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Commercial trucks are an essential part of many Canadian businesses and ensuring that your commercial fleet has up to date and well-maintained vehicles is key to remaining competitive. Whether your company owns its trucks or leases them, at some point you are likely to require a commercial truck loan.


How a Commercial Truck Loan Works
A commercial truck finance or loan is a secured loan. This means that the loan is backed up because the truck is collateral for the loan and can be sold to pay the lender back in the event that the borrower is unable or unwilling to pay back the loan. In this sense, it is similar to an auto loan.

The interest rates on a truck finance however do tend to be higher because volatility within the industry makes these loans riskier for the lender. Another major difference between a commercial truck loan and an auto loan is that where with an auto loan you can simply get approved for the maximum amount and select a car afterward, with a truck loan, the approval is specific to the type of truck – so you must know ahead of time the type of truck(s) you would like to purchase or lease.


Why Choose

If you are looking for a commercial truck loan, working with offers many benefits including:

1. Fast and flexible truck finance options

including lease to own, sale and leaseback, and fleet financing.

2. Expert advice on the type of loan most suitable for your business as well as on potential tax benefits.

 3. Friendly and professional support.


If it is time for you to expand your fleet or replace your existing commercial vehicles, contact us today.

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