Team Lease Purchase Opportunities

Lease-Purchase Drivers

The information below provides insight into how being a Lease-Purchase driver may meet your expected lifestyle, work into your long-term career plans, and provide the working environment you seek.

What is a Lease-Purchase Driver?

Lease-Purchase drivers (LPDs) are drivers who often have experience driving for a carrier or company but are interested in taking a step toward greater independence and eventually taking outright ownership of their equipment. Lease Purchase drivers have more control over work hours, jobs accepted, and routes driven than Company Drivers, but not as much control as Owner-Operators.

Carriers frequently offer lease purchase options to drivers. Under a Lease-Purchase arrangement, the carrier likely owns the truck but enters into an agreement with the driver in which the truck is leased to the driver for a fixed or variable fee (as specified in the least agreement). The driver pays the leasing fee, a portion of which goes to pay down the “principal” and a portion goes to an agreed upon interest rate. If the driver remains with the lease long enough, the full original value of the truck will be paid off, and the driver assumes ownership of the truck.

A driver exploring lease-purchase arrangement should research various carriers or company-specific information. They should compare the pros and cons of each, look closely at those that appear to best match their level of acceptable risk, their abilities to operate a business, their forecasted expenses, and their lifestyle.

What are some personal characteristics helpful for Lease-Purchase Drivers?

Lease-Purchase drivers will find that a blend of traits needed of Company Drivers and Owner Operators will serve them well as they take a step toward self-employment. Aside from the personal characteristics needed to be a good truck driver, lease-purchase drivers are also faced with the need for business savvy, accounting and bookkeeping knowledge, experience with taxes, and an ability to remain up to date with current and forecast trends in the freight transport industries.

For additional information about Lease-Purchase Drivers, including what is a Lease-Purchase Driver, pathways to securing a driving job, financial investment requirements, personal characteristics, average salaries and compensation structures of Lease-Purchase Drivers, visit Truck Driving Job Resources.

Different types of materials require different types of trailers, and each type of trailer offers drivers its own challenges. Therefore, it is important to understand what is required to not only drive your truck and your freight, but the trailer you are pulling as well.

What is Dry Van hauling?

Dry vans are likely the most basic type of trailer in the industry and the type beginning drivers are likely haul upon gaining their first jobs. A dry van is normally a 53-foot box-like trailers loaded with non-perishable good (think of the historical term of “dry goods store,” and the type of products they sold).

What are requirements necessary to haul dry van equipment?

Typically, dry vans can be hauled by anyone holding the appropriate classification of CDL.

What endorsements are need for dry van hauling?

If the cargo is considered hazardous or includes hazardous materials, an (H), Hazardous Materials, or (X), Hazardous Materials/Tanker endorsement is needed.

For more information about Dry Van Hauling, including what type of companies hire, job requirements, compensation structures, what endorsements are needed, visit Truck Driving Job Resources.

Truck driving route type vary within the industry and are dependent on several factors including interstate trucking requirements, route planning, type of cargo hauled, frequency, hazardous materials restrictions, driver experience, etc.

Over the Road (OTR) Routes are likely those that most people with minimal knowledge of the trucking industry envision drivers working. OTR routes can be regional with occasional outside of region assignments or they may be cross-country to make one delivery or several along the way. OTR drivers are generally paid by the mile and are on the road for much of the year with limited home time.