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Covers semi-trucks and highway units, work and vocational trucks, and trailers. For pickups and light commercial vehicles see auto loans.
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| Brand | Typical used price | Financing note |
|---|---|---|
| Freightliner | $45,000 - $130,000 | Largest parts and service network in Canada, which lenders read as lower downtime risk on older units |
| Kenworth | $60,000 - $160,000 | Strong resale means lenders often accept higher loan-to-value on used units |
| Peterbilt | $60,000 - $165,000 | Same resale profile as Kenworth; both are PACCAR |
| International | $40,000 - $120,000 | Lower entry price, so more common in first-truck owner-operator financing |
| Volvo and Mack | $45,000 - $140,000 | Integrated powertrain, so some lenders limit older units on specialty drivetrains |
Two things are being underwritten: the unit, because it is the security, and the operation, because it generates the payment.
Unit age and mileage set the outer limits. Most lenders apply maximums, and a unit past them is difficult to finance at any rate. Where a unit is older or higher mileage, expect a shorter term and a larger down payment requirement.
Owner operator or fleet changes the assessment entirely. Single-truck owner operators are assessed with more weight on personal credit and demonstrated revenue. Fleet lending is assessed on the business.
New or used matters more here than in auto. Used commercial trucks carry shorter terms and higher rates, scaled to the remaining working life of the unit.
Equipment loan. You own the unit, build equity, and can claim depreciation. Higher payment, and the asset is yours at the end.
Lease. Lower payment, payments may be fully deductible depending on structure, and you decide at term end whether to buy out. Suits operators who cycle units regularly.
Lease to own. Structured as a lease with a nominal buyout.
The decision is genuinely tax-driven as much as cash-flow driven, and it is worth an accountant's view before signing rather than after.
Equipment Financing in Canada: How It Works
How Canadian businesses finance equipment, why the asset itself usually secures the loan, what lenders check, and when leasing beats buying.
Secured vs Unsecured Business Loans in Canada
What business lenders take as security, what unsecured costs instead, and which fits at your revenue and stage.
Yes. Owner operator financing is established, generally with more weight on personal credit and demonstrated revenue than on business credit.
Yes, subject to lender age and mileage limits. Terms are shorter than on new units and documented maintenance history matters.
It depends on how often you cycle units and on your tax position. Leasing lowers the payment. Buying builds equity.
It varies by lender. Demonstrated revenue and operating history often carry more weight than score alone.
