- Truck

What to Know Before Signing for a Lease to Own Truck

Becoming a truck driver can bring a steady income in a growing and necessary industry. The expense of buying your own truck may be out of your budget. However, if owning your own truck is something you are interested in, a lease to own company may be a good option.

Leasing

While the first thing that comes to mind when you think of leasing may be an apartment or home lease, you can lease a truck. This allows you to operate a semi truck that matches your commercial driver’s license. Leasing companies often require a deposit similar to an apartment lease. The security deposit may require good credit or larger upfront costs. These upfront costs are significantly less than buying a truck outright making driving a truck an available option for more. Leasing can give you the chance to learn without the financial obligations of owning your truck outright. If you think this is something you are interested in, search for lease to own truck driving jobs.

Signing

Research the companies and choose one that is reputable. In your search, be sure to include reviews in the search line. Look at those beyond the company website, so you can see how current and former lessees fared with the company. Not every bad review should deter you, but they can give you an idea of that person’s experience. If you are unsure about the contract, talk with a lawyer to review the contract and answer any questions. Don’t sign anything you are uncomfortable with.

Contract

Before signing, look at the contract thoroughly. Key things to look for include how you pay the amount, the amount of the deposit, any balloon payments, ownership expectations and penalties and fees. Some companies use an escrow account that automatically takes money from your account and makes those payments for you. Make sure you include the monthly payments in your monthly budget to have a successful lease.

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