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Truck Loan Calculator
Use our Truck Loan Calculator to estimate your monthly payments and find the best loan for your trucking needs.
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No matter where in Canada your business is based, you can quickly and easily find the truck financing you need through Smarter Loans. We have combed the marketplace to bring you the best commercial truck loan interest rates in Canada, from some of the most reputable financing providers. Take a look at the list below, and simply click “Apply Now” to access a provider’s application form. Or, connect with us for additional help in choosing the right financing solution for your commercial trucking needs.
We can help connect you with the top truck financing providers in Canada.
Use our Truck Loan Calculator to estimate your monthly payments and find the best loan for your trucking needs.
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Truck loans are specialized financing solutions that cater to the needs of the trucking industry. Truck financing in Canada works similarly to other forms of financing: a lump sum is borrowed, and then repaid over time in installments. Interest is charged on the borrowed amount, and different truck financing companies charge different interest rates.
Almost all commercial truck loans are secured loans, meaning the truck itself serves as collateral. This parallels auto loans; but unlike with an auto loan, commercial truck financing requires a borrower to identify the specific truck they wish to purchase before they apply. This could be any type of truck, from box trucks and dump trucks to tow trucks – but crucially the cost of the truck must be known. Commercial truck loan lenders will assess an applicant’s credit history and down payment, and calculate the loan terms based on all of the provided data.
The loan term any given applicant qualifies for when they apply for commercial truck financing in Canada depends on several factors, including the cost of the truck, the amount being borrowed, and the truck financing company’s conditions. Most truck loans have a maximum term of 84 months, or 7 years, but loans are available with terms up to 120 or even 240 months. It’s important to take into account the truck’s potential depreciation and lifespan when considering a longer term loan.
Any type of truck can be financed by a commercial truck loan. This includes:
Known for their versatility, semi trucks are popular across Canada. There are a multitude of truck loan companies catering to those wishing to buy a semi truck, and the truck financing rates for these vehicles are competitive.
Box trucks are among the more affordable trucks available to Canadian logistics companies, and there are plenty available – both new and used. A box truck loan can be easily obtained from a truck financing company for either.
Highway trucks, specially designed for long haulage, can be expensive, so finding competitive truck loan interest rates is crucial. Make sure you’ve done your research before you apply for a truck loan for a highway truck.
Construction equipment is ever in-demand, and concrete trucks – as well as other construction vehicles – are no exception. No matter whether you’re purchasing a truck for your own use or to rent out, truck financing can help.
Recycling trucks, garbage trucks, hazardous waste trucks, grappler trucks, dump trucks… Any type of garbage truck, used for public or private trash collection, can be financed with a commercial truck loan.
Every truck loan applicant is assessed individually to see what interest rate they, and the truck they wish to purchase, qualifies for. The most qualified borrowers may be able to get a rate as low as 2.5%.
The value of the truck being purchased, as well as its condition, age, and borrower specifics will all influence the interest rate on used truck financing. Rates as low as 4% may be available, but 5%+ is more likely.
There are several ways to secure a lower commercial truck loan interest rate. You can start by shopping around to find the most competitive truck financing rates, as not every lender offers the same rates. After this, you can consider using a larger down payment (thus reducing the size of your loan); taking steps to improve your personal and your business’s credit rating (for example, by correcting any errors on your credit report); paying off other debts; or waiting until your business has a longer business history.
Credit is a significant factor in many truck financing decisions, and most traditional truck financing companies will require a minimum credit score of 650. However, bad credit truck loans are available to those with lower scores.
Obtaining a truck loan in Canada requires following the below steps:
Before you apply for a loan to buy a truck, you should know:
Truck insurance is vitally important, and often a requirement of a truck loan.
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.
