Truck Leasing Rates & Costs in Canada

Understand the true cost of leasing a truck in Canada. Explore leasing rates, calculators, and financing options with Mehmi Financial Group.

Written by

Alec Whitten

Published on

April 19, 2025

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Leasing a truck can be a smart alternative to buying—especially when managing tight cash flow or planning for business growth. But before signing a lease agreement, it’s essential to understand the real cost of truck leasing in Canada, from upfront expenses to hidden end-of-term fees.

Whether you’re an owner-operator or fleet manager, this guide covers everything you need to know about truck leasing rates, cost calculators, and affordable lease options available across Canada.

What Is Truck Leasing?

Truck leasing is a financing option where you rent a vehicle for a fixed term, typically between 24 and 72 months, in exchange for regular monthly payments. At the end of the lease, you may return the truck, extend the lease, or purchase the vehicle (depending on your contract).

What Affects Truck Leasing Rates in Canada?

Several variables determine your monthly truck lease payment:

Factor	Impact on Cost
Type of Truck	Heavy-duty trucks or custom builds cost more to lease.
Lease Term	Longer leases = lower monthly payments, but higher total cost.
Mileage Limits	Additional charges apply if you exceed annual kilometre caps.
Residual Value	Higher residual value = lower monthly payments.
Credit Score	Better credit = better lease rates. Subprime leases are available.

Breaking Down the Total Cost of a Truck Lease

When calculating the true cost of a lease, it’s not just about the monthly payments.

Initial Costs

Down Payment: Some leases offer $0 down, while others may require 10–20%.
Security Deposit: Refundable but still an upfront cost.
First Month’s Payment: Usually due at signing.

Ongoing Costs

Monthly Lease Payment: Based on depreciation, interest rate, and truck type.
Commercial Insurance: Mandatory and often more expensive than standard auto.
Maintenance: Some leases include it; others require you to cover all upkeep.

End-of-Lease Costs

Excess Mileage Fees: Charged per kilometre over your contract limit.
Wear & Tear Penalties: For damages beyond normal use.
Buyout Option: Optional purchase of the truck at lease-end (at residual value).

Types of Truck Lease Deals in Canada

Commercial Truck Lease Programs

Ideal for businesses managing 1–10+ vehicles. These often come with:

Higher mileage limits
Custom maintenance packages
End-of-lease buyout options

Affordable Lease Options

Companies like Mehmi Financial Group offer low-cost leasing plans with:

No or low down payment
Bad credit approval flexibility
Equipment and truck bundling options

Explore Affordable Truck Lease Programs →

Use a Truck Lease Cost Calculator

Want to estimate your monthly payments before applying?

✅ Use our Truck & Heavy Equipment Lease Calculator to understand:

Total cost over lease term
Monthly payment structure
Residual buyout estimate

This is a valuable step for budget planning and comparison shopping.

Advantages of Leasing Over Buying

Benefit	Why It Matters
Lower Upfront Costs	Preserve working capital for fuel, payroll, or repairs.
Upgrade Flexibility	Easily switch to newer trucks every 3–5 years.
Tax Write-Offs	Lease payments may be tax-deductible as an operating expense.
Improved Budgeting	Predictable monthly payments simplify forecasting.

Steps to Make an Informed Leasing Decision

Assess Your Business Needs
- Load weight, mileage, and truck class requirements.
Use a Lease Calculator
- Get a realistic cost estimate and compare term options.
Request Quotes from Multiple Lenders
- Ask about mileage caps, wear-and-tear terms, and early exit penalties.
Read the Fine Print
- Watch for hidden fees, mandatory service clauses, and buyout conditions.
Speak with a Financing Advisor
- Especially useful if you're considering lease vs. purchase or have bad credit.

Talk to an Equipment Financing Advisor →