Volvo Trucks is a USA-based company that manufactures world-class trucks for all commercial needs. It was founded in Sweden during the 1920s to make medium to heavy-duty trucks yet functionally smart. In the past century, Volvo Trucks has played a role in reviving the transport industry and innovating vehicles better suited for commercial transportation. Today, Volvo Trucks operates in over 130 countries worldwide.
Volvo Trucks was founded on some fundamental principles. Ensuring safety in the make of the trucks to reduce the risks for accidents is one of its core values. Quality control while manufacturing is prioritized. A-1 quality materials and components provide supreme functionality and longevity to the trucks.
Moreover, test runs and multiple substantiations are performed before introducing a new model to the industry. The truckers' comfort and security are focused while designing the Volvo trucks.
Volvo Financial Services has been the financing partner for Volvo Trucks for the past 20 years. The collaboration with Volvo Financial Services makes Volvo Trucks the one-stop for commercial truck purchases with no need for dealers or mediators. Volvo Financial Services offers customized financing plans for consumers according to their specific business needs.
The loan terms can be tailored according to your requirements regarding cash flow, down payment, monthly installment, loan period, etc. At Volvo Financial Services, the aim is to design a financing plan that suits your current requirements and is also maintainable in the future.
What Are The Services Offered At Volvo Trucks?
Volvo Trucks' role in making your trucking business successful does not end with giving you the keys to the truck. It provides you with all the facilities required for the trucks to hit the road and run efficiently. Services provided at Volvo Trucks include:
Volvo Trucks provides services of a premium standard to keep the trucks in remarkable condition. Proper maintenance and repair can help you avoid unintentional stops during your journey. Moreover, frequent checks for good functionality are also essential to ensure safety on the roads. The wear and tear of trucks after regular usage is inevitable.
Volvo Service Contracts takes care of regular repair and maintenance work your Volvo truck would need. It provides tailored service plans according to the model of your truck and its day-to-day running.
Parts & Accessories
Volvo Trucks function best when original and genuine Volvo components are installed. Volvo Trucks provides parts and accessories specially designed for its trucks. You can rest assured of first-class performance with Volvo parts and accessories fitted in your trucks. Moreover, the parts and accessories come with a 2 year fitted parts warranty.
Driver’s Support Program
Driver Development training at Volvo Trucks aims to produce skilled, responsible, and professional truck drivers. With knowledge about the truck, its mechanics, and intricacies, the trucker is better equipped to handle difficult situations on the roads. Drivers with proper training have proven to have better road control. They drive safely and more proficiently.
Volvo Trucks offer the Driver Development training program as a diploma to teach you the skills required for commercial truck driving. Volvo Financial Services can finance this program.
Volvo Connect is an online customer portal that records all your Volvo-related matters. An interface for your digital devices gives you quick access to the information you need to run and improve your day-to-day business operations.
It also allows you to view the status of your ongoing services and the history of services taken from Volvo trucks. It helps in managing your fleets, ensuring proper administration. Volvo connect provides a virtual marketplace where customers can learn about and subscribe to services online. This is a step towards modernized business and progressive customer dealing.
Volvo Trucks is an international organization and enjoys a prime position globally. With its collaboration, Volvo Financial Services can support its customers nationally and internationally with about 360 dealers from around the globe.
Certification by Volvo Trucks means the Volvo Trucks takes guarantees of the standard of a pre-owned vehicle. By designating its name to pre-owned vehicles, the reputation of Volvo Trucks is at stake. Thus, the qualifying criteria for certification are tough and set to a high standard. When a pre-owned vehicle is certified by Volvo Trucks, it can be safe to say that its quality is comparable to original Volvo Trucks.
Volvo certified Trucks can also avail of Volvo Certified Financing via Volvo Financial Services just as original Volvo Trucks would. The terms and conditions of the financing program, including the qualification process, transaction terms, down payments, etc., are subject to the standard credit underwriting guidelines provided by Volvo Financial Services. This Offer is specifically available for customers belonging to the U.S.
Some features of Volvo Certified Financing are:
- Viable loan rates
- Loan period up to 66 months
- 100% financing attainable by qualified customers
- Accessing the loan details and remaining debt through Volvo Financial Services Customer Portal
“Volvo Financial Services is a one-stop solution for all your commercial truck financing needs. It offers financing for a wide range of trucks”
Volvo Financial Services
Finding the right financing institute is as important as finding the right truck. It is essential for a smooth truck purchasing process. It also gives you a secure plan to maintain and optimize your trucking business both today and tomorrow.
Volvo Financial Services is a one-stop solution for all your commercial truck financing needs. It offers financing for a wide range of trucks. It also offers to finance second-hand trucks and their restoration. Smart financing plans for commercial truck fleets for you to expand your business are also provided at Volvo Financial Services. The following services are offered at Volvo Financial Services:
1. Commercial Truck Financing
Volvo Financial Services can be a second source of financing for you. It relieves your dependence upon your bank and allows you to preserve your credit line with the bank. You can utilize the bank's financing facility for your other financing needs, for example, buying a house, while you can rely on Volvo Financial Services to purchase your trucks. This also spares your credit line with the bank to a good extent.
Financing plans offered for Commercial Truck Financing are:
Certified Used Incentive Offer
This Offer is valid on 2018 truck models and the newer trucks, including VNL, VNR, VHD models. Qualified buyers can avail of an extended term of up to 66 months. The Offer is for a purchase of a 12 month/125,000 miles warranty. It includes the uptime bundle services, including the Volvo Actions Services, Remote Diagnostics and Volvo ASIST. This Offer is attainable exclusively via Volvo Financial Services. The Offer will expire by the end of 2022.
Leasing is one of the most affordable ways to avail the advantages of Volvo Trucks. Volvo Financial Services is associated with almost 200 Volvo Truck Leasing system dealership partners who offer you multiple lease programs. Single trucks, as well as fleets, can be leased through these lease programs.
Volvo Full-Service Leasing also offers repair and maintenance cost coverage. The cost of equipment, preventative maintenance, repairs, license, and a permit are all included in the lease.
A GAP waiver financially supports you in case a total loss of the truck is suffered, or there has been an unrecovered theft. It waives the remaining amount you owe after your insurance has already been paid. Volvo Financial Services provides GAP waivers via its affiliate, Volvo Insurance Services.
However, GAP waivers are not offered in New York, North Dakota, Oregon, Michigan, Montana, Washington, or any other cities where the law bans GAP waivers. AP Coverage is available through Volvo Insurance Services, an affiliate of VFS. GAP waivers are not available in or where prohibited by law. It is imperative to bear in mind that any sub-lessee of the lessee is not eligible to avail of the benefits of GAP waivers.
2. Volvo Trucks Rental
Volvo trucks offer trucks for a rental fee. The period of renting can be up to you. This is a viable option for many people because they require trucks for only a day, a couple of weeks or a few months. Leasing and financing long-term plans requiring more commitment Volvo Truck Rental supports you in managing the sudden increase in workload or taking up a bigger project on short notice. Volvo Trucks also allows you to rent out small fleets so that you can always accommodate your customers.
The entire class 8 category of Volvo trucks is available on a rental basis. The monthly rental fee includes the insurance costs, tax, service and maintenance charges, and it does not affect the balance sheet.
Insurance is your protection against unforeseen circumstances that may cause you financial loss. Sudden financial losses due to accidents, theft, fire, or vandalism are always possible in the trucking industry. It can potentially bring the business operations to a halt. Thus, it is sensible to have an insurance plan to cope with such setbacks and ensure your business remains uninterrupted.
Volvo Financial Services offers insurance plans for all types of trucks, new or used, single trucks or the whole fleet. You can choose from a wide range of insurance programs customized according to your specific needs and financial risks. Volvo Financial Services assure to protect your trucking business and cover all the losses should things go wrong.
A type of insurance plan is Third-Party Liability insurance. If an accident occurs it protects you against claims. This insurance is also a legal requirement. Another type of insurance is Guaranteed Asset Protection. If the worst situation strikes, your truck gets stolen or suffers irreversible damage; you must have an insurance plan to support you through this time.
You can have the peace of mind that Volvo Truck Financial Services' Guaranteed Asset Protection will cover the total market value of the truck for you. Additional Insurances are an option for people who have special concerns. The insurance plan can be tailored according to their specific needs. Volvo Financial Services offers a wide range of additional insurance options, customizable according to your business.
Who Is The Commercial Truck Financing For?
Commercial truck loans and financing are good options for people who want to launch or expand their trucking business. Additionally, Volvo Financial Services also offers to finance the licensing fee and money needed for the training courses for the truckers.
Commercial truck financing is also for people belonging to the transport service industry. They may avail the financing for building their commercial fleet through Commercial Fleet Loans. More trucks mean better efficiency of your transport services to the customers and widespread reach of the business.
Every type of local business, be it a grocery store or an appliance manufacturing company, require and benefit from trucks. It is more economical if the business has its own trucks to make deliveries and transport commodities. Leasing out trucks from lenders not only costs you more in the long run, but the external transport services are very inconsistent and inconvenient too. Owning trucks can relieve the local businesses from relying on external transport agencies.
Professional truckers can also avail themselves of commercial truck financing to purchase a truck. They can earn a better living if they are the truck's owner. A large fraction of the earning goes as the commission for the transport service company the trucker works for. It is better to work as an independent trucker to earn better and enjoy job satisfaction.
How Do You Qualify For Volvo Financial Services' Commercial Truck Financing?
To qualify for financing at Volvo Financial Services, you must meet some requirements. This is vital to ensure the financing plan is practical and sustainable for the client.
Some important factors are:
Credit History And Score
Credit history and score are values that give an immediate estimate of the customer's ability to sustain the financing plan. Volvo Financial Services considers it during the financial assessment but is not the only determinant factor for qualification.
Ability To Make The Down Payment
Volvo Financial Services will require you to put down a small percentage of the total cost as a down payment and bear the insurance costs. The amount of down payment may vary from case to case and also depends on the type of financing plan you choose.
Personal And Business Reputation
Volvo Financial Services will investigate any legal allegations on the owner-operator and the company and reserves the right to cancel the financing plan upon suspicion of fraud. Previous loans and whether they were repaid on time may be evaluated. The reason for requiring commercial truck financing may also be inquired and cross-checked to assess the authenticity.
Time With Commercial Driving License
An experience of at least three years as a Licensed Commercial Truck Driver makes the qualification process slightly easier. However, Volvo Financial Services may also consider drivers with limited experience. In fact, it offers to finance the licensing and training for them.
Volvo Financial Services requires you to offer collateral. This is important because any unanticipated situations can arise, such as bankruptcy, theft, or damage during the life of the loan. In such unforeseen circumstances, Volvo Financial Services reserves security for repayment of the loan through the collateral.
“Volvo Financial Services’ loan application process is rather simple and quick”
What Is The Loan Application Process At Volvo Financial Services?
The loan application process is rather simple and quick. The process is carried out sequentially and systematically in both the lender and the customer's best interest. The steps for application are as follows:
You can visit Volvo Financial Services at any of the regional offices. You may also reach out to them on the number or email address provided on the website. After you express your intention to avail of the financial services, the representative will track your old record, if any, and sign you up for a meeting with a finance officer.
The meeting can be physical or virtual according to your convenience. The finance officer will brief you about the financing plans available, the ones suitable for you, and the extent to which they can be customized. Thereafter, if you decide to pursue commercial truck financing with Volvo Financial Services, your qualification process will be initiated.
The qualifying process is a thorough assessment of the customer's eligibility for commercial truck financing. It is a pre-approval procedure in which the client's financial history, income, and status of the business are studied by the finance officer.
Any previous loans or any existing debts of the business may also be investigated. He may also interrogate the reason for requiring commercial truck financing to assess the authenticity.
The purpose of this evaluation is to get a fair idea of the customer's affordability to pay as part of the monthly installments and to determine the amount he will be able to submit as a down payment. At Volvo Financial Services, this process is carried out according to standard qualification criteria by trained finance analysts. A standard criterion is essential to ensure that qualifying is fair and no bias is practiced.
An application form and some other requisites for commercial truck financing must be submitted. The application form will be sent to you via mail after you have qualified.
The documents required are:
- Last three years of the fiscal end of year balance sheets
- Last three years of income statements
- Provisional balance sheets
- Cash flow and income statements
- A personal financial record with signature
- Last two years of state tax returns applied on the client and the business
The following documents may also be required on case to case basis:
- A detailed plan about the business dynamics if the business is a startup
- Articles of corporation, if it's a corporation
- The partnership agreement, if it's a partnership
- Articles of organization, if it's an LLC
Approval Of The Application
The submitted application form and prerequisites go for approval from the higher authorities at Volvo Financial Services. A finance committee then studies and reviews the application form and documents thoroughly. They also evaluate the customer's credit history.
An important aspect considered by the committee for approval is the availability of collateral proved by the customer. Collateral is an asset or property owned by the client that he may offer to the lender as a security until the complete cost of the truck is paid off. It is used as protection against any financial loss if, unfortunately, the client fails to clear the dues.
The chairperson of the committee reserves the authority to decide whether to approve or decline the financing plan after analyzing all the facts. The whole process can take up to a week. During this period, the client will be updated on the progress and may be asked to provide additional documents or proofs.
The Term Sheet
Following approval, the finance committee orders a term sheet to be drafted. A term sheet is a legal document that seals the contract of financing. It has signatures of the involved parties who agree to abide by the terms and conditions mentioned in it till the life of the contract. It includes the agreed amount of loan, the monthly installments, their deadlines, the loan period and the decided interest rates. It also states the conditions applied to the collateral.
After the processing of the financing has been done, the formal letter of intent is created, and closing documentation is performed to enter the contract officially. At this step, the closing agent plays a significant role. He performs the integral tasks of settlements of all transactions, ensuring no loopholes such as concealed liens or missing documents.
The closing agent is responsible for carrying out all the final paperwork according to the legal requirements. After that, the client can practically avail of the commercial truck financing.
What Are The Current Interest Rates?
The interest rates at Volvo Financial Services are subject to frequent changes according to the fluctuations in the market value of the trucks. The rates also differ for every type of financing plan and according to customization done for each client.