If you’re considering becoming an owner-operator in the trucking industry, one option to consider is a walkaway lease purchase. A walkaway lease purchase allows drivers to lease a truck for a set period, with the option to purchase the truck at the end of the lease term or return it without penalty.
However, not all walkaway lease purchase programs are created equal. In this article, we’ll take a deep dive into the best walkaway lease purchase trucking companies and what makes them stand out.
1. Prime Inc
Prime Inc is one of the most well-known trucking companies in the industry and offers a popular walkaway lease purchase program. One of the benefits of Prime’s program is that they offer newer equipment with low mileage, which can help reduce maintenance costs.
Additionally, Prime provides extensive training and support for their drivers, including access to their own driving academy and a mentorship program. This can be especially helpful for new owner-operators who may be unfamiliar with running their own business.
2. CRST Expedited
CRST Expedited has been in business for over 60 years and offers a comprehensive walkaway lease purchase program. They provide multiple options for equipment types and financing options, allowing drivers to customize their lease to fit their needs.
CRST also offers driver training programs and ongoing support for their owner-operators. They have a strong safety record and prioritize driver satisfaction, making them an excellent choice for those looking to become owner-operators.
3. TMC Transportation
TMC Transportation is another reputable company that offers a walkaway lease purchase program. They focus on providing high-quality equipment and have strict maintenance policies to ensure their trucks are always in top condition.
Additionally, TMC provides plenty of opportunities for owner-operators to make money through various incentive programs and bonus opportunities. They also emphasize safety and compliance, which can help give peace of mind to those just starting out as owner-operators.
4. Dart Transit Company
Dart Transit Company has been in business since 1934 and is known for its innovative approach to the trucking industry. Their walkaway lease purchase program offers a variety of equipment options and financing solutions, making it an excellent choice for drivers looking for flexibility.
One unique aspect of Dart’s program is their "Drive for Gold" incentive program, which rewards safe driving practices and provides additional income opportunities for their owner-operators. They also provide extensive training and support, helping to set their drivers up for success.
5. Covenant Transport
Covenant Transport is another well-respected trucking company that offers a walkaway lease purchase program. They offer multiple equipment options and financing solutions, allowing drivers to customize their lease to fit their needs.
Covenant also provides a comprehensive training program for new owner-operators, including classroom instruction, driving simulations, and on-the-road experience. They prioritize safety and have a strong reputation in the industry, making them an excellent option for those considering becoming owner-operators.
Becoming an owner-operator through a walkaway lease purchase program can be an excellent way to take control of your career in the trucking industry. However, it’s important to choose the right company to work with.
The companies listed above are some of the best options available and stand out due to their newer equipment options, extensive driver training programs, and strong safety records. By doing your research and choosing one of these companies, you’ll be setting yourself up for success as a new owner-operator.
What is a walkaway lease purchase in the trucking industry?
A walkaway lease purchase in trucking refers to a leasing agreement where the lessee has the option to return the truck at any time without penalty or obligation.
How does a walkaway lease purchase benefit truck drivers?
Walkaway lease purchases provide flexibility and minimal commitment, allowing drivers to start their own businesses with limited upfront costs and without being locked into long-term contracts.
What are some of the best walkaway lease purchase trucking companies?
Some of the best walkaway lease purchase trucking companies include CRST Malone, Schneider National, and Dart Transit Company.
Do walkaway lease purchases tend to have higher interest rates than traditional leases?
It is possible that walkaway leases may have higher interest rates than traditional leases due to the added flexibility they provide. However, it ultimately depends on the terms of each individual leasing agreement.
Is it necessary for drivers to have experience before entering into a walkaway lease purchase agreement?
Many companies offering walkaway leases do not require previous experience, but they may require completion of a training program or other certifications before allowing you to operate one of their trucks.
Can drivers earn more money with a walkaway lease purchase than with traditional leasing or company driving jobs?
It is possible for drivers to earn more money with a walkaway lease purchase if they are able to successfully run their own business and find profitable loads. However, there are also financial risks involved in this type of arrangement if business slows down or unexpected expenses arise.
Are there any downsides to entering into a walkaway lease purchase agreement?
One potential downside is that because these agreements offer so much flexibility, they can sometimes come with hidden fees and higher interest rates than traditional leases. Additionally, drivers are responsible for all maintenance and repairs on the truck.
What kind of support do walkaway lease purchase companies offer their drivers?
Many walkaway lease purchase companies offer extensive training programs, ongoing support, and access to load boards to help drivers find the best-paying jobs. They may also provide assistance with financing and insurance.
How long do walkaway lease purchases typically last?
Walkaway leases can vary in length depending on the terms of the agreement. Some may be as short as six months, while others could last for several years.
Is it a good idea for new drivers to enter into a walkaway lease purchase agreement?
It depends on the individual’s goals and experience level. Walkaway leases can be a good option for those looking to start their own businesses with limited upfront costs, but they require a lot of hard work and dedication to be successful. Newer drivers may benefit from gaining more experience before entering into this type of arrangement.