Financing VS Leasing Your Truck - Which One is Right for YOU?

Ready to become an Owner Operator? What is the right way? Financing your truck or Leasing with a company?
In this video, Ronen breaks down the PROS and CONS of Financing vs Leasing AND shares pay statements of 4 drivers in Flatbed and Van Reefer division so you can see for yourself. Which one is right for you? Only you can decide.
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Let us know if you learned something from this video! Please comment below and share any questions you have for Ronen. We do read the comments!
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[@amdotc]

Very good advice. Thanks

[@jmendozas197]

Thank you for the valuable information, sir.

[@forrestpugh7575]

Thank you Ronen - once again for the good info.

[@robertovillalon2841]

Thanks for the video!

[@NorthAmerican-Trucking-News]

Thanks for watching!

[@joshm6183]

Thanks for creating these informative videos Ronen! You guys are helping a lot of people. Keep it up and God bless!

[@NorthAmerican-Trucking-News]

Thank u I really appreciate it

[@NasirKhan-nz4xg]

Always like ur indepth reviews

[@NorthAmerican-Trucking-News]

Thanks u Much appreciated

[@sorinpetre5541]

One of the best clips! Thank you!

[@NorthAmerican-Trucking-News]

Appreciate it Thank u

[@claudem.p.7969]

Very good video. You should stress that your templates are for a 15 days period and the monthly pay check is higher. Also you will not have repairs on every statements unless you are very unlucky. HOURRA.

[@andyd8284]

I got a good credit but lack of the down payment,I here very often that the financials don’t really care much about the credit instead they look the money u r putting down,that’s my step stone that I got to become a owner operator

[@LakhwinderSingh-lr5eh]

Hello, could you please show the comparison between dry van and reefer truck drivers pay as well as how to spec tractor for reefer trailer. Thankyou and I hope to hear back from you

[@saxx1231]

can you do 1 video about lease with the dealership of the truck brand???

[@manuelnavarro2240]

Some day I will do that to become as Owner Operator,,,,

[@ivanstoychev3012]

Hi!I'm not a driver but I really enjoy watching your videos.I saw that the first OO has most of his mileage in US.Does the cabotage rules don't apply for him.Is he a Canadian driver or there is some excuses?I know that this is not on topic for the video but this made an impression.

[@symonnmburu]

This is a good comparison Sir. What I've learned from this is that financing is the way to go. Get you credit in order, get a competitive rate, accelerate your repayments to get off the debt as quickly as possible! Nonetheless, it's very commendable how you have made it favourable for drivers with unattractive credit to get on your lease operator program through much easier terms. P/s: Perhaps Sir you could comparatively throw in the taxes company drivers face when you discuss taxes for operating under corporations in your taxes video?

[@NorthAmerican-Trucking-News]

Great point, thanks for the feedback

[@GodsTruePurpose]

Everybody doesn't have penalties for walk away lease, only lease if its a walk away lease. Plus I would never give a down payment for a lease to a company to drive for them. If that's the case go lease from someone who allows you to drive for who you want.

[@aliajaj5469]

Hi Ronen, very useful and helpful information, I appreciate your efforts, I have two questions and I hope you'll help me with both of them, it's ok if I apply for your lease purchasing program and I just have a permanent residency? and can I register it under my own cooperation? your answers will be my plans' foundations.

[@JS-kr6ol]

It depends on what you're looking to do. Leasing can be good because you can get rid of the truck and you're not stuck with it if you're ready to leave the industry

[@CJBhattarai]

WHO the fuck want to leave the industry if your making that kind of money?? if you are OO you can choose when to work when not to just like uber driver. so If you need some big bulk of cash go pick up haul for 15 day to a 2 months then take a rest for next 15 days or 2-3 month however you want.

[@slimfrank9184]

Exactly! Regardless if you plan to drive long-term or not, it’s advantageous to own a piece of equipment that makes you money!

[@TriggerTravels]

People still acting like leasing is even a viable option? These companies are making a killing on your lease....KNOCK IT OFF! STOP LEASING!

[@tonysuri5450]

Can you please put a link to download to see on hard copy

[@sirsharahmad3377]

For example what happened if someone completed lease payments and after payments ??

[@lrs333]

If I'm able can I put a larger down payment for your lease operator program so I can own the truck sooner.

[@walterbrooms6565]

Compete for my commercial financing application...How do I pull it up.I have hit the link below and can't find the application.

[@walterbrooms6565]

How do I get to the link to start the finance application?

[@dl-ni3nt]

can you drive as lease operator in a van for et transport?

[@ennengb2010]

I dont see where you show how much the truck/business insurance expenses

[@user-zg2zf9eg2b]

I am an experienced truck driver, need a loan to buy a truck. How do I get to the link to start the finance application?

[@dennishowland7495]

Dave’s and I’m confuse why use 15 days I’m just does that doesn’t add up that’s like 7 1/2 days four confused but other than that good content

[@justinhodder6209]

Good video. Question though. Is it true that when things get slow fleets take care of their trucks first and put owner/operators on the back burner?

[@NorthAmerican-Trucking-News]

There is definitely some truth to that

[@justinhodder6209]

@@NorthAmerican-Trucking-News is that also the case with lease operators through the fleet?

[@domingofernandez4359]

Hay Ronen you did talk about who pays for the taxes. You have to put your tax money to the side or does the company take them out for you

[@MrStropparo]

Why would someone be a company driver and pay a truck payment. It makes no damn sense.

[@One8Rollin]

It's cool you are transparent but 1.55 in the us is not good there are loads currently between $2.5 and $4 a mile in the Midwest

[@One8Rollin]

Can do 1800 mi for 6400 rn

[@NorthAmerican-Trucking-News]

Totally agree Canadian market and US market is different

[@One8Rollin]

@@NorthAmerican-Trucking-News being a Canadian company is the some kind of tax implications for generating money in the us

[@One8Rollin]

@@NorthAmerican-Trucking-News I'm a LP @ 80%. I pay for everything minus cargo. If I look at my last 14 days I ran 5500 mi and had a net profit of $11800. So to run 8k mi for for less.....

[@markhouck5258]

I Hear You BUT DRIVER Have You Calculated All Expenses To Get That $2+ Dollars A Mile? (OR Lease and Get Discounted Fuel, Repairs, Just To Name A Few) I Average $30.hr Repair Discount and .30 To .60 Cents A Gallon Discount, and That's Just Using Only Those Two ... "Look At It That Way and I'll Take $1.55 A Mile All Day Compared To Yo $2+ A Mile Any Day"

[@jimi3540]

as a brand new cdl only real option is to lease on to a company to be an oo because im not being a company driver at all but im too new to try and buy my own truck flat out. does anybody have any advice on if i could or should finance a truck because being a company driver is not an option for me i need to work at my own pace and im business minded i understand how to run a business so i figured to lease on and chalk up the extra cost and save up my money and also gain the exp then give the truck back when i buy my own truck flat out.

[@NorthAmerican-Trucking-News]

I think u should work as a company driver first. Give yourself some time to mature.

[@jimi3540]

@@NorthAmerican-Trucking-News yeah I understand but the only jobs I can get want me out for 3 weeks straight then only 3 days off i guess I'll have to make some tough choices I want to have atleast 1 or 2 days home a week but for new drivers there aren't many options for that

[@ennengb2010]

this one didnt really live up to expectations

[@amritpalsingh-rq2ny]

Why 15%_20% down payment?

[@TacticalTrucker]

_he would not get all of those miles if his truck was going to 65 miles an hour, this is what I don’t like about the lease purchasing, the trucks are governed down which means I have to stay longer on the road and pull in less miles per month_ _When I was working at Stevens Transport leasing it was extremely hard to stay above $1000 a week, total rip off_

[@larrygunnell8031]

Brother I thought when you lease on to a company, becoming a lease operator, I thought that you don’t have to have a govern truck?

[@TacticalTrucker]

@@larrygunnell8031 _it may not be like that with all companies but I know with Stevens Transport he was like that_ _But then again Stevens Transport is a company for new students basically kids_

[@larrygunnell8031]

@@TacticalTrucker thank you brother!!. How do you like it there??

[@NorthAmerican-Trucking-News]

Hi Here in Ontario It is law, all trucks are governed at 65 miles per hour Company owner lease. Even owner operator with his or her own authority

[@TacticalTrucker]

@@NorthAmerican-Trucking-News _Damn, and to think I wanted to come and work out there… _*_NOPE!_*

[@elangovankodinthan2183]

Boss I really need to talk to you How can I reach you

[@MrDberumen]

Ronan what about credit unions will they finance a truck ?

[@NorthAmerican-Trucking-News]

I’m sure they will It all depends on the interest rates

[@nnggwwuu]

Ronen

[@dpeals86]

Why are people using their personal credit. If anyone is working as contracted employee they should have business and profit should only flow thru a business account.

[@NorthAmerican-Trucking-News]

Agree

[@dukecolby1419]

Neither I paid cash for mine been doing that since 1989

[@NorthAmerican-Trucking-News]

That’s always the best way to go if possible

[@oregonman5918]

20 year OTR vet here and trucking is a life sucking business you give up and miss everything back at the house only to get fucked by everyone involved from DOT to brokers to taxes to mechanics to IFTA to insurance!! By the time its all done you owe taxes on money you gave to everyone else.. And don't even get me started on lumper fees and dock worker at the ports!! 20 + years was more then enough for this ol driver! Oh and I've got to add in fuel.. OMG fuel prices when the truck grosses 1600 bucks a day 1200 go's in the tank every day 300 in taxes for running through states you didn't by fuel in.. That's the IFTA then you had a cheese burger got a coffee a pack of smokes and a donut that's it!!! 1600 bucks gone! Then get a flat and it cost 300 for that. Now your in the red.. Better run hard tomorrow! Lol i can laugh now but a minny a day i wanted to cry. I did figure out how to make a million bucks in trucking though!! Start with 2 million!!

[@forgetfulfarmer4089]

I quit my govt job after 22 years to pursue my trucking dream

[@vernonyork3672]

Why tf u do that

[@jajajaja2624]

The only way any of these plans work is miles and money add up. I only seen one company I would get a 130k truck the from because I don't have to drive a million of miles to pay. for. That the trick how many miles I have to drive to be profitable. if I can do both for under 3k miles that's the company Iam buying from yes these companies are out there .

[@NorthAmerican-Trucking-News]

Thanks

[@donbrown8494]

Owner operator my ass both ways they are both leased on cause you got a set price you pay I would not pull out the drive way for under 2.50 cents shit ain’t no money in what you do your making half the going rate rip off lease and owner operators are the same in your gig