Whether you're replacing an aging vehicle or expanding your fleet, securing truck financing in Ontario can be a smart move for your business. But what documents do lenders actually require—and how can you prepare to get approved faster?
This guide will walk you through the essential paperwork, best practices, and insider tips to help you secure truck financing smoothly. Whether you're a first-time buyer or a seasoned operator, these insights will streamline your application and save you time.
Truck financing offers Canadian businesses a way to acquire commercial vehicles without draining working capital. Instead of paying upfront, you borrow funds and repay them over time—freeing up cash flow for operations and growth.
At its core, truck financing allows you to purchase a truck through a loan or lease agreement. Specialized lenders like Mehmi Financial Group provide tailored options for SMEs in industries like transportation, logistics, and construction.
You can get up to $5 million in funding in under 48 hours—even with minimal paperwork—when you work with a broker that understands your business.
Lenders need to evaluate your creditworthiness and ability to repay the loan. Here are the essential documents you’ll need to prepare:
✅ Tip: Ensure your credit report is accurate and free from errors before applying.
Mehmi Financial Group works with over 30 lenders across Canada to match businesses with the best-fit financing.
Explore truck, equipment, or working capital financing all under one roof.
Follow these tips to boost your approval odds:
Prepare a checklist and gather every required document before applying.
Pay down outstanding debts, correct credit report errors, and avoid recent hard inquiries.
A short plan explaining how the truck will generate revenue can strengthen your case—especially for newer businesses.
Undisclosed liabilities or inconsistent income can lead to rejection.
What credit score do I need to get approved?
Most lenders prefer a score of 600+, but Mehmi Financial Group works with applicants across the credit spectrum.
Can I get financing with a new business?
Yes. Some lenders offer options to businesses with under 2 years of operation, especially with good revenue or co-signers.
Is a down payment required?
Some lenders offer 0-down options, while others require 10–20% down depending on credit and truck condition.
Can I get financing for a used truck?
Yes—used trucks are commonly financed as long as they’re in good condition and meet age/mileage limits.
How fast can I get approved?
With Mehmi, approvals can happen in as little as 48 hours with the right documents.
Securing truck financing doesn’t have to be difficult. With the right documents, a prepared application, and a partner like Mehmi Financial Group on your side, you can unlock funding quickly and drive your business forward.
Ready to apply or still have questions? Speak to a financing advisor or calculate your payment and get rolling today.
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