Are you a business owner looking to purchase a truck in Canada but unsure how financing works? Whether you run a logistics company, a contracting business, or a delivery service, acquiring the right commercial truck is crucial to your operations—but paying for it upfront isn’t always feasible.
Truck loans offer a practical solution, helping you finance heavy-duty vehicles with manageable monthly payments. In this guide, we’ll break down everything you need to know about truck loans, including how they work, the different types available, how to calculate your payments, and how Mehmi Financial Group can help you secure the right financing—fast.
A truck loan is a type of commercial financing used to purchase new or used trucks for business purposes. These loans allow you to spread the cost of the vehicle over time, with interest, instead of paying the full amount upfront.
Unlike personal auto loans, truck loans are designed specifically for commercial vehicles—think semi-trucks, dump trucks, delivery vans, and more. They're often structured with longer terms and flexible options to accommodate the cash flow of growing businesses.
For Canadian businesses in transportation, construction, or freight, trucks are more than just vehicles—they’re revenue-generating assets. A properly structured truck loan can:
Let’s explore the most common truck loan options you’ll encounter:
These loans are used to purchase trucks for business operations. You can often finance up to 100% of the purchase price, with repayment terms designed to match your revenue cycles.
✅ Ideal for: New truck purchases
✅ Amount: Typically $20,000 to $500,000
✅ Term: 2 to 7 years
✅ Collateral: Often secured by the truck itself
👉 Learn more: Business Loans on Trucks & Trailers
If you already own your truck outright, a semi-truck title loan lets you borrow against the equity in the vehicle by using the title as collateral.
✅ Ideal for: Accessing working capital fast
✅ Benefit: Lower interest rates due to secured nature
✅ Risk: You could lose your truck if you default
Similar to semi-truck title loans but often used for fleets or businesses with multiple vehicles. These loans are popular among trucking companies that need short-term funding without selling their assets.
✅ Use cases: Payroll, parts replacement, fuel costs
✅ Fast approval with less paperwork
Before signing a loan agreement, it’s critical to understand your monthly obligations. A truck loan calculator helps you estimate:
📊 Want a quick estimate? Try our free Truck Loan Calculator
At Mehmi Financial Group, we understand the needs of Canadian truck owners and operators. Whether you're an owner-operator or managing a large fleet, our financing solutions are fast, flexible, and designed to help your business grow.
Learn more: Financing & Leasing
Here’s how to boost your approval odds and get the most favourable terms:
🔗 Related: 0 Down Truck Loan
Q: Can I get a truck loan with bad credit?
Yes. Mehmi Financial Group works with a range of credit profiles. A larger down payment or using the truck as collateral can help.
Q: How long does it take to get approved?
You can be approved in under 48 hours, especially when using lenders who specialize in commercial truck loans.
Q: Can I refinance my existing truck loan?
Absolutely. Refinancing can help lower your monthly payments or access equity.
Q: Is a personal guarantee required?
It depends on the lender and your business profile. Using the truck as collateral may reduce the need for a personal guarantee.
Getting the right truck loan doesn’t have to be complicated. Whether you’re buying your first semi-truck or expanding a full fleet, understanding your options—and partnering with the right financial provider—can make all the difference.
Let Mehmi Financial Group help you find the best truck loan for your needs. We offer fast approvals, competitive rates, and personalized support for Canadian businesses of all sizes.
📞 Speak to a financing expert now
Or try our Truck Loan Calculator to get started in minutes.
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