Planet Financial specializes in Trucks and Trailers Financing, Commercial Truck Financing and Re-Financing, Truck leasing of all types of Trucks and Trailers. We deal with both new Truck Loans, commercial truck loans, used truck loans, and trailer loans and leasing of all makes and models and can help you in getting bad credit loans in Ontario. It is tough to get a loan with no credit check in Canada.

Generally, there are tonnes of misconceptions out there that if you have bad credit or no credit, you cannot get approved for a truck loan or truck leasing. This is somehow not true as dealerships and lenders have found that with the ups and downs of the Canadian economy, they need to make truck loans available for good and bad credit customers alike. Refinancing semi-truck loans can help you in saving money on interest and stretch out your loan payments. If you want to get refinancing done, then make sure to look closely at your finances and know the details of the new loan you’re signing up for.

Refinancing involves replacing an existing loan with a new loan that pays off the debt of the first one. The new loan should ideally have better terms or features that improve your finances to make the whole process worthwhile.

If you are looking for Truck Refinancing, here are the few factors you should consider:


It plays a very vital role in heavy equipment financing as lenders categorize the applications by credit scores.


If you are looking to lower your monthly payments, by refinancing you can extend the length of the loan to get a lower payment. Still, it’s important to note that extending the length of your loan, which is known as the loan term, reduces your payment but also increases the amount of interest you’ll pay over time. And it works the other way, too: Reduce the term, and your monthly payment will increase while the amount of interest you pay.


This means that you get heavy equipment to refinance the rate if your truck is worth more than what you owe on it.


Some lenders charge penalties for paying off the loan early, though most do not. If your current auto loan comes with prepayment penalties (usually noted in the fine print), then you’ll want to do some math to determine if refinancing is a good deal after you pay the penalties.

Refinance commercial truck loans is necessary to improve your cash flow, you may refinance now to get back into a positive financial situation. Once your personal finances have stabilized, start making extra payments on your loan to pay it down faster, provided that there aren’t prepayment penalties on your new loan. You’ll pay off your auto loan sooner and save yourself some interest expense. Wait at least 60-90 days from getting your original loan to refinance. It typically takes this long for the title on your truck to transfer properly, a process that will need to be completed before any lender will consider your application. Refinancing this early typically only works out for those with great credit.

Our application process is extremely fast, and we guarantee the most competitive rates of interest for refinancing.  Don’t wait any longer.

If you need heavy equipment leasing here is our Document Checklist

  1. Valid ID
  2. Bill of Sale
  3. Article of Business Incorporation
  4. Last-three-month bank statements.
  5. Credit Application (download it here)
You can email all the documents at [email protected] or you can also get your free inquiry at 905-678-0111. Click that “Apply Now” button to proceed with your desired heavy machinery loan provider and if you’re looking for a used truck loan. Some clients will rather have some guidance throughout this process, so we also have the added option for you to pre-apply at Planet Financial. Our team will sort through your information and give you the best rate of interest all over Canada. You can also Sign up for our newsletter for our recent updates and get special offers on a heavy equipment loan. Apply online by filling up the credit application for quick approvals for your own or commercial truck loans or Call us and book an appointment. We would be happy to serve you.