Bus Fleet Financing in Canada

Buses are a vital part of Canada’s infrastructure, and many people rely on them as their primary form of transportation. Because of their popularity, many bus operators run a variety of services, and to service all of their routes and all of their passengers, transport companies need access to reliable, affordable vehicles.

Very few companies operating in this space buy their bus fleets outright; instead most bus owners use financing to meet their unique needs and ensure their business is able to operate within its budget. At Smarter Loans, we value your company’s time and resources, so we only work with bus fleet loan providers who offer competitive interest rates and quick responses.

Gone are the days of complex payment and program eligibility, actual rates that are far higher than advertised, and slow application processing that leaves your business hanging. As a result, many of our clients have established relationships with our roster of bus fleet loan providers, and obtained their financing faster than ever.

Take a look at the table below to see the companies that meet our rigorous standards and who have become the most trustworthy fleet financing providers in Canada. Feel free to check out their offerings, interest rates, and customer reviews. Once you know who you’d like to work with, hit the “Apply Now” button to get started.

Or, if you’re really short on time, pre-apply at Smarter Loans. An expert of ours will step in and help you choose a bus fleet loan partner that suits your investment needs.

You can pre-apply here at Smarter Loans and we will find a suitable lender for you.

Pre-Apply For Bus Fleet Financing

Top Bus Fleet Financing in Canada Providers in Canada

Interest Rate
12 - 120 Months
Starting at 7.99%
3-24 months
$5,000 - Unlimited
Starting at 2.5%
2 - 10 years
$750 and up
Starting at 6.5%
12 - 84 Months
$20,000 - $6.25 Million
Starting at 8.95%
36 - 48 Months
$8,000 - $10 Million
2.9% - 19.99%
12 - 96 months

Who Is Eligible for Bus Fleet Financing?

You don’t have to be the local transit authority to obtain bus fleet financing. Anyone who owns or runs buses is potentially eligible for funds. And the benefit of seeking a specific bus fleet loan rather than another type of financing is that it means access to customized financing designed for your business needs.

Whether you’re a company running local city bus services, want to invest in new ownership of vehicles for long run returns, need to upgrade or repair your existing vehicle fleet, or just need an injection of cash to help manage your budget, there are available funds for your goals.

What Can I Use a Bus Fleet Loan For?

  • General cashflow
  • Repair and maintenance costs
  • Equipment such as retractable ramps, security cameras, or A/C systems
  • New bus purchase to grow or improve your fleet
  • New buses designed for specialty needs
  • Reducing the average age of your fleet to deliver real savings on fuel and maintenance costs

Understanding Vehicle Finance Options

When running any vehicle fleet, but especially heavy use vehicles such as buses, it’s crucial that you understand all of your options when it comes to funding. And these options might vary depending on what exactly you intend to use the finance for.

For example, if looking to purchase a new vehicle for your transportation business, a lease might be a more attractive option than purchase financing. A lease can provide you with a new bus, which your business needs, without you taking on the heavy cost of capital payments. And depending on what interest rate you are able to secure, a lease could work out as lower cost overall.

Of course, this is an inappropriate solution for those seeking to finance another aspect of their transportation commerce, such as maintenance on existing buses, upgrades to one or more buses, cash flow, and so on. And it may even be inappropriate for those seeking to run a new bus, if the interest rate they can get on their purchase financing is competitive.

So before you get too far down the road with a lease, bus fleet financing, or anything else, make sure you have a clear grasp of how you intend to use the money.

Applying for a Bus Fleet Loan

The application process for any loan can seem daunting, but as most lenders now offer an online application process, it’s actually much easier than you might think. The single most helpful thing you can do in preparation for your application is to gather together all of the relevant documentation that you might need.

Items you might need can include company information, ownership documents for existing vehicles if relevant, purchase details if seeking financing for new acquisitions, ID, partner data, banking information and so on.

Once you have everything you need to hand, all you have to do is enter your details into your chosen lender’s online form and click apply. That’s it! The entire application process can be completed in minutes and your loan money can be automatically deposited into your bank account upon approval, meaning you never have to even leave the office!

Frequently Asked Questions About Bus Fleet Financing in Canada

Who Can Get Financing for Bus Fleets?

Anyone owning or operating a bus service! Although every lender has their own set of eligibility requirements, in general there are few restrictions on what kind of transport enterprise can obtain funding for their buses.

Can I Apply for Bus Financing Online?

Yes, absolutely. We all do most things online nowadays, and this is no exception. All of the lenders listed in the table above have online application forms, so you don’t have to go anywhere.

What Are My Payment Options on Bus Financing?

This depends on your exact circumstances and the agreement in place with your funding partner, but if you have specific payment needs then you should absolutely take this into account when searching for finance. Although some lenders have flexible terms, not all do, so make sure you know upfront what you’re agreeing to.

Can I Use Bus Fleet Financing for Fuel and Maintenance Costs?

Yes you can! This is one of the most common areas that people need help with, as the cost of both fuel and routine maintenance has skyrocketed recently.

What Are The Payment and Program Eligibility Requirements for a Bus Fleet Loan?

This depends on the exact terms of your chosen lender, but in general payment requirements are no different than with any other type of funding; you will have to make regular (monthly is most common) payments that include part of the principal and some interest. You will be required to meet the basic standards set by the lender (which often relate to keeping your company solvent and similar – hopefully obvious – requirements). Beyond this, all you need to do is make sure you read the terms carefully before entering into any agreement so you are well-versed in your responsibilities.

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