Looking for a new truck or a fleet of trucks to ship cargo and expand your business? If so, Volvo might be the perfect brand for you. Composed of top-tier Swedish engineering, Volvo trucks are now available in over 75 countries and have tons of different models and classes to choose from, whether you’re looking for safety, fuel efficiency, power, or comfort.
But the price tag could be an issue for you if you don’t have the right financing in place. Fortunately, there are several financing options available to help you cover the cost of a Volvo truck.
Key Points
- Volvo trucks can cost well over $200,000 or more, warranting financial assistance for buyers.
- Fortunately, several financing options are available from Volvo Financial Services, dealerships, banks, third-party services, and alternative lenders.
- Financing is available for both new and used Volvo trucks.
- Leasing, personal loans, and equipment financing may also be an option to help you cover the cost of a Volvo truck.
How To Finance A Volvo Truck In Canada
There are several truck financing options to help you cover the cost of a Volvo truck in Canada:
Volvo Financial Services
Volvo’s own finance department specializes in financing for Volvo trucks, as well as Volvo construction equipment, buses, and Renault trucks. They offer customized financing solutions and flexible payment options to suit various needs. Applying for financing through Volvo Financial Services typically takes place at a Volvo Truck dealership, which typically serves as the main point of contact for financing and sales.
Dealership Truck Financing
You may also ask your dealership if they offer in-house financing, which is typically facilitated through a partnership with an external bank or lender. If so, you can apply for Volvo truck financing directly with the dealership and complete the sale of the truck and its financing in one spot.
Private Truck Loan Lenders
If you have bad credit, you may find it difficult to obtain financing through traditional means. If so, you may find more luck applying for Volvo truck financing from a private lender. These lenders often work with bad credit borrowers to help them access financing when the banks say no.
Best Truck Loans In Canada
| Amount | Interest | Term (months) | ||
 | $1,000 - $300,000 | Fee-Based: Starting at 9% | 12 - 60 | More Info |
 | $5,000 - $300,000 | 8% - 29% | 6 - 18 | More Info |
 | $5,000+ | 4.9% - 24.99% | 18 - 48 | More Info |
 | $5,000 - $250,000 | - | 3 - 18 | More Info |
 | Up to $300,000 | 8% - 22% | 6 - 12 | More Info |
 | $5,000 - $500,000 | - | 6 - 18 | More Info |
 | Up to $250,000 | - | - | More Info |
 | $5,000 - $100,000 | +6.87% | 3 - 18 | More Info |
Can You Finance A Volvo Truck With Bad Credit?
Yes, you can still get financing for a Volvo even if you have a bad credit score. That said, your options may be more limited, as banks and traditional financial institutions may not be willing to lend to bad credit borrowers.
Instead, other options may be available. Alternative lenders typically work with bad credit borrowers, so you may be able to get financing through this option. Just keep in mind that interest rates may be higher, making the loan more expensive. Plus, loan amounts may not be as high, which can make covering the full cost of an expensive Volvo truck more difficult.
Some dealerships may also be willing to lend to borrowers with bad credit scores, though you’ll still need to meet other requirements, such as minimum income criteria.
Learn more: Bad Credit Truck Loans
How Much Do Volvo Trucks Cost?
The cost of a Volvo truck varies significantly depending on factors such as the model, engine, and configuration. Whether you’re buying new or used will also affect the cost of a Volvo truck. In the case of a used vehicle, the price will also be impacted by its age, mileage, and overall condition.
That said, new Volvo trucks can cost anywhere from $200,000 to $300,000+, depending on the factors just mentioned.
- Make: Volvos can be a bit pricier overall than other truck brands because of their European parts and shipping costs. However, they can also be more fuel-efficient than North American brands, so the costs may balance out.
- Model: Generally, heavier semi-trucks with larger interiors, sleeper cabs, and extra features retail for higher. You may also pay more for any modifications, such as different cargo beds, front-end attachments, and other custom pieces.
- Year: Brand new Volvos are more expensive than older models. While they can be cheaper, consider how much maintenance a used truck could require. Older trucks may even burn more fuel than newer, greener models.
- Engine: Your engine may fluctuate in cost if it has an integrated powertrain or uses diesel over natural gas. Although a more powerful engine can be pricier and consume more fuel, it may last longer and give the truck better resale value.
What Factors Affect Volvo Truck Financing?
A few key factors impact the overall cost of Volvo truck financing:
| Interest Rate | The interest rate you’re charged is the cost of borrowing, and has a direct effect on your total loan cost. |
| Loan Term | A shorter term usually means lower interest rates and less interest paid over the loan, but it also means higher loan payments. A longer term generally comes with lower monthly payments, but a higher interest rate and more interest paid over the life of the loan. |
| Down Payment | Your down payment will affect how much of a loan you’ll need to take out. A higher down payment reduces the loan amount, which directly affects your monthly payments and total interest. |
| Lender Fees | Lenders may charge loan origination fees, application fees, documentation fees, and early prepayment penalties, which add to the overall loan cost. |
Other Ways To Finance A Volvo Truck
The traditional way to finance a Volvo truck is through vehicle financing. This type of financing is designed specifically for vehicle purchases, with the truck collateralizing the loan. The loan funds are dispersed to the dealership, and the borrower makes regular loan repayments to the lender.
However, there may be other ways to help cover the cost of a Volvo truck besides a traditional vehicle loan:
Can I Finance A Volvo Truck With A Personal Loan?
It may be possible to take out a personal loan and use the funds to pay for a Volvo truck. However, it may be difficult to secure a personal loan for a loan amount large enough to cover the purchase price, given how expensive Volvo trucks can be.
Personal loan amounts tend to max out at roughly $50,000, though it may be possible to get more depending on the lender and your financial situation. However, new Volvo trucks can cost over $200,000, which is well above the limit for the average personal loan.
That said, it’s possible to find used models for much less, in which case a personal loan may be a viable option, particularly when shopping with pirate sellers who prefer an all-cash deal.
Can I Lease A Volvo Truck?
Yes, leasing a Volvo truck is a common option in Canada. Volvo Financial Services offers leasing programs for Volvo trucks. You can also secure a lease from Volvo dealerships and equipment finance companies in Canada. Leasing may be a great option if you’re looking to get a new truck every couple of years and want to enjoy lower monthly payments compared to financing.
Learn more: Financing Equipment vs. Leasing Equipment
Types Of Volvo Trucks You Can Finance
Depending on your preferences and what kind of business you’re running, you may want to test several truck models and classes before making your decision. Here are the 5 truck series that Volvo offers:
| VNR Series | Ideal for regional and bulk hauling, the VNR series features different models that can be used for flatbeds, tankers, vehicle transport, or food and beverage services. |
| VNL Series | Efficient for long-hauling, VNL models feature impressive aerodynamics, turbo compounding, and a variety of engine types, helping you save on fuel. |
| VNX Series | Ideal for short and long-distance heavy hauling, the VNX Series promises durability and robust engine power. |
| VHD Series | If you’re looking for something with vocational hauling power and tight maneuverability, like a dump truck, concrete mixer, or severe duty truck, check out the VHD Series. |
| VAH Series | Made for auto-hauling over short distances, VAH models can each carry up to 11 consumer-grade vehicles, and come with a variety of roof heights. |
Should You Buy A New Or Used Volvo Truck?
If you’re about to buy or finance a truck of any kind, including a Volvo, there are a few important factors to consider. Make sure to do lots of research and compare makes, models, prices, dealerships, and private sellers in your area.
For instance, one of the first things to decide is whether you want a new or used truck, either of which can have benefits and drawbacks.
Buying A New Volvo Truck
Take the following factors into consideration before buying a new Volvo truck:
- Truck Use: Hauling heavier cargo could mean you’ll need a larger model with a more reliable powertrain and transmission system. You might also want a severe-duty truck to deal with tough terrain. Then again, you may want a smaller truck to maneuver around tight corners and urban spaces.
- Fuel Efficiency: While there are many trucks that are now powered by hydrogen cells and electric motors, most still run on plain old diesel fuel, which can be more expensive and require you to find special stations. More powerful engines and transmissions also consume more fuel.
- Engine Type: The heavier your cargo is and the farther you’re driving, the stronger you’ll want your engine to be. More torque means more money, but the extra cost can be worth it. Even when driving locally, don’t rule out the possibility of hitting ice, potholes, or steep inclines.
- Cost Of Maintenance: Although Volvos have a solid reputation, European parts are harder to repair and buy. Some mechanics don’t even carry them or know how to fix them, which is why the Volvo Dealer Network and Action Service can be extremely helpful to connect with.
- Price: Remember, European trucks can be pricier to buy, fuel, and maintain, so be sure you can afford all costs associated with your Volvo before purchasing or financing it. If business isn’t booming or it looks like you won’t be able to make payments, consider a used truck instead.
Buying A Used Volvo Truck
Consider the following factors before buying used:
- Engine & Maintenance History: Despite the lower cost, remember that many trucks have been driven long distances and not all drivers take care of their rigs. Be sure to get an accident report and find out if your truck has had frequent oil and tire changes, major replacements, or repairs.
- Mileage: While some trucks are built to last, one with over 2,000,000 km on it (like a car with over 200,000 km) likely doesn’t have much resale value or years left. A breakdown in the middle of nowhere can be a huge, expensive hassle when you’re trying to make a delivery on time.
- Where You’re Buying From: It can be risky to buy a truck from a private seller, especially if you’re an inexperienced trucker. However, second-hand dealers can also sell lemons, so it’s essential to get your truck through a reputable source that offers extended warranties, such as a factory dealer.
- Previous Use: Sadly, some trucks aren’t built to last, have hauled heavy cargo, or been driven into the ground. So, it might be smart to buy from a fleet, where trucks are consistently updated, repaired, and documented. Then again, company drivers can be less careful with trucks that aren’t theirs.
| Other Best Semi-Truck Brands In Canada Peterbilt Kenworth Freightliner International |
General Costs Of Owning A Volvo Truck
Now that you know about some of the main factors that can affect a Volvo truck’s price and resale value, let’s discuss some of the general costs of owning, operating, and maintaining a truck throughout the year, such as:
- Fuel: One of the biggest expenses of owning a Volvo truck is the fuel. Diesel fuel can be particularly pricey, costing truckers about $70,000 a year. While many trucks are converting to electric motors or running on natural gas, they can still consume a lot of energy, especially over long distances or while idling in traffic.
- Maintenance & Repairs: Even new trucks require a lot of mechanical attention. Some owners spend around $15,000 annually just on general repairs, tire, brake, and oil changes, and wiring or electrical issues. In fact, a single truck tire can cost about $250 and the rig can take on about $4,000 in yearly tire servicing.
- Licensing, Insurance & Tolls: Owners have to purchase multiple types of licenses and insurance, costing about $6,000-$7,000 yearly. Since trucks are classed as larger vehicles, drivers also have to deal with different permits and toll costs, especially in the United States, adding an extra $3,000-$4,000 per year.
Other Types Of Trucks That Can Be Financed
| Flatbeds | Learn more |
| Semi-Trucks | Learn more |
| Dump Trucks | Learn more |
| Garbage Trucks | Learn more |
| Box Trucks | Learn more |
| Truck Repairs | Learn more |
Why Choose Volvo Trucks?
There are many reasons to buy a reliable truck, especially when you’re looking to save on fuel costs, travel long distances, and keep yourself or your drivers safe. While there are plenty of brands available in Canada, Volvo trucks are top-rated among many drivers for several reasons.
Fuel Efficiency
Volvos are some of the most fuel-efficient and aerodynamic trucks on the road, each featuring the award-winning eXceptional Efficiency (XE) package that contains an automated i-Shift manual transmission. Their powertrains are crafted based on EPA regulations and come complete with intelligent cruise control, as well as a variety of Eco-Torque engine types to maximize your truck’s performance while reducing emissions and fuel costs.
Driver Productivity
Every Volvo chassis now has a colour LCD display and steering wheel-mounted controls that allow the driver to access various operating parameters, trip information, performance data, and truck diagnostics. That way, you’ll have an easier time navigating the roads and can detect any mechanical or electrical problems that arise. Every VNR model also comes with an optional infotainment system with a touch-screen and a premium audio system.
Safety
Your truck’s Volvo Enhanced Stability Technology (VEST) will automatically decrease torque and apply selective breaking when it detects the possibility of jackknifing, rolling over, or losing control. Volvo is also the only Class 8 manufacturer to install a driver’s side airbag in every truck and a side airbag for extra head and neck protection. The Active Driver Assist will also send out audible and visual signals if stationary objects are detected in front of you.
Uptime
Remote Programming allows you to connect with the Volvo Uptime & Action Service Centers, which offer 24/7 real-time upgrades, diagnostics checks, and roadside assistance anywhere in Canada or the United States. The ASIST web portal can help you communicate with the Volvo dealer network, so you can arrange electronic estimates, repair appointments, and towing. You can also speak with your fleet manager to stay focused and productive while on the road.
Final Thoughts
Volvo truck financing is available from various sources in Canada including Volvo Financial Services, dealerships, banks, third-party providers, and alternative lenders. With the right financing plan in place, you can spread out the cost of an expensive Volvo truck, whether new or used. Alternatively, you may consider leasing a Volvo truck to keep monthly payments low or to enjoy a new truck every couple of years. No matter what option you choose, be sure to do some loan comparison shopping using an online comparison site like Loans Canada.
