When choosing the best leasing agency for your owner-operator-based trucking company, you’ll want to make sure you use your capital wisely and get a strong return on your investment (ROI). In this list, we’ll go through the owner operator lease companies and how they compare in terms of ROI, flexibility, customer service and credit requirements.
Quicklook: Best owner-operator lease companies
- Best lease to own: Roehl Transport
- Best for perks: Swift Owner-Operator
- Best for maintenance: Ryder
- Best for fleet management: GM Financial
- Best seasonal: Merchants Fleet
5 best owner-operator lease companies
If you need help finding an owner-operator lease company, this comprehensive list of some of the best companies to work with in this field may be useful.
Roehl Transport
Roehl Transport is one of the many commercial trucking-specific companies that offer equipment leases for owner-operators. A key selling point of leasing with Roehl is that if you are just starting out, you have the option to become a company driver and take advantage of benefits that will help you transition to an owner-operator. These benefits include an earned down payment, which alleviates the stress of figuring out how you’re going to come up with a down payment while meeting everyday expenses. You can start with Roehl, get access to paid CDL training, gain valuable experience and make a smooth career transition to owner-operator.
Best for: Lease-to-own
Location: Marshfield, Wisconsin
Pros:
- Weekly pay while truck leasing
- Access to trailers you won’t have to rent
- Deadhead miles compensation and fuel reimbursement
- Free inspections and on-site maintenance
Cons:
- Committed to driving for Roehl throughout lease-to-purchase program
- Lease-to-purchase payments on trucks start at $500 per month
- Limited to the truck models that Roehl offers
Reviews: Average 3.1/5 stars on 678 reviews
Owner-operator by Swift Knight Transport
Own your own business as you team up with a leader in the trucking industry. As an independent contractor, you can bring your truck to Swift and/or lease a truck from them. Owner-operators at Swift set their own hours, do solo or team runs and accept the types of loads they want. You’ll be a small business owner with a $4.7 billion industry leader by your side.
Best for: Perks
Location: Phoenix, Arizona
Pros:
- Owner-operator parking available at all Swift terminals
- Competitive contracts
- Insurance available through Swift Knight preferred vendor or your own insurance
Cons:
- Renting a truck through Swift is potentially more expensive than financing
Reviews: Average 3.1/5 stars on 4,327 reviews
Ryder
Ryder offers semitrucks, box trucks, vans and trailers that you can use to outfit your fleet. You’ll also find three tiers of leasing options based on your maintenance preferences. You can choose from a variety of options to help you manage cash flow and taxes on the vehicle lease.
Best for: Maintenance
Location: Miami, Florida
Pros:
- Access to a variety of vehicles designed for hauling
- Maintenance assistance with certain plans
- Licensing, safety and compliance included in leases
- RyderGyde app for maintenance and fuel monitoring
Cons:
- Poor customer ratings at certain locations
- Limited options when it comes to truck types
Reviews: Average 3.3/5 stars on 5,402 reviews
GM Financial
One of the biggest names in motor technology, GM’s financing branch GM Financial offers a best-in-class commercial vehicle lease program. Whether you need a van to start a delivery business or semis to start your fleet, GM has what you need.
Best for: Lease and fleet management services
Location: Fort Worth, Texas
Pros:
- Full ownership once 24- to 60-month lease program ends
- No mileage limits on some lease types
- Mileage extension options on plans that do have limitations
- Assume no residual risk
- Pay for the portion of the vehicle you use
- No wear-and-tear charges with some plans
Cons:
- Limitations on closed-end leases
- Restrictive mileage limits
- Often requires high credit scores
Reviews: Average 3.7/5 stars on 350 reviews
Merchants Fleet
One of the smaller companies on the list, Merchants Fleet can still get you the perfect commercial vehicle you need, regardless of how small your company is. With Merchants, you’ll find financing and leasing options that can get as granular as seasonal leases. Since Merchants Fleet works directly with dealers, you can negotiate long- or short-term leases from any dealer, and Merchants Fleet will handle the financials for you.
Best for: Seasonal lease
Location: Hooksett, New Hampshire
Pros:
- Extremely flexible programs
- Vehicle buyback program
- Lease terms that meet your needs
- Seasonal lease options for short-term vehicle needs
Cons:
- Requires dealing with third parties in addition to the vehicle dealer
Reviews: Average 3.7/5 stars on 38 reviews
What are owner-operator lease companies?
Owner-operator lease companies, also sometimes referred to as lease-operator companies, provide trucks, trailers and other equipment to business owners who operate them as their own businesses. Though many owner-operator lease companies also have fleets of their own, some specialize in leasing equipment only to owner-operators.
How to choose the best lease company for you
The decision of which lease company to choose can be a daunting one, as there are many great options available. To make the process easier, we’ve put together a list of criteria that a leasing company should meet to be a good fit for an owner-operator, including:
- Flexibility in extending or modifying a lease
- Credit requirements
- Training and resources
- Ease of use
- Support
- Availability of equipment
- Pricing
- Services offered
- Types of leases available
- Distance of location from work
- Reputation
- Quality of service
Compare lenders
Compare rates and terms to find the best lender for your needs. A comparison can be done online or over the phone. Be sure to ask about lenders’ policies on down payments, business interruption insurance and other relevant factors.
Know your financial obligations
When leasing a truck, trailer or other equipment from a leasing company, you’ll be expected to make monthly payments. Knowing where your company’s balance sheet is working is a key factor in making sure that you can actually make your lease payments. Avoid any actions that may adversely affect your business credit or standing with lenders.
Have money set aside
Before signing a lease, have your funds ready so that you don’t have to wait too long to receive your equipment. Almost all companies will require a security deposit, which will be sent back to you once the equipment is returned in the same condition as when it was received. Outside of having money for the lease itself, having money set aside for gas repairs and other unexpected expenses is always a good idea.
Fully understand contractual obligations
Just like you wouldn’t buy a used car without thoroughly reading through the contract, knowing the exact terms and conditions of your lease agreement is essential to getting the best deal possible. Pay attention to items such as the length of your lease, early termination fees, equipment rental rates and the possibility of leasing-to-own.
Lease to level up
Leasing can be a good way to make money without risking your own capital. However, not just any leasing company can provide you with the service and equipment you need. If you’re going to lease trucks and equipment, be sure that the leasing agencies on this list are included in your considerations.
FAQ
Lease-to-own options are a great way to make sure that you’re not burning money or facing a large upfront cost.
Generally, you need a 600 credit score or more to lease a commercial truck.
Whether you lose money with a truck lease depends on the agreement terms.
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