More information about Lease-Purchase Drivers
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. The driver pays the leasing fee on a weekly or monthly basis, 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.
Lease-Purchase drivers 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 carrier or company drivers, but not as much control as Owner Operators.
A driver exploring lease-purchase arrangement should research various carriers or company-specific information. Lease-purchase drivers may not have the same up-front expenses of a driver like an owner operator who might have to pay a substantial down payment, if not purchase a truck outright, but a lease-purchase arrangement is not without costs.
The countless implications related to Lease-Purchase drivers’ knowledge of the industry, experience in reducing expenses, ability to handle small maintenance concerns, and just plain luck impact the annual earnings of Lease-Purchase drivers. These drivers are often paid more per mile than carrier or company drivers. The extra pay per mile is often planned to allow Lease-Purchase drivers the greatest chance to succeed and become owners of their equipment Lease-Purchase drivers pay for fuel and expenses including insurance, escrow for major maintenance, registrations, etc. While the gross 1099 payment may exceed that of a carrier driver, overall profit is likely similar to or even lower than a carrier-driver after expenses and taxes are deducted.
Another issue of note for those considering pursuing a Lease-Purchase arrangement is the cost of major mechanical repairs. While trucks come with warranties, they can expire quickly, and when they do, we all know what happens — major mechanical failure begin after the warranty expires.
Companies hiring Lease Purchase drivers include Western Express, Fort Transfer, Logix Transportation and Reliable Carriers, Inc.
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Jobs.TheTrucker.com’s job search functionality is designed to be simple and easy to use, and allows truck drivers and diesel mechanics to search for jobs by state, by carrier and various other search criteria. When searching for jobs, you may set the search criteria to be as specific or general as you want to find the job that is best for you.
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A commercial driver's license (CDL) is a driver's license required to operate large, heavy, or hazardous material vehicles in the US. The “class” of CDL a truck driver needs depends on the type of commercial motor vehicle operated. A truck driver may hold a CDL in one of three classes: Class A, Class B, and Class C.
For a detailed explanation of the different classes of CDLs, visit Truck Driving Job Resources.
Driver Type refers to the employment arrangement a driver operates. The most common truck driver arrangements include:
- Company Driver: Drivers employed by a specific carrier with its own fleet of trucks. “Companies” can be carriers that contract to transport other individuals' or companies' freight, or companies that carry their own freight.
- Lease-Purchase: Drivers hired by carriers where the truck is leased to the individual driver.
- Owner Operator (OO): Drivers who own the truck and operate as an independent business (also referred to as an "independent contractor").
- Team Driver: Drivers operating with a partner who shares driving duties.
For a detailed explanation of Driver Types, visit Truck Driving Job Resources.
Hauling Type (or trailer type, or equipment type) refers to the type of cargo being hauled. Different types of cargo materials require different types of trailers, and each type of trailer requires unique driver experience.
For a detailed explanation of Hauling Types, visit Truck Driving Job Resources.
Endorsements are required certifications for CDL holders hauling various types of equipment and freight. The most common endorsements for long haul truck drivers include:
- Doubles/Triples: required for drivers hauling double or triple trailers.
- HazMat: required for transporting hazardous materials.
- Tanker: required for operating a vehicles designed with a permanent or temporary tank attached.
For a detailed explanation of the different types of endorsements, visit Truck Driving Job Resources.
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Finding the right diesel mechanic job requires careful consideration of various factors. Research potential employers’ reputation and culture, evaluate compensation packages, and confirm that long-term growth and advancement opportunities fit with your career goals. Other factors to consider include: your own level of experience, skill and industry specialization vs the job requirements; CDL license requirements; tool requirements; location; training and professional development opportunity; work schedule, flexibility and work-life balance. For key considerations for finding a job as a heavy-duty truck diesel mechanic or technician, visit our Diesel Mechanic Job Resources.
Diesel mechanic certifications represent an industry recognized level of knowledge and expertise in a particular area of diesel engine diagnosis, repair or maintenance. These advanced certifications are offered by the National Institute for Automotive Service Excellence (ASE) and enhance a mechanic’s skill set and positively impact their qualifications and salary. Certifications may be obtained in specific areas such as gasoline and diesel engines, drive trains, brakes, suspension and steering, electronics, HVAC and preventative maintenance. For a listing of ASE certifications available specifically for heavy-duty truck mechanics, visit our Diesel Mechanic Job Resources.
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