Financing a Loan For a Truck in Canada: How to Get Approved

Can you get an auto loan for a truck? Can you use a standard car loan for a semi or flatbed? Today is another question asked of our auto loans team by a customer.

While we don’t hear this one very often, it was intriguing enough to make a blog post out of it.

The answer to the question depends on the size of the truck you’re looking at.

Financing a Truck Loan in Canada

If you’re looking for a quarter million for a semi or dump truck, then no, a standard car loan will not work. If you’re looking for a work truck for contracting or a van, an auto loan can work.

Larger loans for commercial vehicles are better served with a specific commercial vehicle loan. Smaller, cheaper trucks can be bought with a standard auto loan.

We’re thinking Ford F-350, Ram 3500 and that kind of thing. If you’re thinking Kenworth or Peterbilt, you need a commercial vehicle loan.

For smaller trucks, the usual auto loan process applies.

Tips for Financing a Truck Loan in Canada

• Prepare a Down Payment: A down payment can be a real benefit to an auto loan if you can get some money together. More lenders will work with you if you have a down payment, it lowers the amount of money you borrow and lowers your monthly payments.

• Prepare Your Trade-In If you’re trading in an old truck, prepare it as much as possible so you can get the most value for it. Make any repairs, return it to stock, clean it up and do whatever you can to make it look its best.

• Do Your Research: We tend to settle on one make or model of truck and stick with it. The truck market moves as quickly as the car market now so it makes sense to do a little research. A lot may have changed since you last got a truck loan in Canada!

• Talk to Our Team: Our auto loan team has vast experience dealing with auto loan inquiries of all kinds. If you’re looking for a truck loan, we will be able to advise and help.

• Get Your Truck Loan: Once we find you a great deal on a truck loan, we can help you with the application and handle most of the paperwork. You will need to provide us your own paperwork so we can apply for the loan on your behalf but we’ll do the rest.

• Buy Your Truck: Whether you’re buying new or used, Car Nation Canada has a range of light trucks on our books. If we don’t have what you want, we can usually find it among our dealer contacts. We’ll make sure you get a good price too!

If you're ready for a car loan in Southern Ontario, we'd love to help with that! simply fill in the form below to get started.