Smarter Loans Inc. is not a lender. Smarter.loans is an independent comparison website that provides information on lending and financial companies in Canada. We work hard to give you the information you need to make smarter decisions about a financial company or product that you might be considering. We may receive compensation from companies that we work with for placement of their products or services on our site. While compensation arrangements may affect the order, position or placement of products & companies listed on our website, it does not influence our evaluation of those products. Please do not interpret the order in which products appear on Smarter Loans as an endorsement or recommendation from us. Our website does not feature every loan provider or financial product available in Canada. We try our best to bring you up-to-date, educational information to help you decide the best solution for your individual situation. The information and tools that we provide are free to you and should merely be used as guidance. You should always review the terms, fees, and conditions for any loan or financial product that you are considering.
The trucking industry has been doing exceptionally well in Surrey and the surrounding area. As a result, many trucking businesses have been looking to invest in additional trucks from a reliable brand: Peterbilt. Peterbilts are well known for their high quality and usefulness, especially in Surrey’s flourishing transportation and construction industries. Whether they’re needed for equipment support, mixing, dumping, haulage, crane use, or for more general purpose on-highway performance, Surrey truck drivers rely on their Peterbilts to get the job done.
Realistically, there are two main options when deciding to purchase a truck: some will purchase their new trucks in full, but most will take advantage of Peterbilt truck financing. And whether you are searching for a new or used Peterbilt truck, finding the appropriate financing for your needs and circumstances is made simpler with Smarter Loans.
At Smarter Loans we work with the country’s most trusted Peterbilt truck financing companies, so we can provide you with access to a wide range of financing options.
Below you’ll see a list of companies that specialize in Peterbilt truck financing, together with their information and typical rates. If you have already found a Peterbilt truck in Surrey to purchase, you can choose a lender directly from this list and apply for your loan immediately, using the “Apply Now” button next to the company of your choice. Or, if you prefer our assistance throughout the process, pre-apply with Smarter Loans. We will help you to find the best Peterbilt truck loan provider in Surrey for your circumstances.
Over 24,000 people work in Surrey and its surrounding area as transport truck drivers. The majority work in the following industries:
It’s also worth noting that there are a number of large infrastructure projects planned for the lower peninsula that will help push demand for Peterbilt construction truck drivers in Surrey in the near future.
Surrey is a hub for the lower mainland, and the majority of Peterbilts in the area service the transportation industry.
Truck drivers in Surrey primarily drive the Peterbilt Class 8 heavy truck model 579. This on-highway truck, available since 2012, is specifically designed for highway performance, with aerodynamic modifications to increase fuel efficiency. It also has a generous, ergonomically designed cab to aid in driver comfort over the long haul. The 579 is powered by either PACCAR MX or Cummins ISX engines. Several out-of-production models are also popular on the used market in Surrey, particularly the 379, which was Peterbilt’s flagship heavy truck model until 2007. This was replaced by the 389, and both models follow more traditional on-highway design than the 579, but the same engine choice.
The construction boom in Surrey and its surroundings means that Surrey truck drivers in construction prefer the vocational side of the Peterbilt range, such as the adaptable 367 and 567. The 367, available since 2015, has a 123 foot BBC and can be converted to many job sites thanks to its rugged construction. The 567, on the market since 2015, is also a vocational truck with a lot of flexibility, and it comes with an alternative fuel platform for those concerned about fuel consumption.
Construction and transportation drive demand for truck drivers in Surrey. The roles that are currently most needed are:
Clearly, as the market for truck drivers relies so heavily on just a couple of industries, the health of these industries (and the economy in general) has a significant impact on employment rates for Surrey truck drivers.
There are a couple of types of commercial license in Surrey (and throughout the rest of the province), and the requirements for each are slightly different. Drivers must:
Surrey is well served by a network of official Peterbilt dealers which has locations in Surrey itself, as well as in nearby cities and other locales throughout British Columbia. These dealerships should be your first port of call if you are looking to buy new and used Peterbilt semi-trucks, as they will have the full range available. Locals are also fortunate to have a network of other heavy truck dealerships in the area, who may have some pre-owned Peterbilts available. Lastly, one can also buy Peterbilt heavy trucks over the internet. A variety of possibilities exist in the online marketplace, with some even offering auction style sales.
Peterbilt service in Surrey is primarily provided by the official Pacific Peterbilt network of dealerships, and its location in Surrey. This service centre is staffed by Peterbilt-trained experts and has a full range of parts, as well as Peterbilt-specific service plans. Other heavy truck dealers in the area may be able to supply aspects of routine Peterbilt truck maintenance. But only the official service centres will be able to offer extended Peterbilt service plans, like TruckCare, which ensures constant monitoring and expedited on-road service.
Truck drivers in Surrey can expect Peterbilt prices on par with the rest of the country, thanks in part to the rise in online truck sales, which have evened out regional variations. So a Surrey driver can anticipate paying anything from around $185,000 for a new Class 8 Peterbilt; but this can scale up to over $500,000 for high end or special models. Of course, the model, engine type, and customizations will all affect the final price.
As Peterbilts are well known for their longevity, the used market is a thriving one, and pre-owned Peterbilts are widely available in Surrey. Prices depend on age of the vehicle, model number, condition, and other factors. The 579, popular in Surrey’s transport industry as a high end on-highway heavy truck, can be found for as little as $80,000 for a 5 year old vehicle, and just $100,000 for a 1 year old vehicle. In contrast, the 367, popular on Surrey’s construction sites, costs from around $90,000 and up for a 10+ year old vehicle.
Most people assume their primary options for financing are those offered by the dealership they’re purchasing from. Dealerships work with a handful of financing providers – sometimes banks, credit unions or other lenders – to offer their customers a range of financing options. These companies all have their own interest rates, rules, and eligibility criteria though. As such, your loan options through these providers may vary – meaning differing interest rates, loan terms and loan amounts.
There are other routes to financing, and gaining in popularity is online financing. There are plenty of companies that specialize in truck financing, which you can research and apply to online. You can even pre-apply, meaning you can be pre-approved for financing before even going to the dealership. This is a popular option as it is convenient and gives buyers access to a wide variety of companies, so they can shop for competitive rates. It’s also a useful option if you’re unable to get financing through your dealer for some reason.
It is possible to get financing for a fleet of trucks in Surrey, with the help of truck financing companies. These companies work with owner-operators and businesses seeking to purchase multiple new or used trucks, and can offer a variety of loans to buyers. Your options will depend on your particular circumstances, so to understand your financing options, check out some of these truck financing companies online or speak to your local Peterbilt dealer.
Obtaining financing for a Peterbilt truck is still possible if you have bad credit. If you have a credit score of below 650, you may have already encountered some difficulties in obtaining financing. Luckily, there are companies that specialize in loans to bad credit borrowers, and they are a good place to start if you’re concerned about your credit score. The trade-off is that these companies are more likely to approve you, but you are probably going to be charged a higher than average interest rate.
The common eligibility requirements for truck financing in Surrey are:
Once you clear these basic hurdles, your approval for a loan will depend on your lender’s specific requirements. These can vary a bit, but in general include analysis of:
Those with a past bankruptcy or low credit score may still be eligible for truck financing, but they may need to seek help from a specialized financing company that works with higher risk borrowers.