Are you a truck driver looking to lease purchase?
Lease Purchase 2017 and 2018 VNL 780s
You’re ready to take your professional driving career to the next level, and you’re wondering if it’s time to move from company driver to owner operator. If you are thinking of taking the owner operator route, you’ve probably asked yourself “is lease purchase a good option for me?”
Lease purchase options for owner operators are common across the U.S. – but not all lease purchase programs are created equal. And regardless of the lease purchase program you choose, it’s important that you understand the additional responsibilities you will have as an owner operator.
At Halvor Lines, we have helped many drivers purchase their own truck through our lease purchase program. Are you ready to lease a truck and become an owner operator? Read on to see if Halvor’s lease purchase program is right for you.
How is being an owner operator different than being a company driver?
As a company driver, you drive a truck owned by your employer. As an owner operator, you run your own small business with trucks that you purchase outright or through a lease purchase program like the one offered at Halvor Lines.
How do I know if I’m ready for lease purchase?
Austin Blanchfield, who is in Halvor’s lease purchase program, gets asked this question a lot. Here is his answer:
“I tell drivers that lease purchase definitely offers opportunities for growth. For me, it was the logical next step in trucking,” says Austin. “It’s definitely better income. But it also comes with a lot more responsibility.
“You need good time management and you need to manage your money,” he adds. “When you have your truck paid off, that’s when you’ll see the real benefit, but until then, you need to be committed to being on the road until your truck is paid off.”
What are some of the signs I might not be ready for lease purchase?
Again, we turned to Austin for advice. “A lot of drivers focus on the money and being able to set their own schedules, but you aren’t going to make your truck payment sitting at home,” he says. “And you can’t spend every dollar you make. You have to save money so you can cover repairs or make your truck payment if you’re sick or on vacation.”
How do I know if I’m making the right decision for me?
At Halvor Lines, we spend time with every lease purchase candidate to make sure you understand the opportunities and responsibilities involved in becoming an owner operator and leasing a truck from us. We do a credit review and, if you meet our credit requirements, we walk you through the number of miles you’ll need to run each week to meet your truck payments, contribute to your escrow account, cover fuel expenses and more. We talk about how you will need to track expenses and do your taxes differently, along with other things that you will be responsible for as a small business owner.
We take pride in giving you the tools that you need to succeed in your business.
What are semi-truck lease purchase programs like?
Lease purchase programs allow you to lease a truck for a defined period, with the option to purchase the truck when the lease contract ends. Because semi-trucks often come with a big price tag, leasing is often the most affordable option for getting your own truck and becoming an owner operator.
When is lease purchase better than buying my semi-truck outright?
If you have the cash to purchase a new or used semi-truck, that may be the best option for you. If you don’t have the cash, and need to pay on the truck over time, lease purchase can be more affordable than obtaining a bank loan. And company lease purchase programs often offer benefits that you won’t get with a bank.
For example, Halvor Lines is currently offering lease purchase on 2017 and 2018 Volvo VNL780s that includes:
- An 18-month, 150,000-mile warranty included with the lease purchase
- A $5,000 pre-funded escrow account
- Lease payments spread over 24 months
Owner operators who sign on with Halvor Lines also have access to fuel network discounts, discounted shop rates at Halvor maintenance facilities, tire discounts and much more. You’ll find a full list of benefits here.
Is there someone I can talk to about Halvor’s lease purchase program?
Absolutely! You can reach us at 800.579.2114 or email recruiting@halvor.com. And you can learn more about our company and all of its options for drivers at HalvorLines.com.
