Highway trucks and trailers
Provide the vehicle configuration, VIN, age, mileage and maintenance history. For refrigerated trailers, include refrigeration-unit details and hours.
CANADA & UNITED STATES
Truck & Trailer Financing
Plan the vehicle purchase and the cost of putting it to work.
Apply for financing
How truck & trailer financing works
Truck and trailer financing can support a commercial vehicle purchase through a loan or lease. The unit, seller, operating plan and business finances all matter. Compare the acquisition cost with insurance, registration, maintenance and working cash.
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Learn how this financing option works and what to prepare for a discussion.
Start with what the business needs.
Vocational and specialty vehicles
Describe the body, attachments, payload and intended work for dump trucks, service vehicles and other specialized units.
Fleet additions or replacements
Provide the full unit list, deployment schedule and how the purchase fits existing work and fleet costs.
Compare the agreement, not just the payment.
Inspection and seller checks
Confirm condition, ownership, liens and payment arrangements. Discuss auction or private-sale requirements before bidding.
Ready-to-work budget
Account for tax, delivery, registration, insurance, inspections, repairs and any body or equipment modifications.
Repayment and operating cash
Compare loan and lease commitments with maintenance reserves and the timing of customer receipts.
Start with the work, route and replacement plan
Specify the unit that earns the revenue
A highway tractor, vocational truck and refrigerated trailer have different operating requirements. Describe route length, expected mileage, payload, attachments and the work supporting the purchase. For a reefer, include refrigeration equipment and its service condition; for a vocational unit, identify the body and specialized equipment. The financing request should match the complete working unit, not just the base chassis or an attractive advertised price.
Used-unit checks
Record make, model, year, VIN, mileage, maintenance and known repairs. Review condition with a qualified mechanic where appropriate and include immediate work in the purchase budget. A clean exterior does not establish engine, transmission or aftertreatment condition. Private sales and auctions can be considered subject to review, but ownership, lien settlement and payment arrangements should be understood before an unconditional bid or non-refundable deposit.
Start-up and fleet-expansion context
A new operator can explain relevant experience, the operating plan and any supporting work arrangements. An established fleet should show how the added unit will be staffed and utilized. Neither experience nor a contract guarantees approval. Include insurance, fuel, maintenance and the time between completing a load and receiving payment when assessing the new obligation. A vehicle payment is only one part of the operating cost.
Understand a TRAC-style residual before comparing payments
What the residual changes
A Terminal Rental Adjustment Clause structure ties an agreed residual to the vehicle’s eventual settlement under the contract. Depending on the terms, sale proceeds above or below that residual can create a surplus or shortfall for the lessee. Availability varies by vehicle, program and jurisdiction. Ask specifically how the structure applies to the proposed transaction rather than assuming all Canadian and US vehicle leases work this way.
Illustrative resale outcomes
Assume an illustrative $100,000 vehicle has a $30,000 contractual residual. If net sale proceeds at the end are $35,000, the difference is $5,000 above residual; if net proceeds are $25,000, the shortfall is $5,000. Allocation follows the agreement and additional costs can affect the calculation. These figures explain residual exposure only. They do not quote a payment, approved residual or guaranteed resale value.
TRAC, FMV and nominal buyout
A TRAC-style agreement focuses on the residual adjustment. An FMV lease may offer purchase at a determined market value, return or renewal under its terms. A nominal-buyout arrangement is designed around an agreed small purchase option after conditions are met. Compare ownership intent, resale exposure, notices and total cost. A lower regular payment is not a substitute for understanding what remains due or required at the end.
Look beyond the vehicle invoice
Working capital between loads
A new unit can increase fuel, driver and maintenance spending before customers pay. Forecast that gap separately from the purchase. If the main need is unpaid eligible freight invoices, factoring may be a more relevant discussion than adding vehicle debt. If an existing unit needs major work, compare repair and replacement economics. The right financing question depends on whether you need another asset, operating cash or a repair.
Currency and operating location
Provide the legal entity, province or state, seller location and invoice currency. Cross-border buying can add conversion and delivery costs, while the vehicle’s intended operation can involve registration and other requirements. Include these in the plan and obtain the appropriate specialist advice. Mehmi’s Canada and USA service area does not mean every vehicle, seller or structure is available in every location.
Protect the exit plan
Estimate the period you expect to keep the unit and review any final payment or purchase option. Test lower utilization and a repair interruption against the payment schedule. Ask how an early sale, trade-in or insurance loss would be handled. If the plan relies on a future resale value, recognize that age, mileage, condition and market demand can change that value; the finance agreement does not guarantee it.
A practical comparison checklist
Review point
Purchase financing
Lease structure
Existing equipment
Ownership
Read purchase and security terms
Check lessor ownership and purchase options
Distinguish refinance from sale-leaseback
Cash at the start
Contribution and eligible project costs
Advance rentals, deposits and charges
Net proceeds after payouts and fees
During the agreement
Payments, maintenance and insurance
Rentals and operating responsibilities
New obligations alongside existing needs
At the end
Any final balance and security release
Buyout, return or renewal conditions
Ownership outcome and remaining payments
Use this checklist to compare actual proposals for the same asset and period of use. It does not establish that a particular structure is available or cheaper. Record the answer to each question, including amounts still payable at the end, so the comparison reflects the complete commitment rather than a selected monthly figure.
Explore equipment examples
Relevant equipment can include Kenworth, Peterbilt, Freightliner 114SD, Volvo. These links provide equipment context; brands are examples, not partners or endorsements. Eligibility depends on the specific asset, condition, seller and financing review.
For a dealer quote, ask for a clear equipment specification and itemized extras. For an auction or private seller, clarify ownership, inspection and payment conditions before committing. An equipment page or brand listing is not a pre-approval for a particular purchase. Keep the intended location, currency and operating purpose consistent across the quote and application so the review addresses the real transaction.
What to prepare
These details help frame the review. Additional documents may be requested for your business, location or proposed transaction.
Quote and unit details
Seller quote, VIN or serial number, specifications, mileage or hours, condition and available service records.
Business and operating history
Business registration, experience, fleet details and information about expected work.
Financial and transaction documents
Requested financial records, current obligations, insurance and any purchase or trade-in arrangements.
Build a complete request
Include the equipment quote, business location, intended use and available financial records. For used or privately sold equipment, ask which ownership, inspection and lien documents are needed.
From enquiry to a considered decision.
01 / Share the request
Describe the business, equipment, location and purpose. Include the quote or asset schedule when available.
02 / Complete the review
Respond to requests for documents and clarify the available structure, costs, conditions and any outstanding checks.
03 / Review before committing
Read the written agreement and confirm obligations, conditions and next steps before signing or committing to the purchase.
Canada and United States: confirm the local requirements.
Tell us where your business is registered, where the equipment will operate and the transaction currency. We serve businesses in Canada and the United States; individual products and transaction structures vary by location.
Canada
Include the province or territory, business registration and equipment location. Confirm applicable taxes, documentation and security requirements in the written proposal.
United States
Include the state, business entity and equipment location. Confirm state-specific availability, documentation, taxes and any security requirements before committing.
Explore your industry
Find guidance for your sector and how your business operates.
9 industries · Swipe, scroll or choose a group below.
Transportation & logistics
Explore financing considerations for carriers, logistics businesses and freight operations.
Explore industry →Construction & contractors
Plan around project costs, contract timing and day-to-day business needs.
Explore industry →Manufacturing & wholesale
Explore financing for production, order cycles and wholesale operations.
Explore industry →Farming & agriculture
Consider seasonal cash flow, operating needs and long-term farm investment.
Explore industry →Restaurants & hospitality
Explore financing for food-service businesses, hospitality operations and growth.
Explore industry →Medical, dental & wellness
Plan financing around practice operations, patient services and business expansion.
Explore industry →Technology & business services
Explore financing considerations for project delivery, hiring and growth.
Explore industry →Forestry, mining & energy
Consider contract cycles, operating requirements and investment in resource businesses.
Explore industry →Aviation & marine
Explore financing considerations for commercial aviation and marine operations.
Explore industry →Frequently asked questions
Can a new owner-operator apply?
Share your operating experience, work arrangements, business history and available contribution. Program fit and terms depend on the complete request.
Can older or high-mileage trucks be considered?
Age, mileage, maintenance, condition and intended use are assessed together. Confirm fit before committing to a unit.
Can I finance multiple vehicles?
Provide a unit-by-unit schedule and the intended deployment. Each asset and the combined payment commitment need review.
Can I refinance a truck I already own?
Explore equipment refinancing and sale-leaseback. Ownership, value, current debt and new obligations need assessment.
Can I apply before choosing equipment?
You can discuss a planned purchase before selecting the final asset. A discussion or preliminary review is not an approval. A specific quote, seller and equipment details may be needed to complete the assessment.
How long will the review take?
Timing depends on the application, supporting documents, equipment and transaction checks. Ask what remains outstanding and when to expect the next update; no approval or funding timeframe is guaranteed.
Financing guides for your next step.
CANADIAN FINANCING GUIDE
Used Equipment Financing Canada Guide
Review asset condition, seller information and the documents needed for a used-equipment request.
Read article →CANADIAN FINANCING GUIDE
$1 Buyout Lease vs FMV Lease Canada
Compare ownership plans, purchase options and end-of-term obligations.
Read article →Explore related financing options.
Use estimates as a planning aid. Actual costs and conditions depend on the written proposal.
Equipment financing calculator →Find the right vehicle category.
Transportation expertise →Compare commercial vehicle types and the details to prepare for a purchase.
Tell us what you are planning.
Start with the business location, equipment or assets, and the purpose of your request.
Apply for financingFinancing is subject to application review and approval. Availability, terms, costs and documentation vary by product, business and location. This page provides general information and is not a financing offer. Tax and accounting treatment should be reviewed with your adviser.
Related resources:Reefer Truck Financing & Leasing Canada; Trailer Financing Canada.