It may be your dream to own your own semi truck but as you probably already know this is no easy feat. Buying your own truck is expensive to say to the least. For just a basic reliable rig you are looking at spending at least $40,000, an amount of money that not very many people can say that they have just lying around. There is always the option of taking out a loan in order to purchase your truck but often many people find this process to be long and complicated and often resulting in not being approved when it is all said and done anyway.
If this has been your experience and you are still bound and determined to own your own truck there are a couple of steps you can take.
- Lease a truck from a carrier with the option to buy.
- Lease a truck from a company that leases independent equipment.
- Stay with your current company, save money, increase your credit rating and apply for a loan again at a later date.
If you decide to lease you will be required to make payments on your equipment over the term of your lease term that is stated in your lease contract. When the term has ended you can either return the truck to the company you have been leasing it from or you can renew your contract. Leases are great because they almost always are less expensive than what a loan would cost you up front. Often you can even lease a truck with no money down at all! That would be ideal, right?
The only disadvantage to leasing a truck is that you may end up paying more for your truck in the long run than if you had just bought it outright. However, sometimes if the money isn’t available to you immediately, you have to do what you have to do.
Make sure to always use a reliable leasing company and also, keep your goal in mind at all times. Just because owning your own rig may feel as though it is impossible right now, doesn’t mean it always will be.