What operators are paying to finance delivery vans today, and how the rate environment has shifted since 2021.
Fleet financing for last-mile delivery operators is benchmarked to the matched-term SOFR swap rate — typically the 5-year Treasury — plus a credit spread of 350 to 500 basis points depending on operator credit profile. This is different from consumer auto financing and different from large-fleet commercial programs.
Rates peaked in late 2023 when the 5-year Treasury hit 4.77%, pushing fleet financing above 9.5% for operators at the wide end of the credit spread. Since then the 5-year has pulled back to 3.85% as of March 2026, bringing the effective range to 7.35%–8.85%. A ProMaster at today’s rates runs $968–$1,003 per month on a 60-month term — down roughly $30/van from peak, but still $65–$75 higher than the near-zero 2021 environment.
At scale this matters. A 20-van fleet acquiring five replacement vehicles today versus late 2023 saves roughly $150/month in combined financing cost — $1,800/year, $9,000 over the 60-month term.