PGT Upgrades Its Lease Purchase Program
By Steve Pollock
MONACA, PA… It is a big decision to go from driving someone else’s truck to buying your own. For many drivers it is a matter of not having enough capital or credit to buy a truck. Several years ago PGT Trucking in Monaca, Pennsylvania developed a lease purchase program that has been successful in affording the opportunity for first-time truck buyer to purchase their own equipment with no money down at a reasonable interest rate, avoiding the financial risks of dealing with a commercial financial institution. A lease purchase is a great way for a driver to bridge the gap between being a company driver to becoming an Independent Contractor. With a success rate near 80% it has been a great way for PGT to grow and develop their Independent Contractor fleet. A large part in the success of the program is the support the Lease Purchase contractor is given while they complete the terms of their lease agreement hauling steel and other flatbed commodities for PGT. Most all of the participants in the program remain with PGT, upon completion of the lease payment schedule. Some upgrade to newer units and some others purchase a truck outside the company using this truck as a trade or collateral.
To qualify for the Lease Purchase Program at PGT a driver must have verifiable steel hauling experience and meet the same DOT requirements as our current company drivers.
As stated earlier, this lease agreement requires no money down at an attractive interest rate well below industry averages for trucks and trailers. The lease payments are tailored to your personal financial needs with payment lengths of up to 44 months. Once the final payment is made the title is signed over without a final balloon payment.
The current fleet is primarily 2007 International 9400 tractors, mid roof, standard sleepers with 450 hp Cummins engines and 10 speed transmissions. They are spec’d to be fuel-efficient and are mechanically sound, meeting or exceeding DOT requirements. As part of our upgraded program, in addition to the standard preparation process, several trucks will be refurbished including new seats and sleeper mattresses and finished with a unique paint scheme. PGT also includes a 30-day full coverage warranty for all lease purchase equipment.
The backbone of the success for the Independent Contractors in this program is due to the support they receive from the company. PGT provides everything you need including the truck insurances, plates, permits, etc. with payments prorated and deducted on a weekly basis as part of the settlement function. PGT also offers a health insurance available at group rates, including major medical.
With PGT’s maintenance and breakdown assistance program, PGT will help lease purchase contractors locate a qualified repair facility, pay for the repairs and then deduct the repairs from future settlements in a manner that will not place an undue financial strain for the contractor. In addition, PGT contractors can take advantage of the company’s national fuel, parts and tire discounts. Trailers are also available through the trailer rental program at $185.00 per week. As part of the Lease Purchase program contractors receive 4 weeks free trailer rental beginning with their first load at PGT.
PGT has a variety of freight lanes available on a regular basis at competitive rates. The volume of freight remains consistent and available throughout the year allowing the contractor to stay loaded and running in order to maintain consistent level of earnings.
In lease purchasing a truck from PGT, you are receiving more than just the equipment; you are receiving a business partner as well as a support group that is second to none. Just ask those drivers who are currently in the program. To learn more about PGT’s Lease Purchase program, call 866-360-2130 or log onto www.pgttrucking.com.