Are you ready to hop into a truck lease? Congratulations! Taking the next step in your trucking career and deciding to lease your truck is a big move, and an exciting one at that! Now that you’ve decided becoming an independent contractor is the right choice for you, there are a few more decisions you need to make.

When you hear the phrase, balloon payment, what comes to mind? Do you think about a bouquet of balloons and a clown asking for your money? Well, if that’s where your head is going, you’re in the wrong direction, my friend. A balloon payment is not, in fact, payment for balloons. It is the final payment you make at the end of a lease. As this applies to the trucking industry, it’s the final payment you’ll make on your leased truck if you decide to purchase it.

Are you an independent contractor who leases your truck from a leasing company or a trucking company? Chances are, you’ve probably heard horror stories from other drivers about specific companies or leasing programs that didn’t treat their drivers well. Whether it was because there were hidden fees in the contract or the driver signed the contract without reading it, it can be frustrating to feel like you’ve been misled.