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.