For the driver who dreams of owning his or her own business, becoming an independent contractor can pave the way to higher earnings, greater flexibility and more control over your career.
But what if you don’t yet have the money or credit to purchase a semi truck? If that is your situation, leasing a semi truck can help you start making money now, as opposed to later.
And lease purchase trucking gives you the best of both worlds — you get to lease a quality new or used truck while starting your business, and the option to buy the truck at the end of the lease.
Let’s take a closer look at the benefits of lease purchase truck driving and how you can take advantage of this opportunity.
What Are the Benefits of Lease Purchase Trucking?
You can make more money when you make the move from company driver to independent contractor. Prime Inc. offers industry-leading pay of 72% of the freight bill for reefer or flatbed contractors, and 71% for tanker drivers.
In addition to the higher earnings, Prime’s lease purchase program includes other important benefits that help the driver succeed:
- Financing. Semi trucks are expensive. That’s why Success Leasing helps Prime Certified Drivers get into a quality tractor for no money down and no credit check. What better way to launch your business than with a state-of-the-art semi truck with advanced technology, paired with a modern refrigerated, tanker or flatbed trailer? In addition, Success drivers get a $300 bonus upon completing the first dispatch.
- Flexibility. As a company driver, you’re on someone else’s schedule. A lease purchase arrangement gives you greater say in what loads you run and when.
- Company support. At Prime, the lease purchase driver qualifies for a number of benefits, such as breakdown pay under the vehicle’s OEM warranty, an optional emergency fund to be used as a tire repair and replacement reserve fund.
How Does a Lease Purchase Agreement Work?
If you’re a Prime Certified Driver, you can participate in our lease purchase program with no money down and no credit check through Success Leasing.
Your lease purchase contract lets you choose a new or used truck, with the option to walk away or purchase the vehicle outright at the end of your term.
- You may lease a new truck for 3-4 years, with a repair and tire replacement reserve of 1 cent per authorized dispatched mile.
- A used truck may be leased for a maximum of 2 years, with a repair and tire replacement reserve of 7 cents per mile.
- The unused portion of your repair and tire replacement reserve is refunded at the end of the lease purchase agreement.
Lease purchase drivers are also eligible for a number of other benefits:
- Breakdown pay under OEM warranty
- Loaner truck program – reduced rate based on availability
- Optional emergency fund
- Purchase option amortizes weekly with lease payments
- May finance a new or used APU in purchase price of truck and consolidate to one low weekly payment
Lease drivers are also responsible for the following costs:
- Weekly lease payments
- Mileage fees
- Tire fees
- Excess mileage fees