Everything You Need To Know About Commercial And Heavy Truck Finance

If you’re a business owner that wants to increase the list of services you have or increase the number of trucks you have in your fleet, you want to look at ways that you might obtain one.
We know buying a truck in cash is something that is very hard to do, considering the fact that trucks may cost anywhere from $60,000 to over $100,000 CAD. Not only that, but the equipment that you need
for them might also be more expensive.
With all these things, you want to try and look for ways that can help you obtain commercial and heavy trucks.
In this blog, we are going to list some reasons that will help you understand why commercial truck financing can help you when you’re trying to purchase trucks.
But before we talk about that, what exactly is truck financing?
Truck financing means you will be borrowing funds from a creditor or a private financer so you can complete a certain purchase. Once you get the money, the truck will be owned by the financer, however, after you pay off the loan, the truck will belong to you.
Commercial truck financing is available for 3 purposes, which are:
1.       Buying a new truck
2.       Buying a used truck
3.       Leasing a new truck
4.       Leasing a used truck
5.       Repairing a truck that you already own
6.       Upgrading a truck that you already own


Lenders that will be providing commercial truck Equipment Financing Toronto will generally charge annual interest rates between 5 percent and 30 percent, based on the borrower’s credit score, age, financial state of the business, the type of truck they want to buy, and the type of condition the truck is in.
Commercial and heavy truck finances can be up to 100 percent of the value of the truck that you are purchasing, however, you will need to provide down payment.
Meaning you will receive financing of anywhere from 70 to 95 percent of the truck’s overall value.

Why Pioneer Financial Services?
Pioneer Financial Services is the Best Equipment Financing Canada in Calgary can help you purchase the type of truck that you want to have. Not only that, but we can also help you lease or rent out trucks and heavy machinery. To know how we can help you, contact us on the number below or send us an email so we can answer all your questions. We also offer Prorate Filing Alberta. 

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