For truck drivers and fleet owners, having access to at least one reliable and cost-effective truck is an essential part of keeping operations running smoothly and earning consistent revenue. While there are plenty of top tier truck brands out there, few are as highly praised as Kenworth. That said, these truck brands are costly, and typically warrant some form of financing to cover the cost.
If you’re looking to purchase or lease a Kenworth truck, read on to find out what type of financing options are available.
Key Points
- Kenworth financing is available from banks, dealerships, alternative lenders, and directly through PACCAR Financial.
- Both new and used Kenworth trucks can be financed.
- Leasing options are also available if you plan to trade in your vehicle more frequently.
Who Is Kenworth?
Kenworth was originally a car and truck dealership known as Gerlinger Motors. In 1914, they began production on their first commercial truck, which soon became a standard in the world of logging. A few years later, the company was bought out by Edgar K. Worthington and Frederick Kent and became Kenworth Trucks, Inc in 1923.
Since then, Kenworth has produced some of the best medium-duty (class 5-7), heavy-duty (class 8) and vocational trucks in the industry. Their models became particularly desirable after 1972 when they were purchased by PACCAR Inc.
Although they originated in Portland, Oregon and are currently headquartered in Seattle, Kenworth also has manufacturing centers in Canada, Mexico, and Australia, with markets in New Zealand, Japan, Thailand, and Papua New Guinea.
Best Truck Financing In Canada
| Amount | Interest | Term (months) | ||
 | $1,000 - $300,000 | Fee-Based: Starting at 9% | 12 - 60 | More Info |
 | $5,000 - $300,000 | 8% - 29% | 6 - 18 | More Info |
 | $5,000+ | 4.9% - 24.99% | 18 - 48 | More Info |
 | $5,000 - $250,000 | - | 3 - 18 | More Info |
 | Up to $300,000 | 8% - 22% | 6 - 12 | More Info |
 | $5,000 - $500,000 | - | 6 - 18 | More Info |
 | Up to $250,000 | - | - | More Info |
 | $5,000 - $100,000 | +6.87% | 3 - 18 | More Info |
Where Can You Finance A Kenworth Truck?
Unfortunately, Kenworth trucks can be pretty expensive, particularly when new or lightly used. Don’t worry, there are plenty of ways to finance or lease your Kenworth, as long as you know where to look. Be sure to research and compare the following alternatives:
| PACCAR Financial | Provides finance and lease options for Kenworth trucks. |
| Banks | Provides commercial truck financing and offers better rates for clients with excellent credit. |
| Private Lenders | Provides loan options for borrowers with bad credit. |
| Dealerships | Provides Kenworth truck financing through partnerships with financial institutions. Borrowers can shop and finance in one spot. |
PACCAR Financial
PACCAR Financial is the financing arm of PACCAR Inc, and provides loans, leases, and financial services for Kenworth trucks in Canada. By purchasing or leasing your Kenworth straight from the manufacturer, you’ll be offered premium service, top-quality parts, access to their network, and a range of payment plans at a standard price. If you’re a return customer, you may even build a good relationship with your nearest PACCAR manufacturer and be eligible for extra benefits later on.
Banks
Many banks offer financing for large trucks like Kenworth, but the options vary. While some banks offer commercial truck loans, others partner with specialized truck financing firms to provide buyers with financing options.
Banks typically offer lower rates and better terms compared to other lenders. However, loan restrictions tend to be tighter here.
Private Lenders
If you can’t qualify for PACCAR or bank financing or struggle with credit issues, you might be able to finance a Kenworth from a private lender. While interest rates can be higher, approval requirements are easier than other financing sources.
Dealerships
You can finance a Kenworth truck through dealerships that are partnered with financial institutions. Through in-house financing, you can finalize both the purchase and the financing for your Kenworth truck. This makes in-house financing from a dealership a convenient option.
| Best Semi-Truck Brands in Canada Kenworth is considered one of the best semi-trucks in Canada, but others join the brand as the top-rated trucks: –Peterbilt –Kenworth –Volvo –Freightliner International Learn more: The Best Semi-Truck Brands in Canada |
Kenworth Trucks You Can Finance
At the moment, Kenworth has 10 different truck models that fall into the following categories:
| Highway | Vocational | Medium Duty | Off-Highway/ Export |
| – W990 – W990L – T680 – T680E – T800E | – T880 – T880E – W900 – T180 – T280 – T380 – T480 – L770 – C500 | – T180 – T280 – T380 – T480 – K270 – K370 – K270E – K370E | – C500 |
How Much Does A Semi-Truck Cost In Canada?
In Canada, the average cost of a semi-truck ranges greatly. Several factors influence the price you pay for your truck, including the make, model, and features. If you’re buying used, other factors come into play, such as the vehicle’s age, mileage, and condition.
New trucks, like Kenworth trucks, can easily cost over the $200,000 mark. Used trucks can cost much less.
What Factors Are Involved In Kenworth Truck Financing?
Financing a Kenworth truck involves several key factors that directly impact the overall cost of your loan:
- Interest Rate: The rate charged on your loan influences the total cost of financing a Kenworth truck. A lower rate reduces overall expenses, while a higher rate increases the total amount you pay.
- Loan Term: Longer repayment terms result in lower monthly payments, but lead to higher total interest paid. On the other hand, shorter loan terms reduce the overall interest paid, though they come with higher monthly payments.
- Fees: Additional charges, like loan origination fees, late payment penalties, and administrative costs, can impact the total cost of your loan.
Can I Use A Personal Loan To Finance A Kenworth Truck?
Yes, you can use a personal loan to finance a Kenworth truck. In this case, you would access a lump sum of money to pay the dealership or private seller in full for the truck. Then, you would make regular installment payments to the lender until the loan is fully repaid.
However, a personal loan may not always be the best option when buying a Kenworth truck, given the steep price tag of these vehicles. More specifically, if you plan to spend more than $50,000 on a Kenworth truck, a personal loan may not be feasible.
Further, personal loans tend to be unsecured, which increases the risk for the lender. In turn, you may be charged a higher interest rate, making the loan more expensive.
That said, if you plan to buy a used Kenworth truck worth less than $50,000 from a private seller, a personal loan may provide more flexibility to shop like a cash buyer.
Can I Use An Equipment Loan To Finance A Kenworth Truck?
Yes, equipment loans can be used to finance Kenworth trucks. This loan option is often used by businesses to purchase expensive equipment, including vehicles and machinery.
The truck itself collateralizes the loan, which minimizes the lender’s risk, making an equipment loan easier to get approved for at competitive rates. However, since the vehicle is used as security, it can be repossessed if you default on the loan.
Can I Lease A Kenworth Truck?
Yes, you can lease a Kenworth truck through PACCAR Financial and Kenworth dealerships. Some banks may offer leasing, though they tend to focus more on commercial vehicle financing.
Leasing is slightly different than financing in the following ways:
| Leasing | Financing | |
| Ownership | No ownership – truck is returned at the end of the lease | Yes – full ownership once the loan is fully repaid |
| Monthly Payments | Usually lower than financing | Typically higher than leasing |
| Customization | Restrictions on modifications | Full customization allowed |
| Options At End Of Term | -Return the vehicle -Purchase the vehicle -Renew the lease | No return required |
Learn more: Financing Equipment vs. Leasing Equipment
Benefits Of Buying A Kenworth Truck
In the world of commercial trucking, Kenworths are almost always on the top 10 list. Here are a few key benefits to owning a Kenworth truck:
- PACCAR Engineering: Kenworth trucks are manufactured by PACCAR, which is known to produce some of the highest quality truck parts available. So, not only can you access several types of powerful and fuel-efficient semi-diesel engines, every cab and chassis is made of stainless steel to maximize the truck’s durability and prevent rust buildup.
- Long-Lasting Dependability: Because of their superior engineering and aerodynamic designs, Kenworths tend to have better road lives than other brands, often making it well over 1 million km with minimal maintenance.
- Resale Value: Due to their reputation for dependability and engine power, Kenworths also have better resale values than many other truck brands. Even used models with a lot of mileage are in demand, especially if they’ve been well-maintained and have the desirable features installed.
Other Types Of Trucks You Can Finance
| Flatbed | Learn more |
| Semi-Trucks | Learn more |
| Dump Truck | Learn more |
| Garbage Trucks | Learn more |
| Box Trucks | Learn more |
| Truck Repair | Learn more |
Final Thoughts
A new or well-maintained Kenworth truck can definitely be worth the investment for your business or other needs when budgeted for accordingly. While these trucks can be very expensive, there are several financing options available to help fit your budget. If you’re looking for the right financing to help you purchase a Kenworth truck, Loans Canada can help you compare and research multiple offers.
