Trucking is an essential service for many people and businesses across Canada, and a reliable and robust truck is key to this industry. Luckily, there are plenty of different truck brands and models to choose from, and one of the more popular truck brands that come to mind is Peterbilt, which produces several models and cargo options. Given the steep price tag of Peterbilt trucks, financing is typically in order.
Read to find the best financing options to purchase a Peterbilt truck.
Key Points:
- Peterbilt truck financing is available from banks, dealerships, private lenders, and directly through the manufacturer.
- Financing for both new and used Peterbilt trucks is available.
- Leasing, personal loans, and equipment financing may also be available to help you buy a Peterbilt truck.
Can I Finance A Peterbilt Truck?
While your Peterbilt truck (particularly a newer model) can be pricey at first, there are plenty of financial institutions, manufacturers, and dealerships in Canada where you can find an affordable truck financing or leasing plan. Before you sign any paperwork, be sure to compare several sources in your area.
Bank Financing For Peterbilt Truck
Banks often provide financing for large trucks like Peterbilt. That said, options differ by lender. For instance, some banks may provide loans specifically for commercial trucks, while others partner with specialized truck financing companies to provide financing.
Banks are also a good source to get lower rates and better terms. However, you’ll need good to excellent credit to qualify.
Peterbilt Manufacturer Financing
If you prefer, you can finance your truck directly through a Peterbilt manufacturer. For instance, PACCAR Financial offers a wide selection of adjustable loan and lease options. There may even be fleet managers in your area who can offer you a pre-owned but well-maintained Peterbilt.
Dealerships
There are also many truck dealers that can offer you in-house financing or leasing. They may even throw in extra perks, such as various warranty options and on-site repairs. That said, some dealerships aren’t as reputable or affordable as other Peterbilt financing or leasing sources and can come with various dealership fees.
Private Truck Loans
If you’re denied by your financial institution, there are many private lenders that can offer you a truck loan or equipment loan with fewer approval restrictions. Keep in mind that interest rates can be slightly higher here.
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 |
How Much Does A Peterbilt Truck Cost?
The cost of a Peterbilt truck varies quite a bit, depending on factors such as make, model, and features. If the Peterbilt truck you purchase is used, other factors will affect the cost of the truck, such as its age, mileage, and condition.
That said, depending on the model you purchase, you could be spending over $400,000 for the top-tier models.
Types Of Peterbilt Trucks You Can Finance
Peterbilt currently produces the following on-highway (heavy duty), vocational, medium-duty, and zero-emission trucks:
| On-Highway | Vocational | Medium-Duty | Zero Emission |
| – 579 – 589 | – 520 – 567 | – 548 – 537 – 536 – 535 – 220 | – 567EV – 579EV – 520EV – 220EV |
Costs To Consider When Financing A Peterbilt Truck
When you borrow money to buy a Peterbilt truck, a handful of key factors will directly influence the total amount you’ll pay:
- Interest Rate: The interest rate your lender charges will determine how much you pay on your loan over time.
- Loan Term: Longer loan terms may result in lower monthly payments, but you’ll pay more in total interest costs.
- Fees: Lenders typically charge fees for their loans, such as loan origination fees and early loan repayment penalties.
Should You Get A Fixed Or Variable Rate Truck Loan?
When applying for truck financing, you’ll have the option to choose between a fixed rate and variable rate. With a fixed rate, the rate remains the same throughout your loan term. With a variable rate, on the other hand, the rate may fluctuate throughout the term.
Choosing the best type of interest rate depends on your financial situation and future market conditions:
- Fixed Interest Rate: This might be best if you prefer stable and predictable loan payments, have strong finances, and a good credit score.
- Variable Interest Rate: A may be a good choice if Canada’s prime rate is expected to decrease during your loan term or you plan to sell your truck within a few years.
Are Peterbilt Trucks Worth it?
Peterbilt Motors Company has been producing trucks of various classes for 85 years. Although they started as a logging transportation company in Oakland, California, their main manufacturing plants are now located in Denton, Texas (headquarters) and Sainte-Thérèse, Quebec.
Since 1939, Peterbilt has produced 60 different vocational, medium-duty, and on-highway truck models, many of which are still in production. While they may not be as luxurious as Volvos or Daimlers, Peterbilt trucks have a reputation for being fairly priced, having a decent resale value, and being reliable.
What Are The Best Semi-Truck Brands In Canada?
Peterbilt has developed a reputation as one of the best semi-trucks in Canada. However, other semis are also highly rated:
Learn more: The Best Semi-Truck Brands in Canada
Benefits Of Buying A Peterbilt Truck
Although their PACCAR engineering is one of their biggest selling points, there are plenty of other reasons that many choose Peterbilt for their commercial transportation needs:
- Resale Value: A major advantage to buying a Peterbilt vehicle is that it may have a much better resale value than many other makes or models. Even trucks and buses with a lot of mileage can be easily resold, simply because they’re built well and made to handle all kinds of road conditions.
- Variety: Peterbilt is also known for their versatility, especially when it comes to their trucks. Whether you need a day cab model for medium-sized short-haul deliveries, a sleeper cab model for larger or longer ones, or to use your truck for vocational purposes, such as construction, Peterbilt has something for you.
- Features: While some models are more basic than others, most Peterbilt vehicles are equipped with tons of special features, such as remote diagnostics technology and ergonomic infotainment systems. To reduce their environmental impact, Peterbilt has even begun production on several fully electric models.
Other Types Of Trucks That Can Be Financed
| Flatbeds | Learn more |
| Semi-Trucks | Learn more |
| Dump Trucks | Learn more |
| Garbage Trucks | Learn more |
| Box Trucks | Learn more |
| Truck Repairs | Learn more |
Alternative Ways To Finance A Peterbilt Truck
Besides a traditional vehicle loan, there may be other options available to help you finance your Peterbilt purchase:
Personal Loans To Finance A Peterbilt Truck
Personal loans may be an option to finance a Peterbilt truck, but loan amounts may not be high enough to cover the cost of these expensive trucks. Personal loans may be considered if you’re buying a used Peterbilt, and use the funds to shop like a cash buyer. Further, personal loans tend to come with higher interest rates than commercial truck loans.
Equipment Loans To Finance A Peterbilt Truck
Equipment loans may be a suitable way to finance a Peterbilt truck. These financing options come with flexible terms and competitive rates, and the truck collateralizes the loan, which reduces the lender’s risk.
Learn more: Business Loans For Equipment
Leases To Finance A Peterbilt Truck
Leasing a Peterbilt truck is another unique option that allows you to trade in your vehicle every few years while enjoying lower monthly payments compared to financing. You’ll also have the option of buying the truck at the end of the term.
Final Thoughts
Peterbilt trucks are reliable, robust, and are well-known as one of the best commercial truck brands in North America. That said, their steep price tag can make them difficult to pay for without some financial assistance. If you’re looking for truck financing, Loans Canada can help you find the right product to help you cover the cost of a Peterbilt truck.
