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A flatbed truck is a large truck that can transport oversized cargo and other large products on a flat trailer. These trucks vary in size; however, they all carry a flat trailer or load-carrying area that is used to hold cargo.
Flatbed trucks are essential for any fleet operation. Whether you work in construction, manufacturing, transportation, waste removal, or agricultural industries, flatbed trucks are probably a key tool in your business. These trucks allow companies to transport large amounts of cargo, often heavy or oddly shaped, in fewer trips. Some examples of cargo transported by flatbed trucks include military equipment, cars, trucks, lumber, scaffolding, tanks, tractors and other agricultural equipment, airplane parts, and other large machinery.
Worried your bad credit is going to prevent you from securing a truck loan?
There are many benefits to choosing a flatbed truck to transport cargo in your business. We’ve listed three main benefits below:
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There are three different kinds of flatbed trucks: standard, double drop, and step-deck. The differences between the three are in their dimensions, as described in the chart below:
Weight Limit | Load Height (including deck) | Total Length | Width | |
Standard Flatbed | 48,000 pounds | 8 feet 6 inches | 48 to 53 feet | 8 feet, 6 inches |
Double Drop | 45,000 pounds | 11 feet 8 inches | 48 feet | 8 feet 6 inches |
Stepdeck | 46,000 pounds | 10 feet | 48 feet | 8 feet 6 inches |
Given the size and indirect revenue potential of a flatbed truck, it’s no surprise that they are quite costly. Luckily, there are ways to obtain a loan to help finance your flatbed truck. Before applying for a loan, however, here are a few cost factors that you should consider:
Now that you’ve considered your down payment, interest, sales tax, and term length as cost factors, you’re ready to seek out your flatbed truck loan. Here are a few places to look:
Many banks offer loans to their clients. You could look into a line of credit, a small business loan, or perhaps an equipment loan. For example, the Royal Bank of Canada (RBC) offers an equipment leasing loan, giving successful applicants 100% financing for the cost of equipment used in their business. Keep in mind that the banks are more likely to lend to you if you have a good credit rating.
Banks aren’t the only place to look for loans. There are many alternative lenders that actually specialize in equipment loans, including companies like Peel Financial or Core Capital Group Inc.
Equipment manufacturers will sometimes offer financing to people interested in purchasing flatbed trucks. Because they are more directly interested in the sale, they might be more likely than the bank to work out a financing plan for you.
If you’re in the market to purchase a new or used flatbed truck and aren’t sure where to start when it comes to securing financing, Loans Canada can help. We work with a variety of truck and equipment lenders and can help match you with the right option based on your needs.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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