Frequently asked questions
Frequently Asked Questions
Lease financing is a highly prevalent financing solution for businesses seeking to acquire equipment. This option enables the repayment of the equipment cost to be spread over several months, while also offering tax-deductible benefits.
Lease financing is very simple. The purchaser chooses the equipment and the vendor, and fills out a one-page credit application form. A follow-up is conducted within 24 hours, and a final decision is issued shortly thereafter.
There are five key advantages to leasing equipment:
- A straightforward and fast financing application and approval process.
- Protection of your working capital, as monthly rentals are typically lower than the total cost of the equipment, allowing you to preserve your line of credit.
- Preservation of your borrowing capacity from banks, which can be reserved for financing options that only they can provide.
- Tax deductibility of your monthly rentals.
- Exemption from sales taxes when acquiring equipment
Yes. Lease financing is a quick, simple commercial financing solution available to self-employed workers and to all companies, especially small businesses and VSBs. Thanks to lease financing, self-employed workers and companies can start to grow and make a profit quickly, while the equipment is paid for as it contributes to making this profit.
Interest rates for truck loans are determined by a variety of factors, including your credit score, business revenue, length of time in business, and the type of truck being financed. Generally, the better your credit and the more established your business, the lower your interest rate will be. Interest rate remains the same throughout the duration of loan repayment.
Yes, it is possible to get approved for a truck loan with bad credit. However, you may be required to provide a larger down payment or pay a higher interest rate due to the increased risk associated with lending to those with poor credit.
We are not financial advisers, therefore we cannot suggest measures to improve credit score.
No, the funds from a truck loan can be used for any business-related purpose, including purchasing new or used trucks, financing repairs or upgrades, or covering other business expenses.
The truck financing process can vary depending on the lender and your specific situation. Generally, the process can take anywhere from a few days to several weeks. It's important to gather all necessary documents and information beforehand to help speed up the process.
We offer equipment leasing and financing options for all makes and models of equipment across a broad range of industries. This includes trucks, trailers, construction equipment, and much more.
Our loan application process is fast and efficient. Simply fill out our online application form, and our team of experts will review your application and contact you with the next steps.
Yes! We give you the freedom to work with the dealer of your choice. You can choose the vehicle or equipment that fits your needs and budget, and we will help you acquire it.
At Toronto Truck Loan Ltd., we understand that every customer is unique, and we work with all types of credit scores. While a good credit score can certainly help you qualify for more competitive financing options, we also offer financing solutions for those with less-than-perfect credit. Contact us today to learn more about how we can help you secure the financing you need for your business.