Truck Company Rent Purchase Programs appear to provide a tremendous benefit to truck drivers. New truck drivers in particular are targeted. The offer of a driver being able to own their own truck oftentimes with zero downpayment and no credit check can be extremely tempting to many drivers. Undoubtedly, some drivers advantages of these programs. However, many more have been ruined both financially and professionally.
A typical rent purchase agreement via a truck company requires you to work solely for them. Consequently, if the truck company doesn’t actually want you to own the truck they can simply cut down the number of loads they offer you. You cannot take that truck and go to a different truck company. If your budget was based on you having a certain number of loads per week and you do not get them you can quickly find yourself short of the mandatory funds to make the payments.
Another consideration is the standard of the truck. If you are purchasing a brand new truck the truck should be in good mechanical condition and under warranty. If you are buying a used truck that may not be the case. You could find yourself having to pay thousands of dollars for repairs which causes the area even drive the truck.
Some truck companies don’t allow you to select your truck. Once they’ve talked you into the deal they tell you what truck is yours. You do not even be able to see the truck prior to signing the contract. This can happen even if the truck is situated right at the critical your location. entertainment trucking companies
What you can do is that once you sign the contract you may be directed to the location of the truck which might directly on their lot. Imagine, you locate the truck and see that it’s not even drivable. You inform the truck company representative assuming they will make the required repairs. Instead, you are informed that it’s your truck now and you are responsible for all repairs.
Your truck may be located in a different state. Typically, the truck company will give you a bus ticket to enable you to get to the venue of the truck. You might be in for a surprise to get to the venue and see that the truck is not even driveable. Again, you will be informed that the truck is yours and any repairs needed are your responsibility. You can claim all you have to but it will be to no avail. Consequently, if you don’t have available funds for repairs you are certainly getting off to a bad start.
This is the typical situation many drivers find themselves in. They soon discover that the rent purchase agreement has put them in worst financial shape than these were initially in.
I would recommend that if you want to execute a rent purchase program you do so via a bank or finance company. That way you will not be established by a truck company to give you sufficient miles to ensure. You will be in control of your own success. You can drive as an independent driver or work with another company of your choice. Independent financing gives you more options and chances for success.