Truck refinancing in Canada

What lenders look at on a truck

• Model and trim demand. Half ton pickups hold value better than most vehicles on the road.
• Commercial or personal use, and whether the truck is modified for work.
• Kilometres, which climb fast on work trucks.
• Whether a business or a person is the borrower, which changes the documentation required.

Why truck owners refinance

Long terms are common on trucks because the payments are large. Bringing the rate down and keeping the term realistic is the fastest way to stop the balance sitting above the value.

Work trucks and business use

If the truck is used for business, speak to your accountant about how interest is treated before you sign, since the structure can matter at tax time.

How the refinancing process works

Refinancing is not a sale and it is not a new purchase. Your current lender is paid out in full, a new loan is registered against the vehicle you already own, and your payments restart on the new terms.

• Apply online with your VIN, the vehicle details and a rough idea of your current loan balance.
• Your finance manager requests a payout statement from your current lender.
• Documents arrive by DocuSign. Review the rate, term and payment, then sign from home.
• The old loan is paid out, the new loan begins, and your payment drops to the new amount.

Who qualifies to refinance

Most Canadian drivers with an active auto loan qualify. The vehicle, the remaining balance and your payment history matter more than a perfect credit score.

• The vehicle is registered, insured and roadworthy, with no active insurance claim against it.
• The loan is an auto loan or a dealer-arranged finance contract, not a lease.
• You have made at least a few months of payments on the current loan.
• The vehicle is not already pledged as security on a separate title or payday loan.
• You live outside Quebec, where our lending partners do not currently operate.