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Fuel Costs Are Up Nearly 50%, Steel Tariffs Are Pushing Trailer Prices Higher — Why Your Fleet Can’t Wait to Upgrade

Semi truck driving on a highway, representing commercial trucking and fleet financing
3 minutes

If it feels like every input cost in trucking is moving against you at once, you’re reading the market correctly. Diesel has jumped nearly 50% year-over-year. Steel tariffs are pushing new truck and trailer prices up for the second year running. And freight rates haven’t kept pace with either one. For fleets and owner-operators running older equipment, that squeeze isn’t a temporary rough patch — it’s the new cost structure, and the trucks and trailers you’re running right now are either helping you absorb it or making it worse.

Diesel Has Jumped Faster Than Freight Rates Can Follow

As of the end of August 2026, the national average price for on-highway diesel sat at $5.599 a gallon — up $1.865 from a year earlier, or roughly 50%. Gasoline is up too, nearly 90 cents over the same period. For a truck averaging 6-7 miles per gallon, that increase alone adds real cents per mile in fuel cost before a single other expense is counted. Meanwhile, contract and spot rates have been slow to catch up, with rate compression carrying into 2026 even as operating costs keep climbing. The gap between what fuel costs and what freight pays is exactly where margin disappears — and it disappears faster in an older truck than a newer one, because fuel efficiency is one of the first things that degrades as engines and drivetrains age.

Steel Tariffs Are Making the Replacement Equipment More Expensive Too

It’s not just fuel. Section 232 tariffs that took effect in April 2026 added a 50% duty on steel and a 25% duty on derivative and finished goods containing steel — calculated on the full value of the finished product, not just the steel content. Truck and trailer manufacturers are feeling that directly: finished trailer prices are already up roughly 10% since January 2025 and 8.8% year-over-year, with further increases expected through the end of the year as materials costs work their way through production. Heavy equipment manufacturers are describing real compression in their own margins from the same tariffs — which means the price relief isn’t coming from their side either.

The Market Is Already Splitting Into Two Groups

Large fleets — the ones with 1,000-plus trucks — increased equipment spending 16.1% this year, moving to lock in newer, more fuel-efficient equipment before prices climb further. Smaller fleets and owner-operators, meanwhile, pulled back on equipment spending over the same period, largely because the cash isn’t sitting there to make the move. That’s the trap: the equipment that would help smaller operators fight back against fuel costs is the same equipment they feel they can least afford right now. Add in constrained factory output — which is already stretching lead times and tightening lending requirements industry-wide — and delaying a decision doesn’t preserve your options. It narrows them.

Financing Turns a Rising Price Into a Fixed One

This is exactly the kind of environment where financing outperforms waiting and saving. A lease or equipment finance agreement locks in today’s price on the truck or trailer you need, before the next round of tariff-driven increases lands, and converts it into a predictable monthly payment instead of a lump sum you don’t have sitting in the bank. It also means the fuel-efficiency gains of newer equipment start working in your favor immediately, offsetting part of the payment through lower cost per mile — rather than waiting years to save up cash while both the sticker price and your fuel bill keep climbing in the meantime.

Talk to Us Before You Buy

Every fleet’s situation is different — your credit profile, how many units you’re replacing, and how soon you need them on the road all affect what financing structure makes sense. We work with startups, owner-operators with thin or bumpy credit, and established fleets alike, across new and used trucks and trailers. Talk to us before you commit to a purchase, a lender, or a “wait and see” plan that costs you more the longer it goes on. Request a quote and we’ll get back to you quickly.

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When Your Primary Lender Says No — We Say Yes

5 minutes

How Equipment Dealers Can Close More Sales by Having a Backup Financing Partner

Published by Trident Leasing Corp | tridentleasingcorp.com

Introduction

Your customer has been on your lot for two hours. They’ve picked out the excavator, negotiated the price, and shaken your hand. Then your vendor financing program runs the credit — and declines them.

They walk off your lot empty handed. You lose the sale. And somewhere down the road they buy from your competitor who found a way to get the deal done.

It happens every day at equipment dealerships across the country. And it doesn’t have to.

This is exactly the problem Trident Leasing Corp was built to solve.

Why Every Dealer Needs a Backup Financing Partner

Most equipment dealers have a primary vendor financing program — Caterpillar Financial, John Deere Financial, Komatsu Financial, or a similar manufacturer-backed program. These programs are excellent for what they do.

But here’s what they don’t do:

  • They don’t approve customers with challenged credit
  • They don’t finance startups or businesses with less than 2 years of operating history
  • They don’t handle older or high-hour used equipment
  • They don’t work with owner-operators who have thin credit files
  • They don’t take complex or non-standard deal structures

When a customer falls outside those parameters — and plenty of real, motivated buyers do — your vendor program declines them and the conversation ends.

Unless you have someone else to call.

The Deals Your Vendor Program Turns Down

Let’s be specific about who gets declined and why — because these are real customers with real buying intent who simply don’t fit a standard bank’s credit box:

The Startup Contractor

He just got his LLC, has a solid work history, and landed his first big contract. He needs a skid steer to fulfill it. Your vendor program requires 2 years in business. He has 6 months. Declined.

The Owner-Operator With a Bumpy Credit History

She’s been running her excavation business for 4 years. Revenue is strong. But she went through a rough patch 3 years ago and her credit score is 620. Your vendor program has a 680 minimum. Declined.

The Buyer Who Wants the Used Machine

He doesn’t need new. He wants the 2017 dozer you have on the back lot at a great price. Your vendor program only finances new equipment. Declined.

The Fleet Expansion With Too Much Existing Debt

They’re a solid company — 5 years in business, good revenue. But they already have equipment loans on 3 machines and their debt service ratio is tight. Your vendor program passes. Declined.

The Seasonal Business

Great cash flow during peak season, thin in the off months. Their last 3 months of bank statements look ugly even though their annual revenue is strong. Your vendor program looks at recent statements. Declined.

Every one of these customers walked onto your lot ready to buy. Every one of them got turned away. And every one of them is exactly the kind of deal Trident Leasing Corp can work with.

How Trident Works Alongside Your Vendor Program

We’re not here to replace your manufacturer financing relationship. Those programs are competitive, fast, and ideal for your prime credit customers. Keep using them.

What we do is handle everyone your primary program turns down.

Think of us as your financing safety net — always in the background, ready to catch the deals that fall through the cracks.

Here’s how it works in practice:

  1. Your primary vendor program declines a customer
  2. You call or email us with the basic deal details
  3. We run the deal through our network of 20+ lenders
  4. We find the best available program for that customer’s profile
  5. Customer gets approved, deal closes, equipment leaves your lot

No cost to you. No paperwork on your end. No risk. Just more closed deals.

What We Can Do That Your Vendor Program Can’t

Situation Vendor Program Trident Leasing Corp
Startup (under 2 years) Decline Startup lenders available
Challenged credit (580-650) Decline Subprime lenders available
Used / high-hour equipment Decline Used equipment specialists
New authority operators Decline New authority programs
High existing debt load Decline Alternative structures available
Seasonal business cash flow Decline Annual income underwriting
Complex multi-unit deals Too complicated Custom deal structuring
1099 / owner-operator Decline Self-employed programs

The Real Cost of a Declined Deal

Let’s put some numbers to this.

If your average equipment sale is $150,000 and your margin is 8%, every declined deal that walks off your lot costs you $12,000 in gross profit.

If your vendor program declines 2 customers per month — which is conservative for most active dealerships — that’s $24,000 per month or $288,000 per year in lost revenue sitting on the table.

Now imagine closing even half of those declined deals with a backup financing partner.

That’s $144,000 in recovered annual revenue. From deals you already had. From customers who were already on your lot. From equipment you already had in inventory.

The cost of having a backup financing partner? Zero. We get paid by the lender when deals fund. You pay nothing.

What Dealers Say About Working With a Backup Partner

The dealers who benefit most from having a backup financing relationship describe it the same way:

“I stopped letting good customers walk. Now when my primary program says no, I have somewhere to send them instead of watching them leave.”

“I used to think declined meant done. Now declined just means I make a phone call.”

“My close rate on marginal credit customers went from zero to something. That’s real money.”

What We Need to Run a Deal

Getting a declined customer approved through Trident is simple. Here’s what we need to get started:

  • Basic application — name, business name, time in business
  • Equipment details — year, make, model, asking price
  • Credit score — even a rough estimate helps us know where to start
  • Any context — why the deal was declined, any unusual circumstances

That’s it. We do the rest. Most deals get an answer within 24–48 hours.

The Trident Difference

With over 20 years in commercial equipment financing, Trident Leasing Corp has built relationships with lenders across the full credit spectrum — from prime banks to specialty lenders who focus exclusively on challenged credit and startup businesses.

We’re not a bank. We’re not tied to one program or one set of credit guidelines. We’re a financing broker with access to 20+ lenders — which means we can almost always find a home for deals that standard programs turn away.

We work nationwide across all equipment categories:

  • Construction and yellow iron
  • Commercial trucks and trailers
  • Manufacturing equipment
  • Agricultural equipment
  • Technology and specialty equipment

New and used. Prime and challenged. Startup and established.

Frequently Asked Questions

Is there any cost to dealers for using Trident as a backup partner?
No. There is never a cost to the dealer. We are compensated by the lender when a deal funds. You pay nothing to access our network.

How quickly can you turn around a declined deal?
Most deals get an initial response within 24–48 hours. Simple deals with reasonable credit profiles can sometimes be approved same day.

What’s the minimum credit score you can work with?
It depends on the equipment, the deal size, and the business profile — but we have lender relationships that work with credit scores as low as 550 in some cases. The more context you give us, the better we can match the deal to the right lender.

Will you contact my customer directly?
Only with your permission. We can work directly with the end customer or work through you — whatever you prefer. Many dealers prefer to stay in the loop on all communications.

What if the deal can’t be approved anywhere?
We’ll tell you honestly and quickly so your customer isn’t left waiting. Not every deal can be saved — but we’ll exhaust every option before we give up.

Does using a backup lender affect my relationship with my vendor program?
No. Your vendor program relationship is completely separate. We handle the deals they decline — we never compete for the deals they approve.

Ready to Stop Losing Deals?

If you’re an equipment dealer who’s tired of watching motivated buyers walk off your lot because your primary program said no — let’s talk.

Setting up a referral relationship with Trident Leasing Corp takes 10 minutes and costs you nothing. The next time your vendor program declines a customer, you’ll have somewhere to turn.

Call John Riley directly: 408-275-8900
Email: jriley@tridentleasingcorp.com
Online: tridentleasingcorp.com

Available nationwide. All equipment types. All credit profiles.

Trident Leasing Corp is a commercial equipment financing brokerage with over 20 years of experience. All financing subject to credit approval. Terms vary by lender and applicant profile.

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