Finance Options
DRIVER'S DIGEST 8 FINANCE P urchasing a truck is a big investment. Considering fi nancial ser-vices early in the purchase process will ensure you walk away with not just the right truck, but a total transport solution. The fi nance considerations below can help you make an informed purchase decision. FINANCING Currently, most trucks are fi nanced with an installment loan or `tradi-tional fi nancing'. With this option, you are the truck owner and the fi nanc-ing is provided by a manufacturer's fi nance company or an independent source such as a local bank. Lenders are typically seeking more personal investment from buyers because of today's economy. To reduce the amount you fi nance, most lenders will require a down payment in the form of cash or trade equity. Another consideration is your loan term length. While a longer term can lead to lower payments, it also takes longer to gain equity in your transaction. Also, keep in mind a larger down payment usually allows for a longer loan repayment term. A shorter term, such as 36 months, will get you into an equity position sooner, thereby allowing more leverage with your fi nance source a good situation to be in at trade-in time. INSURANCE When fi nancing a truck, you're usually required to have proof of physical damage, primary liability, cargo, and non-trucking liability insurance and most truckers are also required to have cargo and non-trucking liability insurance. Together, these coverages provide protection for you, your truck, and load in case of a covered loss. (Non-Trucking Liability offers protection for bodily injury and property damage to a third party when operating your truck for personal convenience.) Keep in mind however, that during the life of your loan there are times when the value of your truck is less than the payoff amount. If your truck is stolen or involved in an accident resulting in a total loss, primary coverage may not cover this difference. GAP Waiver coverage can be a convenient fi nan-cial service option that covers this difference between the book or actual cash value and remaining balance of the amount owed to your lender. GETTING THE BEST DEAL The term best deal has different meanings for each customer. For some it may be the lowest truck price. Often however, it is the best value which considers total ownership costs over the life of the truck that is your true best deal. Ask your dealer about special fi nance and insurance options that Volvo frequently offers for specifi c markets and truck types. The best deal then includes a competitive product, competitive fi nancing, and support services designed to support your business model. And because the truck and fi nancial services are available in one-stop shop-ping fashion through your Volvo dealer, convenience is an added benefi t of choosing the Volvo brand. *Products may vary in U.S. and Canada. Finance Options for your Next Truck Purchase