Purchasing a semi-truck is a major investment - whether you're launching your trucking business or expanding your fleet. With trucks often costing between $60,000 to $200,000+, financing becomes a strategic necessity, not just an option.
Yet, the process can feel overwhelming. From understanding lender requirements to calculating monthly payments and interest costs, there are many moving parts.
In this guide, we’ll break down everything Canadian truck owners need to know about semi-truck financing - so you can move forward with clarity and confidence.
Semi-truck financing is a type of business loan or lease designed to help commercial drivers or fleet owners acquire heavy-duty trucks for business use. These loans are typically secured by the truck itself and offered by banks, credit unions, or alternative lenders specializing in transportation and equipment.
Financing your truck wisely affects more than your upfront cost—it shapes your cash flow, tax liabilities, and your ability to grow. Choosing the wrong terms or lender can lead to:
Mehmi Financial Group, for example, connects you with 30+ Canadian lenders to compare offers quickly - with funding up to $5M available in as little as 48 hours. Explore our Financing & Leasing options.
Tip: Learn how truckers can get approved faster.
Use a loan calculator or speak to a financing advisor to estimate your:
Truck PriceDown PaymentLoan TermInterest RateEstimated Monthly Payment$100,000$20,000 (20%)60 months9.5%~$1,678/month
Try our semi-truck loan calculator to run your own numbers.
Match your term to your revenue cycle. If you're a long-haul operator with seasonal swings, flexible repayment options may help you ride out slow periods.
To get approved faster, gather the following:
For refinances or leasebacks, include your truck's mileage, VIN, and photos. Learn more about refinancing your commercial truck.
At Mehmi Financial Group, we simplify truck and equipment financing for Canadian entrepreneurs. Whether you're buying your first truck or upgrading your fleet, we:
Apply online in minutes or speak to an advisor for personalized support.
With alternative lenders like Mehmi Financial Group, you can be approved in 24–48 hours. Banks may take 1–3 weeks.
Yes. Some lenders work with credit scores as low as 550. A larger down payment or co-signer may improve your chances.
Leasing lowers monthly payments and offers flexibility. Financing builds ownership equity. Learn more about our lease vs. loan options.
Yes. Many lenders finance used semi-trucks, typically under 10 years old and with mileage under 1 million km.
Securing the right financing for your semi-truck can make or break your business cash flow. By understanding your credit position, comparing lenders, and choosing terms that match your budget, you’ll be better prepared to hit the road with confidence.
Let Mehmi Financial Group help you get the wheels turning. Speak to a financing advisor or calculate your monthly payment today.
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