Equipment Leasing & Commercial Vehicle Financing in Canada
Affiliated Financial Services — helping Canadian businesses find financing for more than 35 years.
Commercial vehicles keep Canadian businesses moving.
Transport companies use trucks and trailers to move goods. Contractors use pickup trucks and service vans to reach job sites. Delivery companies need cargo vans and box trucks. Many service businesses also rely on vehicles to meet customers and complete daily work.
Growth often creates a timing problem. A business may win a new contract before it has the vehicles needed to do the work. It may also need to replace older units before they cause delays.
Buying several vehicles with cash can put pressure on the business. It can leave less money for fuel, payroll, insurance, repairs and daily costs.
Equipment leasing offers another path. It lets a business get new or used commercial vehicles through regular payments instead of paying the full cost at once.
This approach can help protect cash flow and keep more funds available for the rest of the business.
Why Commercial Vehicle Financing Matters Now
Road transport plays a major role in Canada.
Statistics Canada found that trucks carried 90% of Canadian freight shipments in its 2017 freight framework. Transport Canada also reported that road transport moved 46% of Canada’s international merchandise trade value in 2024. Costs remain a concern as well. In late 2025, 39.5% of Canadian businesses said they were likely to pass tariff-related cost increases on to customers over the next 12 months.
For transport, delivery, construction and service companies, these numbers show why cash flow matters.
Vehicles help the business earn revenue. However, the business must also pay for:
- Fuel
- Payroll
- Insurance
- Repairs and maintenance
- Licensing
- Supplier bills
- Rent
- Marketing
- Other daily costs
A large cash purchase can reduce the funds available for those needs. Leasing can spread the cost of the vehicle over time and help the business keep more cash on hand.
What Is Equipment Leasing?
Equipment leasing helps a business buy the tools and assets it needs through set payments over time.
Commercial vehicles count as business equipment when they help a company earn revenue or complete its work.
This can include:
- Pickup trucks
- Work trucks
- Cargo vans
- Cube vans
- Delivery vehicles
- Highway tractors
- Trailers
- Refrigerated vehicles
- Dump trucks
- Service trucks
- Utility vehicles
- Specialty vehicles
A business can use equipment leasing for one vehicle, several units or a full fleet.
The amount and term depend on the asset, the business and the lender. Equipment leasing can often support larger projects and longer terms than short-term business loans.
Commercial Vehicle Leasing Is Equipment Leasing
Commercial vehicle leasing falls under equipment leasing. When a business finances several vehicles, people may also call it fleet leasing.
A company does not need a large fleet to apply. A contractor may need one pickup truck. A plumber may need one service van. A delivery company may need three cargo vans. A transport company may need several tractors and trailers.
Each business has the same goal: get the vehicles needed for work while keeping enough cash for daily costs.
Commercial vehicle financing may help businesses buy:
- Pickup trucks for contractors
- Work trucks for construction companies
- Service vans for plumbers and electricians
- Cargo vans for delivery companies
- Refrigerated trucks for food distributors
- Utility vehicles for field crews
- Tractors and trailers for transport companies
- Mobile service vehicles for repair businesses
Finance New or Used Commercial Vehicles
Lenders may finance both new and used commercial vehicles.
Benefits of New Vehicles
- Factory warranties
- New safety features
- Better fuel use
- Lower repair needs at the start
- More setup options
Benefits of Used Vehicles
- A lower purchase price
- Less loss of value after purchase
- Faster access to available units
- A lower cost for fleet growth
- Access to models that fit a specific job
Lenders review the age, condition, value, seller and expected life of a used vehicle. They also review the business and the full deal.
Vehicles and Fleet Equipment Businesses Can Lease
Equipment leasing can support many types of commercial vehicles.
Transportation and Logistics
- Highway tractors
- Sleeper trucks
- Day cab trucks
- Straight trucks
- Box trucks
- Flatbed trucks
- Refrigerated trucks
- Tanker trucks
- Transport trailers
- Flatbed trailers
- Lowboy trailers
- Enclosed trailers
- Refrigerated trailers
Delivery and Distribution
- Cargo vans
- Cube vans
- Delivery vans
- Route vehicles
- Last-mile delivery vehicles
- Food delivery trucks
- Refrigerated vans
- Light commercial trucks
Construction and Contractor Fleets
- Pickup trucks
- Work trucks
- Dump trucks
- Service trucks
- Crew vehicles
- Utility trucks
- Bucket trucks
- Crane trucks
- Flatbeds
- Mobile workshops
- Equipment trailers
Field Service and Mobile Businesses
- Technician vans
- Maintenance vehicles
- Mobile repair units
- Communications service vehicles
- Support vehicles
- Fuel service vehicles
- Mobile medical units
- Custom work vehicles
Specialty Commercial Vehicles
- Tow trucks
- Vacuum trucks
- Waste collection vehicles
- Fuel trucks
- Municipal vehicles
- Emergency support units
- Service-body trucks
- Custom trailers
When a vehicle helps the business serve customers, finish contracts or earn revenue, leasing may be a good option.
Industries That Use Commercial Vehicle Leasing
Many industries rely on vehicles as business equipment.
- Transportation and logistics
- Construction
- Excavation
- Electrical work
- Plumbing
- HVAC services
- Landscaping
- Snow removal
- Agriculture
- Forestry
- Manufacturing
- Food distribution
- Courier and delivery services
- Waste management
- Property maintenance
- Municipal work
- Mobile repair services
- Medical transport
- Field service companies
A landscaping company may need pickups and trailers. A plumbing company may need service vans. A construction company may need crew trucks. A transport company may need tractors and trailers.
In each case, the vehicle supports the work and helps create revenue.
Why Lease Instead of Paying Cash?
Paying cash gives the business full ownership right away. But it also uses a large amount of money at once.
Even a strong company may choose to keep that cash for other needs.
Equipment leasing can help a business:
- Keep more working capital
- Hold cash for emergencies
- Keep bank credit open for other uses
- Spread the cost over time
- Add revenue-producing assets sooner
- Replace older vehicles before they cause delays
- Take on new contracts faster
- Plan around set payments
For example, a company may have enough cash to buy two trucks. That purchase could leave less money for fuel, insurance, hiring and repairs.
Leasing the trucks may let the company grow while keeping more cash available.
Some lease costs may offer tax benefits, depending on the business and lease type. An accountant can explain what applies.
Equipment Leasing for Startup Businesses
Some startup businesses may qualify for equipment leasing.
A new company may not yet qualify for an unsecured working capital loan. It may still need a truck, trailer, machine or other asset to start earning revenue.
Because the lender finances a specific asset, it may review a startup deal based on:
- The equipment type and value
- The owner’s credit
- Industry experience
- The business plan
- The seller
- Expected revenue
- Current or future contracts
- The amount requested
- Any required down payment
Approval is not automatic. Each lender has its own rules.
Still, equipment leasing may give a startup a path to buy the asset it needs to begin work.
Examples include:
- A contractor buying a first pickup truck
- A courier company buying a first cargo van
- A transport startup buying a tractor and trailer
- A landscaper buying a truck and equipment trailer
- A mobile service company buying a fitted work van
Equipment Leasing vs. a Working Capital Loan
These financing options serve different needs.
Choose Equipment Leasing When You Need:
- Commercial vehicles
- Pickup trucks
- Work trucks
- Trailers
- Construction equipment
- Farm equipment
- Manufacturing machines
- Medical or dental equipment
- Restaurant equipment
- Office or computer equipment
- Other business assets
Equipment leasing may offer:
- Financing for new or used assets
- Longer terms than short-term business loans
- Higher amounts for larger projects
- Set payments tied to the asset
- Options for established companies
- Possible options for startups
Choose a Working Capital Loan When You Need Funds For:
- Payroll
- Fuel
- Inventory
- Supplier bills
- Marketing
- Hiring
- Rent
- Insurance
- Repairs
- Seasonal costs
- Short-term cash gaps
- General growth costs
Affiliated Financial Services offers business loans from $5,000 to $800,000. Terms usually range from 4 to 24 months. All financing depends on lender approval and the strength of the file.
Businesses usually need at least six months in operation and more than $100,000 in yearly revenue. A business with only six months of history may need at least $10,000 in monthly revenue or deposits. Lender rules can vary.
Need to buy a vehicle or piece of equipment? Consider equipment leasing.
Need flexible funds for daily business costs? Consider working capital financing.
Can a Business Use Both?
Yes. Many businesses use both tools because each one solves a different problem.
A transport company may lease two trucks and use a business loan for fuel, payroll, insurance and hiring.
A construction company may lease pickups and machinery. It may use working capital for materials, wages and supplier bills.
Using long-term asset financing for vehicles can make more sense than using a short-term loan to buy equipment that the business will use for years.
The best mix depends on the company’s cash flow, revenue and growth plan.
Example: Add Vehicles Without Draining Cash Flow
Consider a transport company that wins several new delivery contracts.
Its current fleet is already busy. The company needs two more trucks and one trailer to serve the new routes.
Paying cash for all three units would use a large part of its reserves. That could create pressure on:
- Payroll
- Fuel
- Insurance
- Repairs
- Licensing
- Daily expenses
The company chooses equipment leasing instead.
It can now:
- Add the vehicles sooner
- Start the new contracts
- Spread the cost over time
- Keep more cash in the business
- Cover the first weeks of fuel and payroll
- Grow with less strain
The vehicles help earn the revenue that supports the payments.
What Lenders Review
Lenders review both the business and the asset.
They often look at:
- Time in business
- Business revenue
- Bank deposits
- Credit history
- Payment ability
- Industry experience
- Type of vehicle or equipment
- Age and condition of the asset
- Purchase price
- Seller details
- Business use
- Total amount requested
For startups, lenders may focus more on the owner’s credit, experience, business plan, contracts and down payment.
One lender may decline a deal that another lender accepts. That is why access to several financing partners can help.
Documents You May Need
The lender may ask for:
- Business registration details
- Recent business bank statements
- Equipment quotes
- Purchase invoices
- Seller information
- Financial statements
- Ownership details
- Government-issued identification
- Contract details
- A short note on how the asset will help revenue
- A business plan for a startup
The exact list depends on the business, asset, amount and lender.
How to Build a Stronger Application
A clear file is easier for lenders to review.
Before you apply:
- Choose the exact vehicle or equipment
- Confirm whether it is new or used
- Work with a trusted seller
- Get a full quote or invoice
- Prepare recent bank statements
- Check that your business details are correct
- Explain how the asset will help revenue
- Share new contracts when available
- State how the business will use the asset
Startups should also show:
- Relevant work experience
- A clear business plan
- Expected sales
- Signed or expected contracts
- Money invested by the owner
- A practical equipment request
A complete file can help the lender reach a decision faster.
Some complete applications may receive a decision in 24 to 48 hours, subject to lender review.
One Application. Access to 25+ Lenders.
Applying with many banks takes time. Each lender has different rules for credit, industries, assets, startups and deal sizes.
Affiliated Financial Services helps make the process easier.
One application can give your business access to more than 25 trusted lenders.
This can provide:
- More financing options
- Programs for new and used equipment
- Possible startup options
- Different term choices
- Support for many industries
- Help from application to funding
Our team can match the file with lenders that fit the business, asset and deal.
Other Financing Options
Equipment leasing may not cover every need. A business may also use other financing tools.
Equipment Refinancing
A business that owns vehicles or equipment may refinance those assets and free up cash while continuing to use them.
The funds may support:
- Payroll
- Growth
- Inventory
- Repairs
- Marketing
- Supplier bills
- New equipment
Working Capital and Business Loans
Business loans offer flexible funds for costs that are not tied to one asset.
Affiliated Financial Services offers $5,000 to $800,000 in business funding, with terms that usually range from 4 to 24 months.
Invoice Factoring
Businesses that invoice customers may wait weeks for payment. Invoice factoring can turn approved invoices into faster cash flow.
This may help with:
- Payroll
- Fuel
- Supplier bills
- Insurance
- Inventory
- Daily expenses
A business may use one solution or combine several options.
Why Businesses Choose Affiliated Financial Services
Vehicles and equipment are essential for many Canadian companies. They help teams reach job sites, serve customers, move goods and complete contracts.
Affiliated Financial Services helps businesses find financing that fits the asset and the goal.
Businesses choose us for:
- More than 35 years of financing experience
- Access to 25+ trusted lenders
- One application with several options
- Leasing for commercial vehicles and equipment
- Financing for new and used assets
- Possible leasing options for startups
- Business loans from $5,000 to $800,000
- Working capital terms from 4 to 24 months
- Larger amounts and longer terms for some equipment deals
- Fast bilingual service across Canada
- Support from application to funding
Whether you need one pickup truck, several delivery vans, heavy equipment or working capital, our team can help you review the options.
Frequently Asked Questions
Is fleet leasing different from equipment leasing?
Fleet leasing is equipment leasing for several business vehicles. The same type of financing can also cover one pickup, van, truck or trailer.
Does my business need a full fleet?
No. You can apply for one vehicle, several units or a full fleet.
Which pickup trucks can businesses lease?
Lenders may finance pickups used for construction, landscaping, field service, property care and other business work.
Which used commercial vehicles can lenders finance?
Lenders may finance used trucks, vans, trailers and specialty vehicles. They review the age, condition, value, seller and business file.
Can startups get equipment leasing?
Some startups can qualify. Lenders may review the asset, owner credit, experience, business plan, contracts and down payment.
Can equipment leasing provide more funding?
Yes. Some equipment deals may support higher amounts because the lender finances a specific asset. The amount depends on the asset, business and lender.
Can I use equipment leasing and working capital together?
Yes. You can lease the vehicle or equipment and use working capital for fuel, payroll, insurance, hiring or other costs.
How fast can lenders review an application?
Some complete files may receive a decision within 24 to 48 hours. Timing depends on the lender, amount, documents and deal.
Does Affiliated Financial Services serve all of Canada?
Yes. We help businesses across Canada review equipment leasing and business financing options, subject to lender availability and approval.
Final Word: Grow Without Tying Up Your Cash
Commercial vehicles help businesses earn revenue. But buying them with cash can reduce the money available for daily needs.
Equipment leasing can help a company add the vehicles it needs, spread the cost over time and keep more funds in the business.
It may support:
- One pickup truck
- Several delivery vans
- Trucks and trailers
- A full commercial fleet
- New or used equipment
- Some startup businesses
For needs beyond equipment, Affiliated Financial Services also offers business loans from $5,000 to $800,000, equipment refinancing and invoice factoring.
Ready to Finance a Vehicle or Equipment?
Apply online in about 30 seconds. Our team will help you review options from more than 25 trusted lenders.
Affiliated Financial Services
Your Financial Partner — Supporting Your Growth Every Step of the Way.
