Day: February 19, 2022

Categories
Equipment Leasing Transportation

Top 5 Semi trucks in Canada 2022

Top Semi Trucks
Top 5 Semi Trucks in Canada

Breaking down the Top Semi Trucks in Canada for 2022

Choosing a semi-truck can be difficult as numerous brands are on the market. Whether you are looking to lease a semi truck or out right buying one, it is essential to carefully select the right brand to manage costs and avoid frequent breakdowns. Are you buying for yourself as you transition from a company driver to owner-operator? Or are you buying with plans to hire a driver? 

Whatever the reason, we will evaluate the 2022 top five semi-truck brands in Canada: what makes them unique from others and how Equipment Finance Canada can help you with truck leasing and financing in Canada. They are:

  1. Peterbilt
  2. Kenworth
  3. Volvo
  4. Freightliner
  5. International

1. Peterbilt

Peterbilt is a leading global semi-truck manufacturer launched in 1939 in Denton, Texas. Although it is a subsidiary of Paccar Inc., Peterbilt has built a formidable clientele that depends on the comfort and quality of its products. It has positioned itself at the forefront of the next generation of transportation technology because it utilizes innovative technology to save fuel, identify or diagnose problems quickly, etc. 

With Peterbilt, driving a semi-truck does not have to be a Herculean task. So if you are looking to have a fun, adventurous, and rewarding journey while riding a truck, Peterbilt is your best shot.

Features

  • They can last between 750,000 to 1,000,000 miles with proper care and regular maintenance. 
  • Peterbilt is an advocate of comfort-behind-the-wheels. They produce the most enjoyable trucks for over-the-road truck drivers.

Pros

  • They consume less fuel compared to other truck brands 
  • Peterbilt semi-trucks last longer compared to other brands. 
  • They experience fewer mechanical issues.
  • Highly durable with fair resale values.  
  • They are less prone to corrosion as they have aluminum bodies.
  • They have the most oversized, well-ventilated sleeper cabs compared to other semi-trucks. 

Cons

  • Most used Peterbilt semi-trucks are susceptible to increased mileage.
  • Buying a Peterbilt truck is more expensive than other truck brands. But you can consider leasing.
  • The cost of repairing and maintaining a Peterbilt truck is relatively expensive. 

2. Kenworth

Founded in 1923, the company specializes in manufacturing medium-duty and heavy-duty (Class 8) trucks for commercial purposes. Following its partnership with Toyota in 2019, Kenworth now has trucks that operate with hydrogen fuel cells with zero emissions. 

Kenworth trucks are specifically built to guarantee drivers’ comfort with sleeper cabs ranging from 70 to 86-inch and an in-built infotainment system to help drivers remain active through a long ride. Going for a Kenworth truck is an excellent choice, especially If you want to get something similar to Peterbilt without breaking the bank.  

Features

  • Kenworth trucks have stainless steel parts that help them function under any weather or road conditions. 
  • Minimal fuel consumption.
  • Newer models have driver assistance systems like adaptive cruise control to help drivers stay active.

Pros

  • They have some of the best engines on the market. 
  • Kenworth trucks are durable with fair resale value.
  • They are very fuel-efficient.
  • They are more affordable when compared to Peterbilt trucks.

Cons

  • Sleeper cabs are smaller than other semi-trucks. 
  • Some of their truck models have been recalled for life-threatening issues. 

3. Volvo

Volvo is one of the top-performing semi-truck brands in Canada and globally. The brand manufactures unrivaled luxurious truck designs with aesthetically pleasing sleeper cabs and extra amenities for drivers. Volvo has also added telematics data to its features, allowing smooth communication between Volvo semi-trucks on the road. 

Most models can remotely diagnose problems and run tests before, during, or after a trip. Overall, using a Volvo truck for commercial or personal purposes is less tasking, as most functions are automated. 

Features

  • They are ideal for over-the-road truckers. 
  • Volvo trucks are aerodynamic and fuel-efficient.
  • They use up-to-date technologies to help drivers manage their trucks well. 

Pros

  • They are more spacious when compared to Kenworth trucks.
  • They prioritize driver’s safety via the remote diagnostics system.
  • Volvo trucks have a three-point seat belt for heightened safety, unlike other trucks.
  • Fairly durable.
  • The sleeper cab in Volvo trucks can comfortably house two people.

Cons

  • They are highly prone to frequent breakdowns.
  • Most parts of Volvo trucks are pricey and difficult to find.
  • Poor resale value when compared to other truck brands.

4. Freightliner

The Freightliner Company owns some of the top-performing trucks in Canada, including heavy-duty and medium-duty trucks for commercial purposes. Freightliner’s engines produce nearly 600 hp and about 2,050 lb-ft of torque. Freightliner trucks also come with inbuilt facilities to aid drivers’ safety when an accident occurs, such as steering wheel airbags and an optional lifeguard seat, making it stand out from other trucks. 

Features

  • The Detroit Powertrain is one of the best and most efficient systems on the market.
  • Freightliner semi-trucks have safety tools for drivers: a radar system on the bumper for better monitoring and a camera installed on the windshield. 
  • They have manufacturer-approved maintenance plans. 
  • The sleeper cabs can function with natural gas, making them more fuel-efficient than diesel-enabled trucks. 

Pros

  • Freightliner trucks have better steering and handling than other semi-trucks.
  • They are among the most affordable trucks on the market. 
  • Freightliner prioritizes drivers’ safety more than any other brand.

Cons

  • They are unsuitable for long rides.  
  • Some models are susceptible to mechanical and electrical problems.
  • They have poor engine capacity.

5. International Trucks

The International Corporation is one of the oldest semi-truck companies, dating back to 1902. Apart from semi-trucks, they are also known for making school buses, motorhomes, etc.

Features

  • The newest models have advanced security features. 
  • They are customizable, unlike other truck brands. 
  • International semi-trucks are durable and safe for long-haul driving.

Pros

  • International has one of the largest dealer/manufacturer networks compared to other brands. 
  • They have fuel-efficient engines and are suitable for commercial purposes.
  • High resale value.

Cons

  • Most older models experience electrical and mechanical problems.
  • Poor customer service.

Getting a Semi-truck in Canada

Learning about these trucks without having to use any of them is disheartening. We understand that purchasing or leasing one comes with a considerable price. That is why Equipment Finance Canada is here to help you access any highway truck of choice via the available semi-truck leasing options. Our forte lies in helping existing and new truck owners lease equipment needed to start or grow their new or already-existing businesses, respectively. 

Equipment Finance Canada is also one of the top financing companies recognized in Canada. We specialize in simplifying the equipment financing process in different sectors, including agriculture, transportation, construction, etc. We also have access to leading certified banks, financial institutions, and trusted private lenders across Canada.

Categories
Equipment Leasing

Leasing Equipment From a Private Sale

Leasing Equipment

Purchasing equipment is expensive, and as such, it pays to shop around. Oftentimes, the best way to secure a great deal is leasing equipment from a private sale, either second-hand or through an independent seller, as opposed to buying new or directly through a vendor. But banks typically don’t finance private sales. Fortunately, there is a solution that allows customers to secure financing for equipment purchases through private sales, and that’s what we’ll be looking at in this article. 

Keep reading to learn: 

  • What a private sale is
  • The pros and cons of private sales
  • The precautions to take when buying privately
  • How to lease equipment from a private sale
  • And much more

What is a Private Sale?

In simple terms, a private sale is when you purchase something from another person rather than from a company. Buying used equipment or finding equipment for sale through classified sites like AutoTrader and Craigslist are great examples.

The Differences Between Leasing Equipment From a Private Sale and Leasing from a Vendor

There are some key differences between buying privately and buying from a vendor. For starters, when you buy privately, you’ll almost always get a much better deal. However, when you buy equipment in a private sale, it may not be in perfect condition, and it can sometimes be difficult to secure financing for private sales. That said, it’s very possible to find like-new equipment for a fraction of the normal price when purchasing via a private sale, and there are financing options available if you know where to look. 

The pros and cons of leasing equipment from a private sale

There are definitely some pros and cons to consider when deciding whether you want to buy privately or through a vendor, let’s look at them now. 

Pros 

Prices are often negotiable

When you purchase something through a private sale, you can usually negotiate the price, whereas when you buy from a store, retailer, or other vendors, the prices are usually firm. 

You can find a better deal

In almost all cases, you’ll be able to save a ton of money when purchasing your equipment privately rather than through a vendor. Sometimes you can even source equipment for half the price that it would cost when buying from a traditional outlet. 

Equipment is often like new

Many people think that buying privately means getting subpar equipment, but in many instances, this is simply not the case. Very often, private sellers are looking to off-load gently used equipment that is almost brand new and is in perfect working condition. 

There is no tax to pay

When you buy equipment through a private sale, you won’t need to pay sales tax, which in some cases can amount to thousands of dollars saved. 

Cons

Equipment may be damaged

It’s true that sometimes, disreputable sellers may list damaged equipment for sale in hopes of recuperating their money on the equipment. As such, it’s important to protect yourself when purchasing privately, and there are a number of ways to do that, which we will look at momentarily. 

A warranty may not be included

More often than not, when you purchase equipment privately, it will not include the original warranty, which means that repairs will generally need to be covered out-of-pocket. However, sometimes a portion of the original warranty will still be in place and can be transferred over to you as the new owner. 

The precautions to take when purchasing from a private sale 

As mentioned, some private sellers list damaged equipment for sale, so when buying privately, it’s always wise to exercise due diligence and do your homework before going through with the purchase. Let’s go over a few of the ways that you can protect yourself when purchasing equipment from a private sale. 

Overall condition of the equipment

You should always inspect the overall condition of the equipment before you buy it. Simply put, you should never take a private seller’s word that their equipment is in perfect working condition; the only way to ensure this is by testing and inspecting the equipment yourself. 

Inspection reports

Always ask to see any available inspection reports for the equipment you’re considering before handing over your money. If no inspection reports are available, then that’s a red flag that could indicate something isn’t quite right with the sale. 

KMs and Hours 

Be sure that you consider the mileage or hours before making a purchase. Vehicles and other pieces of equipment that have high mileage are much more likely to require costly repairs in the immediate future. 

Private sales can be leased by Equipment Finance Canada 

If you find a great piece of equipment and would like to purchase it through a private sale but don’t want to invest all of the money upfront, then you’re in luck. Equipment Finance Canada can help you finance equipment purchases from private sales, and there are a number of excellent advantages you’ll enjoy when financing through EFC.  

Why lease through Equipment Finance Canada 

Equipment Finance Canada helps businesses and individuals with leasing equipment from a private sale. Let’s go over some of the best reasons to finance your equipment through Equipment Finance Canada when buying from a private seller. 

Local banks do not specialize in private sales 

In most cases, your local bank or credit union will not help with financing a private sale. The same goes for equipment leasing and equipment financing. Simply put, it’s almost never possible to finance used trucks / used equipment through a traditional lender. That’s where Equipment Finance Canada is different. We help people finance the equipment they want regardless of who’s selling it. 

We have a wide variety of lenders who are willing to fund private sales

At Equipment Finance Canada, we take pride in having some of the best lenders anywhere. We have a large network of lenders who are willing to fund private sales, and almost always at very competitive rates. 

We can pre-approve buyers 

When you want to finance equipment, it helps to know what your budget is. At Equipment Finance Canada, we pre-approve buyers so that they can search for equipment that they know they’ll qualify for. 

We are able to pay sellers directly

Unlike most traditional lenders, we pay sellers directly so that you never have to worry about handling a large cash transaction yourself. Simply file your application, get pre-approved and let us know what you’d like to buy and from whom; we’ll take care of the rest. 

We ensure equipment is free and clear

To further assist you when buying equipment from a private sale, we personally ensure that the equipment is free and clear, that there are no liens on the equipment, and that everything is above-board, which can save you a ton of problems down the road. 

Summary

Purchasing equipment from a private sale is a great way to get the equipment you need for a fraction of the price you’d pay to a vendor. That said, it’s important to do your homework when buying privately, but as long as you inspect the equipment yourself, this can be a great cost-effective means to acquire the equipment you want without breaking the bank. Traditional lenders often don’t finance private sales, but Equipment Finance Canada can help. So, if you want a equipment lease from a private sale, then be sure to contact EFC today to learn more or submit an application.