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 Pexara credit-spread overlay of 350 to 500 basis points depending on operator credit profile. The GS5 print is FRED. The spread is Pexara, not FRED.
Rates peaked when the 5-year Treasury hit 4.77%, pushing fleet financing above 9.5% for operators at the wide end of the credit spread. GS5 is now 4.33% as of 2026-07, bringing the effective range to 7.83–9.33%. A ProMaster at today’s rates runs $979–$1,015 per month on a 60-month term.
At scale this matters. A 20-van fleet acquiring five replacement vehicles at today’s GS5 versus the peak month changes combined financing cost by roughly five times the per-van gap on this page.