How to Finance a Used Volvo Truck

by Charles Green

When it comes to commercial vehicles, Volvo trucks offer a level of quality and reliability that long haul truck drivers require. If you are an independent driver in need of your own truck, Volvo is worth considering. Financing for truck drivers can be obtained through a number of sources, each of which is outlined here for your consideration.


Explore Volvo backed truck financing. One of the more notable truck financing options for owner-operators is Volvo Financial Services, the financing arm of Volvo Truck Corporation. Generation2 is the company's financing arrangement designed to make purchasing a certified pre-owned Volvo possible. Important commercial truck financing features for owner-operators with good credit include below market interest rate financing, no down payment, and streamlined approval for Generation2 members. Only trucks sold through Volvo are available for this financing arrangement; contact Volvo about joining their program.

Consider commercial truck financing. If you are not eligible for financing through Volvo Trucks' financing or prefer to finance elsewhere, there are companies that will finance your commercial truck. Some companies will only finance trucks already in their inventory, so unless you find a used Volvo Truck that you want, then you will need to move on to another company. Lenders post their ads online, easy to find by searching commercial truck lenders and sifting through those results.

Ask your banker about a business loan. As an owner-operator, you probably have set up a business account with your bank. In that case, make an appointment with your banker to explore your financing options including down payment, interest rate, and length of loan. Your bank may lend you money directly for the purchase of your truck or extend to you a business loan or line of credit that can be used to purchase a truck. Contact your accountant for the best way to proceed.

Contact OOIDA. The Owner-Operator Independent Drivers Association works on behalf of its members to help them buy trucks. If you are a truck driver but not a member, you may want to consider joining this organization because it has been advancing trucker rights since 1973. Members enjoy a number of benefits including access to truck loans and leasing. Call (800) 444-5791 to request an application.


  • Get prequalified for a commercial truck loan before you shop for a Volvo truck. Separate financing can strengthen your negotiating position.


  • Dealer markups can significantly increase the cost of financing your commercial truck through a truck retailer.

Items you will need

  • CDL license
  • Business paperwork
  • Loan application
  • OOIDA membership

About the Author

Charles Green is a freelance writer in North Carolina who has been writing since 1992 and freelancing since 2002. His work appears in "435 South Magazine," "Wisconsin Golfer" and for various websites. Green earned a Bacheler of Science in business administration from Ramapo College of New Jersey.

Photo Credits

  • David Woolley/Lifesize/Getty Images