Where to Lease-Purchase a Semi-Truck With Bad Credit

Because there are so many trucking companies in the United States, it is possible to lease-to-own a semi-truck with no credit check and no down payment. However, you will want to carefully investigate the terms of any agreement before signing. We have the list of companies that offer semi-truck lease-purchase programs: Risinger, Decker Truck Line, OTR Leasing, and CMT Transportation.

What to Know Before Leasing to Own a Semi-Truck

You want to get into trucking but you don’t have a large down payment or good enough credit to qualify for a loan from a bank, making semi-truck lease-to-own programs sound pretty attractive. Leasing to own is an easy-to-understand process. You sign a lease for a vehicle for a term of anywhere from one to four years. You may or may not be required to provide a down payment. At the end of your lease — if you exercise the purchase option — you will have to make up the difference between what you’ve paid weekly and the value of the truck. This is called a “balloon payment,” and, in the case of semi-trucks, it is almost always a five-figure amount.

Keep in mind, there are some fine details in lease-to-own arrangements that have tripped up would-be owner-operators in the past. For instance, if you enter into a lease-to-own deal with a carrier that you also work for, a portion of your payments go into escrow for truck repairs. Many of these lease agreements stipulate that a repair must meet a minimum threshold to be covered, leaving you on the hook for all smaller repairs.

Other carriers don’t always provide lease-to-own drivers with enough miles to cover their monthly payments. This means that, instead of getting a check at the end of the month, you may end up owing the company money. Also, lease payments don’t cover other large expenses like insurance or fuel.

Given that it’s easy to end up in a negative cash flow situation (where your expenses are more than your income), be sure you fully understand a lease-to-own agreement before you sign it.

Where to Lease-Purchase a Semi-Truck (Even With Bad Credit)

The following companies offer semi-truck lease-purchase programs for people with bad credit:

1. Risinger

  • Lease-purchase terms: Weekly lease payment amounts range from $399 to $599. At the end of the term, you’ll owe the difference between the fair market value of the vehicle and the total principal paid. That amount can be financed in-house or through a third-party and will not exceed $40,000.
  • Down payment required? No
  • Credit check required? No; qualification is based on your motor vehicle record (MVR), a pre-employment screening program (PSP), and inspection points
  • Source: Customer service
  • For more info, see the lease-purchase page on Risinger’s website.

2. Decker Truck Line

  • Lease-purchase terms: Weekly lease payments of $800, and the lease length is for three years. No maintenance escrow, although a $0.07 per mile fee will be assessed.
  • Down payment required? Yes, a $1,500 down payment is required.
  • Credit check required? Yes, Decker will pull your credit to make sure you don’t have any outstanding judgments.
  • Source: Customer service
  • For more info, see the lease-purchase page on Decker’s website.

3. OTR Leasing

  • Lease-purchase terms: Weekly lease payments range from $450 to $510. Lease terms can be anywhere from two-and-a-half to four years. An additional $200 per week goes into maintenance escrow until a $15,000 balance is reached. The final balloon payment will be approximately $50,000 and is based on purchase price rather than fair market value.
  • Down payment required? Yes, a $5,000 minimum down payment is required.
  • Credit check required? Yes, OTR will pull your credit to determine if you have unpaid child support without a payment plan and if you have filed for bankruptcy.
  • Source: Customer service
  • For more info, see the lease-purchase page on OTR’s website.

4. CMT Transportation

  • Lease-purchase terms: Weekly lease payments of $525, and the lease length is for three years. Weekly maintenance escrow charges start at $50 and continue until a $5,000 balance is reached. There is also an option to walk away from the lease at any time.
  • Down payment required? No
  • Credit check required? No; qualification is based on your motor vehicle record (MVR) and a pre-employment screening (PSP)
  • Source: Customer service
  • For more info, contact CMT Transportation about its lease-purchase program.

In Summary

Lease-purchase semi-trucks, no credit check options are out there. Be sure to shop around and carefully consider the numbers before signing up for a semi-truck lease-to-own program, especially if it sounds too good to be true.

For more information on getting into the trucking industry, see our article: Large Trucking Companies That Offer Company-Paid CDL Training or to stay more in tune with the article you just read, see the article, 7 Semi Truck Leasing Programs: No Credit Check Required.

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