Why Broker Finance Approval Rates Are Stuck at 75%, and How to Fix It?
As of 2025, finance approval rates for truck and equipment brokers are averaging around 75% across North America. While that might sound reasonable at first glance, the deeper story reveals that 1 out of every 4 financing applications is still getting declined, and that can quietly chip away at profits, lender relationships, and customer satisfaction.
The Approval Gap: What’s Going Wrong?
Approval rates in the 70–75% range point to a common problem: brokers aren’t optimizing how they collect and submit finance applications. Whether you're dealing with a first-time owner-operator or a fleet buyer, the paperwork process is often where deals fall apart.
Most declines aren’t due to poor credit. They’re caused by:
- Missing documents
- Inconsistent information
- Delays in submission
- Unrealistic expectations
That’s where smarter processes, and smarter software, make the difference.
Why “Look-to-Book” Ratio Matters
One key metric that top-performing brokers track is the look-to-book ratio. This is the percentage of submitted deals that actually get funded. A broker who submits 10 applications and gets 7 funded has a 70% look-to-book rate.
According to Mitsubishi HC Capital, lenders prioritize brokers with a high look-to-book because it shows professionalism, efficiency, and alignment with underwriting standards.
In simple terms: clean files get cleaner approvals.
How Equipment Finance Software Can Help
Improving approval rates often comes down to better technology. Brokers using outdated or manual systems to track leads, gather documents, and manage lender submissions are at a clear disadvantage.
Modern equipment finance software or truck finance software (as it is known in trucking industry) can solve these issues by:
- Providing real-time checklists for required documents
- Auto-validating customer data before submission
- Tracking application progress with each lender
- Alerting teams about missing or outdated files
Whether you're selling a $20,000 trailer or a $200,000 truck, the software should be your co-pilot, not a bottleneck.
What to Look for in the Best Software for Truck Financers
If you’re serious about boosting approval rates, start by investing in the best software for truck financers. Here’s what to prioritize:
- Integration with lenders and credit bureaus
- Document automation and e-signature support
- Role-based access for sales reps, brokers, and admins
- Application audit trail to show who did what, when
Choosing a tool that understands the finance cycle, not just sales, gives your team a measurable edge.
Conclusion: Clean Up Your Submissions, Watch Approvals Rise
The finance approval rate isn’t just a stat, it’s a reflection of how well your brokerage is aligned with lenders. By reducing errors, staying organized, and using tools like equipment finance software, you can easily move your approval rate from 75% to 90% and beyond.
In an industry where speed, trust, and accuracy matter more than ever, a few small changes can mean more closed deals, and fewer lost opportunities.