How do I get a loan for a semi-truck?

You can get a loan by comparing commercial truck financing providers and choosing one that offers a competitive interest rate and repayment terms that suit you. Once you've found the right loan, you can apply by providing your personal information and proof of ID, a business plan, your annual revenue and detailed financial statements. Depending on the lender, you may also be required to provide a minimum down payment.

How long can you finance a commercial truck?

Repayment terms of up to five years are commonly available, but some lenders will offer longer loan terms. Check with your lender of choice to find out how long you have to repay your loan and whether the repayment schedule can be tailored to suit your needs.

Can you get commercial truck financing with $0 down?

Yes, you may be able to qualify for a truck loan with no down payment. However, you'll generally need good to excellent credit to get funded, and $0 down loans are not available from all lenders. You may also be offered a higher interest rate than a borrower who can provide a large down payment.

Can you get commercial truck financing for bad credit in Canada?

Yes, you can get commercial truck financing for bad credit. While not all lenders will provide financing, there are plenty of lenders who are willing to work with borrowers who have less-than-perfect credit. However, the lender may require a larger down payment, while you'll also need to settle for a higher interest rate than if you had good to excellent credit.

Can I get financing to buy a used truck?

Yes, there are lenders who can help you find financing to buy a used vehicle for your business. You can also look into getting a general business loan , which can be used to cover a wide range of business expenses, including buying used vehicles and equipment.

How can I find the best truck finance rates in Canada?

The best rates are generally offered to operators who have been in business for several years and have a good credit history. You may also need to provide comprehensive financial statements and assets to offer as collateral.