Highway tractor financing and Highway tractor trailer financing is a more specialized form of lending that is typically provided through leasing companies. That being said, banks and other secondary debt lenders can also have loan programs to accommodate this type of transportation equipment financing requirement.
Because of the large volume of highway tractors in use today, there is a strong need for both new and used highway tractor financing facilities. For used equipment, the rates and loan or lease terms are going to be highly related to the age, condition, and mileage of the unit. Most used highway tractor lease financing commitments will require a down payment of at least 10%. This can vary among leasing companies between Canada and the U.S. as well.
For new highway tractors, there is more sources of financing available as many of the major manufacturers will have their own financing programs to offer potential buyers with some manufacturers providing both loan and lease programs to choose from.
One of the big decisions to be made with respect to new highway tractor financing is a loan or leasing option. Leasing can provide the added flexibility of going into an operating lease versus a capital lease which works very similar to a loan. For some truck drivers and trucking companies, the operating lease option is more preferred in that at the end of the leasing term they can turn back the truck to the financing company without any further obligation. This equipment financing strategy is based on the borrower or lessees assessment of the future wear and tear associated with its truck fleet and its set up for doing long term repairs as required. Some companies prefer the operating lease so that they are always using equipment that is five years old or less, while others are prepared to finance through a loan or capital lease with the intent of owning the asset at the end of the loan or lease payments and maintaining it over a longer period of time.
If you have a highway tractor financing need, I suggest that you give us a call so we can quickly assess you requirements and discuss the best financing options and loan or lease structures that could best meet your needs.
Log Trucks can be financed via loan or lease for both new and used equipment from a number of our financing and leasing partners both in Canada and the U.S.
For the used log truck financing market, its going to be important to provide as much detail as you can as the specifications of the unit, the current condition, and the maintenance or repair log. Transportation financing and leasing companies will look at this information closely in most cases and take everything you provide into consideration when making their financing decisions. Without this additional information, you can get turned down on older pieces that could otherwise have been financed or leased if the condition of the log truck could be proven or supported. Better information can also potentially reduce the amount of the down payment required and provide better overall rates and terms.
Its much easier to finance a log truck that is less than 5 years old, but older models can still get financed, provided that the condition can once again be properly described and validated.
You can also purchase used log trucks from private sources, but there will be more administrative work to go through as the asset will have to be cleared of any security charges that may still be against it as well as having a third party assessment of condition.
For new log trucks, financing rates can be very competitive with loan to value amounts at or near 100% financing.
If you’re replacing all or part of your fleet of log trucks, better deals can be negotiated on larger amounts as financing requests above $250,000 will become more competitive with the larger equipment financing and leasing companies.
For smaller owner operators, multiple units may need to be split up among equipment financing or leasing companies in order to spread the financing risk among a two or more sources.
If you’ve got a unit lined up, give us a call so we can quickly assess your requirements and provide relevant log truck financing options for your consideration.
Or, if you’ve just started the buying process, let us help you get pre-approved for financing so that you know exactly how much money you have to work with and the related repayment terms.
Transportation trailer financing and leasing covers an extremely broad list of trailer types including but not limited to: Self loading implement trailer, rollback trailer, cargo trailer, semi trailer, van trailer, implement trailer, hydraulic trailer, goose neck trailer, heavy duty trailer, utility trailer, fuel transport trailer, tank trailer, tanker trailer, tank transport trailer, tractor trailer, tandem axle trailer, drop deck trailer, open car trailer, closed car trailer, dry van, reefer, boat trailer, yacht trailer, tow away trailer, pumper pull trailer, pintle hitch trailer, fifth wheel trailer, horse trailer, livestock trailer, stock trailer, refrigerated trailer, light duty trailer, van body trailer, grain trailer, dry freight trailer, travel trailer, tag a long trailer, car hauler, dump body trailer.
Trailer makes that are commonly financed by Canadian equipment financing sources include Mac, Great Dane, Stoughton, Wabash, Manac, Scona, Strick, Deloupe, Fruehauf, Trail, American, Aspen, Aulick, Aztec, Benson, Big Tex, Butler, Brown, Budd, Comco, Comet, Dorsey, Doonan, Dynaweld, East, Eager Beaver, Felling, Fontaine, Elite, General , Gindy, Homemade, Hyster, Innovative, Landoll, Kentucky, Ledwell, Lufkin, Miller, Monon, Pitts, Pines, Polar, Reliance, Raven, Roadmaster, Spectec, Spartan, Specialized, Steco, Strick, Talbert, Timpte, Towmaster, Trail King, Transcraft, Trailmobile, Viking, Warren, Wesco, Western, Wilson, Dura Trail, Cargo Max, Southland.
Both new and used transportation trailers can be financed Canadian based businesses through debt lenders and leasing companies via our service.
We recommend that get financing arranged before you start looking for equipment for a number of reasons. First, getting a pre-approval is almost as good as cash in that you know how much money you have to work with and what assets can be acquired with it. Second, having a pre-approval in hand will allow you to bid or offer more aggressively on either new or used equipment, putting you in a position to get a better deal in the process. Third, with the financing process out of the way, you can close the deal quickly and get the assets in use right fast.
Or, if you make a cash purchase, we can refinance the equipment up to 6 months after the fact through a loan refinancing program or a sale and lease back.
Regardless of how you want to approach the process, we are ready to provide assistance and help you to get the best equipment financing deal possible.