Know the Process of Commercial Truck Financing in Canada

 Trucking is the backbone of the Canadian economy. The trucking industry is responsible for employing hundreds of thousands of people and transports all the goods we use in our day-to-day lives. From transporting medicines, hospital supplies, vehicles, goods, food, drinks, oil, water, and many more, the trucking industry works in various ways. Without it, the economy of any major or small country will stop, and all the services, goods, and products that we ought to buy will perish right away.

To keep the trucking industry, investors, company owners, and freelance truckers have to invest more in buying the latest trucks and their equipment. For those who don’t know, an average truck can cost anywhere from $70,000 to $150,000 and even more. We know that’s a lot of money, but luckily there are commercial truck financing methods and options that can help you obtain the best truck for you and your business.

In this blog, we are going to help you understand how commercial financing works.

How Commercial Truck Financing Works

Truck financing is a type of loan that allows you to use the money in buying, lease, or rent a new or used truck and even both in some instances. Just like all loans or financings, there are collaterals, and in this type of financing, the truck itself is the collateral. If you fail to repay the amount of money you borrowed from the financer, your truck can be seized by the financer. In commercial truck financing, you will have to pay each month for a specific amount of time with the amount of interest you and the financer agreed upon.

Commercial truck financing is available for these purposes:

  1. Buying a new truck

  2. Buying used truck

  3. Leasing a new truck

  4. Leasing a used truck

  5. Repairing a truck that you own

  6. Buying equipment for your current truck

The amount of interest you have to pay for your financing depends on your credit score, monthly income, annual income, and history. The better you perform in your business and the better your credit score will be; the lower the interest rate you will have to pay for your commercial truck financing.

Why Pioneer Financial Services?

Pioneer Financial Services is the best commercial equipment loan Canada service provider in Calgary and vicinity. We offer truck financing at low-interest rates and we can offer it to those business owners who have a bad credit score. We are known for our tailored services, Equipment Financing Canada, and amazing customer service reliability.


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