Also, the vehicle must have proof of the lease on board and the power unit must be marked as well. In addition, the marking must include the carrier’s name and DOT number (must be easily visible from 50 feet away).
4. Lease Purchase Program or Lease To Own
Trucking companies in general have a lease purchase program. This program is allowing them to let their truck driver to lease a truck with intention to buy.
Surprisingly there are many leased owner operators that have started this program. That is so mainly because that way they get to invest their own money in a smart way.
Moreover, this program requires no or little money up front, and don’t have a credit score requirement.
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5. Lease Program
If you want to make monthly payments of a determined amount, then you should take into consideration the lease program.
The lease program is allowing truck drivers to lease a truck from a company or dealership.
6. Important Facts And Figures About Leasing A Truck
- There are leasing programs that do not come by the trucking company;
- As well, there are leased owner operator walk away programs;
- If it happens that you want to buy a truck, then you should take into consideration a credit union or a bank;
- Being a leased owner operator won’t let you take time off like company truck drivers can;
- Always carefully find out the information needed about the trucking company that you will lease on to;
7. Never Lease/Purchase a Truck From a Trucking Company And Haul For Them At The Same Time
The prime reason why you as a leased owner operator should never lease/purchase a truck from a trucking company and haul for them at the same time is because of the ridiculously low percentage that they will offer you to work for them.
