Welcome to part three of our How to Become an Owner Operator series. If you haven’t yet read parts one and two please do so before continuing with this article. In this article, we will discuss different options for acquiring a truck and trailer so you can get out on the road and start making some money.
Paramount Freight Systems is a five time nominee and three time winner of the Best Fleets to Drive For award! If you are an owner operator, or are looking to become an owner operator, come join us! We are one of the best all owner operator fleets in the business and want to help you own your route to success. Keep reading to learn how to get into your next truck and trailer.
Some of the best options to getting a truck are lease-to-own programs. If you’re short on cash for a down payment, most trucking companies will help you lease a truck. There are advantages and disadvantages to this option and it really depends on how much money you have to put towards your new vehicle. Make sure you carefully read any contracts and calculate your actual cost in total, not just how much it will cost you per week.
New versus old
Your need for a new truck depends on how long you’ve been in the business. Keep in mind that a new truck will cost you more, but a reliable used truck will save you money, as long as it is still in good working condition. We know you want that shiny new truck, but prioritize mechanics over aesthetics. Choosing an older truck, especially if you are a newer driver, will help you get through all your payments much sooner. There’s a saying that goes like this: “A new truck is new on day one, on day two all trucks are used trucks.”
Why Do Other Drivers Dislike Lease-to-Own Programs?
There is a lot of stigma about lease-to-own programs through your trucking company. If you check any forum boards, you will see slews of people complaining or putting down the option of leasing a truck through their company. You really need to look at this from all angles and make sure you have all the information. In many cases, these drivers might not have read their contracts or lease agreements completely and now feel they were tricked or slighted. Did the new driver get excited and buy a brand new truck before realizing how much he’d have to work and save to keep up? We’ve seen both sides of this example, and you will be fine as long as you do your research.
We’d recommend using a lease-to-own program as long as it fits your goals. If you are a newer driver, aim to purchase a used truck; there are plenty of nice trucks out there in great working condition. Used trucks usually have lower payments and are more affordable. You might even be able to fork out a decent amount of cash for a down payment to cut your costs going forward.
What do you think of our How to Become an Owner Operator series? Paramount Freight Systems would like to help you get into a truck and start your owner operator business today. We have a lease purchase program with Penna Leasing. Once you’re ready to start your owner operator business, contact us to learn more about our leasing program! If you have any questions, we will be happy to help. Want to share your experiences with lease-to-own programs? Connect with us on our social media channels.