Becoming an Owner Operator- The Good, Bad & The Ugly | (Lease vs Finance, Dealers, Lease-Purchase)

The three most common ways of becoming an owner operator are financing a truck from a dealer, joining a lease-purchase program from a carrier, or buying a new or used truck up front. So what should you do? In this video, Ronen goes over the pros and cons of leasing, financing, and buying, also explaining what his recommendations are for drivers in different circumstances. Do you have any other tips to add for new owner operators out there? Leave a comment down below! Subscribe to our channel for entertaining and informational content on trucking, and hit the 🔔 icon to get notified when we release a new video! For all sponsorship inquiries: [email protected] Chapters: 00:00 Introduction 02:12 How to finance a truck 02:43 Financing pro #1: you're not tied to a single carrier 02:56 Financing pro #2: there's no big buyout at the end 03:15 Financing pro #3: you can pay off your loans early 03:25 Financing CON #1: you need good credit to finance 03:35 Financing CON #2: you might need more money upfront 03:46 Finance companies want a higher down payment on used trucks 03:56 Financing CON #3: missing payments can affect your credit 04:13 Financing CON #4: finance companies will come after your assets 04:42 Financing CON #5: banks don't care if the lease terms aren't viable 06:07 WATCH: How to spot red flags in a lease purchase program 06:27 Leasing PRO #1: carriers don't care about your credit 06:49 Leasing PRO #2: you can get cheaper shop rates from the carrier 07:31 Leasing PRO #3: flexibility on the down payment 08:02 Leasing PRO #4: less waiting time than financing 08:31 Leasing CON #1: you are tied to one single carrier 08:56 Leasing CON #2: some carriers have rip-off terms 09:32 Leasing CON #3: your mileage is in one carriers hands 10:41 Purchasing a truck outright is the best choice out of the three, if you can afford it 11:05 Finance if you have credit and the down payment 11:25 Be aware of dealer's finance interest rates 12:54 Lease the truck when you lack down payment and have bad credit 14:39 Research the carrier before leasing