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With increasing demand for heavy duty transport trucks in London, ON, many shipping and delivery companies are seeking to purchase additional trucks, including the ever popular on-highway Peterbilt models. As a key point in the transportation corridor between the US and Canada, London drivers rely on their Peterbilts for reliable long haul conveyance. And as these trucks come with state-of-the-art navigation systems and engines, and cabs ergonomically designed for driver comfort, it’s no surprise they are the brand of choice for London’s many transport truck drivers.
Individual owner-operators and companies seeking new Peterbilts for their London business often rely on financing to fund their truck investment.
At Smarter Loans, we work with some of Canada’s most reputable truck financing companies to help you access financing for Peterbilt trucks in London. We have compiled a list, below, of companies that specialize in Peterbilt truck financing, so you can see their information and rates.
If you already know what truck you need, you can apply for financing with one of these companies directly, by clicking “Apply Now”. Or, pre-apply with us, and we’ll help you determine the best loan for your circumstances, and connect you with Peterbilt dealers with the truck(s) you need.
Around 7,200 people work as truck drivers in the London area, almost entirely in the transportation sector. Truck driver employment in the region is broken down as follows:
It’s worth noting that many of London’s trucking jobs are seasonal, with significantly more demand in the summer months – partly thanks to an increase in demand for construction vehicles during the warmer weather.
As the transportation sector comprises the vast majority of London’s truck needs, the Peterbilts that are most popular in the city are those that offer the best on-highway performance. London truck drivers tend to prefer the larger heavy duty Peterbilt truck models, such as the 579 (available from 2012 to present), the 389 (available from 2006 to present) and the no-longer produced 587. These on-highway trucks all share the same engine options (PACCAR MX or Cummins ISX). They differ in their styling though; the 389 retains the classic Peterbilt heavy truck style, whilst the 579 and 587 share a more aerodynamic shape and increased fuel efficiency. The 579 has a roomy, solid aluminium cab designed with a high quality finish and advanced predictive cruise, while the 389 comes with air brakes as standard and SmartNav technology.
London’s seasonal construction truck drivers also rely on Peterbilts, usually those models found in the vocational range. This mainly consists of the 365, 367 and 567. The 365 and 367 have both been available since 2007, and the 567 since 2015. Each of these rugged trucks is very versatile and can be adapted to a wide variety of construction tasks, from equipment support to dumping, mixing and winching. All three of these Peterbilts come in set-back or set-forward front axle configurations.
As mentioned above, working as a truck driver in London means relying heavily on the transportation industry. As economic conditions change, the demand for shipping and delivery will change, and thus affect demand for qualified drivers. Currently, drivers are most needed in the following roles in London:
Qualifying for a commercial truck driver’s license in London is the same as elsewhere in the province. To be eligible for either a Class A or Class D license, you must meet the following criteria:
These steps provide access to restricted truck driver’s licenses. However, to receive an unrestricted license, you must also:
The primary place to buy new and used Peterbilt semi-trucks in London is the authorized Peterbilt dealership in the city. The Peterbilt dealer network also has branches in nearby cities. You will be able to find any model of Peterbilt at these locations, as well as access service plans, maintenance, parts and accessories. As well as the official dealerships, there are plenty of other heavy truck dealerships which may have used Peterbilts for sale in London. Or, purchasing a Peterbilt online has become quite common, as there are a range of truck resellers who aggregate listings from all over Canada.
Peterbilt trucks maintenance in London is easily handled by the authorized Peterbilt dealership. This location boasts the widest selection of truck parts and accessories in the city, as well as Peterbilt-trained experts. They also participate in Peterbilt’s specialized service plans like TruckTech+, a service which allows remote monitoring of all aspects of your vehicle, leading to customized service plans which better suit your needs. Other heavy truck dealers and independent companies will also offer Peterbilt service in London, especially for routine maintenance.
Truck buyers in London can purchase a new Class 8 Peterbilt from about $185,000, but prices can spiral to over $500,000 for higher end models. Trucks with additional features or customizations will lie at the top end of this range. It’s worth noting though that high end Peterbilt trucks hold their value well, assuming constant maintenance, as they provide years of hassle free use.
Regional variations in truck prices have largely evened out because of the growth of online marketplaces, so London’s new and used market is comparable to the rest of Canada. The used market is robust, and London truck drivers can find a wide variety of Peterbilt models at price points suited to their budget. For example, the Class 8 on-highway 579, extremely popular amongst London long haul drivers, can be found for as little as $45,000 (for a 5 year old vehicle).
Typically, Peterbilt truck financing in London will initially be offered by the dealership selling you the truck. Dealerships work with a mixture of financial institutions (such as banks, credit unions and other financial providers) to present you with financing options. Usually these options will have an assortment of terms and conditions, and many factors (such as credit score) will affect available rates and likelihood of loan approval.
This is by no means the only route to financing though; the growth in online truck financing providers means that many truck buyers now seek pre-approval online before going to the dealership. This allows you to do your research from home, and it also provides access to specialized truck financing companies that may be more suited to help you, especially if you are for any reason unable to get financing through your dealership.
Yes, it is possible to get financing for a fleet of trucks. Whether you are seeking to expand your fleet by just a couple or many new Peterbilts, there are companies that specialize in truck financing that can help. These companies offer a variety of loans to buyers in London and across Canada, including loans for multiple trucks or trailers. Your options may depend on your business’s circumstances and exactly what you’re looking for, so check online with one or several of these truck financing companies before you start shopping. Or inquire with your local Peterbilt dealer for more help.
Yes, it is possible to get financing for your Peterbilt truck if you have bad credit. Technically, a credit score of less than about 650 is considered ‘low’, so if you fall into this category you may need to work with a bad credit provider to get a loan. These providers are used to working with borrowers with bad credit and will still be able to help you obtain financing, though it may mean a higher than standard interest rate.
To qualify for truck financing in London, you must first meet the following criteria:
Once this minimum threshold is passed, lender-specific eligibility criteria will apply. These vary according to which lender you’re working with, but generally relate to:
The lower your loan amount and the better your financial situation, the easier it will be to obtain financing at competitive rates. However, there are still financing options for those with lower credit scores or more complex needs.