Lease Purchasing Trucking Job
What is a Lease Purchase Truck Driving Job?
Whether you have been in the truck driving industry for years or you’re just starting your truck driving journey, you’ve likely considered the benefits of truck ownership. As a truck owner, you may be able to keep more of your pay, drive a truck that best suits your needs, and become self-employed when you feel ready for that stage of your career.
Of course, unless you have significant savings already, paying for a truck upfront may not be an option for you. If you’re willing to take an alternate route to truck ownership, you may wish to look into lease purchasing trucking jobs.
When you start a lease purchasing job, you and your employer set the terms of your agreement. Typically, you agree to pay a certain amount for a truck at a specified interest rate. Your company may charge you a weekly or monthly payment to put towards your lease payments.
Until you pay off the truck, your company may keep part of your customer payments and continue charging interest. This allows you to earn money while still putting money towards the purchase of your truck. As you complete your lease agreement, you must ensure that you account for your weekly or monthly payments in your budget. This may require you to adjust the amount of miles you drive per week to meet your obligations.
Ready to Start your Lease Purchase Job?
Once you complete your lease purchase agreement and you own your truck outright, you can decide what you want to do with your trucking career. You may choose to stay with the company that originally gave you the lease agreements, particularly if you like the routes you drive and the number of miles you get. However, since your truck is paid off, you may notice an instant pay bump. Others decide to take their paid-off truck and start a career as an owner operator. As you approach the end of your lease agreement, you can look at your options and decide which is best for your career.
Lease purchasing trucking jobs may be local, regional, or over the road, depending on what your employer has available. A lease agreement may be a two year commitment or more, so make sure you like the type of job you are signing on for. The daily tasks of a lease trucking job are the same as other trucking jobs. In addition to driving, loading, and unloading, you may have to make time for repairs and other duties that come with truck ownership.
You may enjoy a solid job outlook as a truck driver. Through the year 2022, O*Net hopes to see a 4% increase in light trucking jobs and an 11% increase in tractor-trailer jobs. Respectively, light truck drivers and heavy truck drivers earn average salaries of $29,170 and $38,700 per year, although your salary may vary based on the terms of your lease (O*Net, 2013).
A lease purchase job may be a great way for you to realize your dream of truck ownership. Learn more by taking a look at our lease purchasing job openings.