $738 per week or $.30 per mile (for 2022 truck models)

Riverside Transport employs 1,100 people and operates more than 900 tractors and 4,200 trailers. All late model tractors are equipped with driver communication devices, sleepers, and low-profile rubber with the ability to haul 45,000 or more in cargo. Specialized services include double floored trailers, flatbeds, dedicated fleets, and on-site coverage.

Their lease purchase program gives you full truck ownership on the horizon. They offer competitive pay and expended dispatch support staff to assist you when needed.

Benefits

  • No credit check
  • No down payment
  • Zero trailer fees
  • Complete-service maintenance program
  • No forced dispatch

There are plenty of payment options; select any of one of them as per your convenience and business needs. For example, you can choose a fixed rate weekly or pay only for the miles you drive. You can use their online lease calculator to estimate weekly revenue and profits based on these two payment plans. 

11. Prime Inc.

Area served: United States
Headquarters: Springfield, Missouri

Rent: Starts at $980 per week for two years old truck models

Prime Inc. is one of the most successful flatbed, refrigerated, and intermodal freight carriers. It has various models available for lease purchase. All are fully customizable and equipped with the latest safety technology, along with a 1500-watt inverter and auxiliary power unit.

With the standard lease, you don’t require money to get started. There will be a fixed cost of about $100 per week, which you will incur to your truck. This includes permits and truck-related expenses. At the end of the term, you need to return the truck to the company.

Benefits

  • Fully customizable trucks
  • Incentive pay on completion of lease
  • Receive discounts at thousands of fuel stops and repair locations
  • The Android and iOS app keeps you connected and informed

Independent contractors in the Tanker division earn 71% of the linehaul, while contractors in the Flatbed and Refrigerated divisions make 72% of the linehaul. Plus, there are additional leasing incentives that significantly increase earning potential. Once your three or four-year lease is complete, you get a lease completion incentive of 5.25 cents for all dispatched miles.

12. WEL Companies

Area served: United States
Headquarters: S Broadway, Colorado

Earnings: 70% of the gross revenue plus 86% of gross fuel surcharge

WEL Companies is a family-owned business running over 500 trucks and 800 trailers. They have an attractive lease program that allows you to manage your business with the flexibility you need. You can lease late models of Peterbilt and Kenworth tractors at reasonable weekly installments.

Benefits

  • No hidden fees
  • Cheap maintenance plans
  • Cash settlement on all dispatched miles at the end of the agreement
  • Loyalty rewards program

When you sign a contract with WEL Companies, you instantly get access to their incredible support and vast resources. Their team will help you with logistical options, billings, and negotiated discounts.

The company also provides 24/7 roadside assistance and option group benefits through Universal Trucking Benefits Association (UTBA) with Settlement Deduct.

13. Penske Truck Leasing

Area served: North America, South America, Europe, Australia, and Asia
Headquarters: Reading, Pennsylvania

Rent: Leasing a box truck would cost $1,000 per month

Penske Truck Leasing is a joint venture of Penske Automotive Group, Penske Corporation, and Mitsui & Co. It provides full-service commercial truck leasing, used truck sales, and truck rentals and maintenance.

The company has a fleet of 300,000+ vehicles and operates in over 3,200 locations across the world, generating an annual [consolidated] revenue of more than $32 billion.

It not only leases you trucks but also analyzes your transportation needs and ensures you have the right vehicle and tools to meet your goals. It offers attractive lease financing options to free up capital you can put back into your business.

Benefits

  • Comprehensive maintenance services
  • Quick access to hundreds of rental trucks
  • 24/7 roadside assistance
  • Helps you with licensing, registration, and permitting

If you have an old commercial truck, you can sell it to the company and lease the latest model. No matter how old your truck is, Penske will buy it at a reasonable price.

Penske also takes care of the maintenance every time your vehicle comes in for its scheduled preventive maintenance. They handle all the paperwork, meaning less hassle for you and your drivers.

More to Know

Things to consider before leasing a truck

While payment options and terms and conditions vary from company to company, there are a few common factors that you must consider before leasing a truck.

  • Contract terms: Make sure the company is not tying you into a rigid contract
  • Fleet choices: Go for modern trucks with the latest safety technology
  • Hidden fees: Check if there are any hidden fees, such as insurance premium costs or accidental damages. Also, verify the balloon payment (if there is any) or early pay-off penalty.
  • Maintenance and service: The contract should clearly state who will be responsible for maintenance and scheduled services.
  • Additional discountsCheck whether the company offers any additional discounts on fuel charges or accessories.
Benefits of lease-purchase trucking

In most cases, leasing is a better option (instead of owing a commercial truck) because it —

  • Eliminates hidden costs of purchasing: You don’t have to pay towing, taxes, licensing, and overhead, among other hard costs.
  • Reduces the cost of repair and maintenance: a full-service lease covers both expenses at predictable monthly costs
  • Improves cash flow: Since you don’t have to pay the high upfront costs, you can easily maintain a steady cash-flow profile.
  • Eases hassles: Renting or leasing a truck could save you potential compliance issues and time lost to breakdowns. This way, you can better focus on your business model.
  • Keeps a fleet up-to-date: Since automotive technology is changing rapidly, vehicles are becoming obsolete faster. With leases, you have shorter trade cycles and plenty of options to upgrade to new technology sooner than if you’ve owned a truck.
How much can you make as a lease purchase trucker?

In the United States, the average pay for lease purchase drivers is about $111,300 per year or $54 per hour. According to ZipRecruiter, a typical driver can make as high as $190,000 per annum or as low as $30,000 per annum. The highest paying cities are New York City, followed by San Mateo, Boston, Daly City, and Berkeley.

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Written by
Varun Kumar

Varun Kumar is a professional science and technology journalist and a big fan of AI, machines, and space exploration. He received a Master's degree in computer science from GGSIPU University. To find out about his latest projects, feel free to directly email him at [email protected] 

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