There’s no denying that Canadians love our vehicles, which offer versatility, heavy-duty power, and plenty of fun on the road. For many, trucks offer the perfect combination of all these factors and popular models offered by major manufacturers like Ford, Dodge, Chevy, and Toyota come with plenty of upgrade options for drivers to enjoy.

If you’re in the market for a new vehicle and are considering financing a truck, it’s important to be aware that there are certain factors that may influence the specific terms of your loan. Beyond your credit score, down payment, or income level, the specific features of the truck you choose can also affect your loan.

Below, we’ll explore some of the special truck features that can affect your auto loan terms and what you need to consider when making your choice. Read on to learn more!

Advanced Safety Features

Modern trucks come equipped with unique advanced safety features like adaptive cruise control, automatic emergency braking, lane-keeping assist, and blind-spot monitoring, all of which enhance your ride and help make driving safer. 

While these features can increase the overall price of the truck (some more than others), they also offer a significant benefit due to the fact that enhanced safety features often lower insurance premiums. However, because these features can add thousands to the purchase price of the truck, they may increase your monthly loan payments or extend the loan term. 

When choosing a model, it’s important to consider what extra features are most important to your distinct needs and what extra bonus features may not be worth the higher cost.

Fuel Efficiency and Engine Upgrades

Trucks consume considerably more fuel than their sedan counterparts, but current models are increasingly integrating fuel-efficient engine options or hybrid technology to reduce fuel consumption. Hybrid models may save you more on lifetime fuel consumption costs and can even sometimes net you better loan terms since they tend to have a higher resale value.

With this being said, hybrid models are also typically more expensive than base gasoline or diesel models, and just like other bonus features, they can increase your total spending and thus raise your loan amount. 

Off-Road Capabilities

Canadians love their off-roading, so it’s no surprise that trucks with off-road capabilities, like 4×4 or all-wheel drive, larger tires, or specialized suspension systems, are highly desirable on the market. These upgrades cost a pretty penny, however, and can net you higher insurance premiums due the higher cost to repair and/or replace a vehicle should you ever need to make a claim.

Towing Capacity and Payload Enhancements

If you’re planning on using your truck for towing trailers, boats, or heavy equipment, either recreationally or professionally, then adding a tow package, hitch trailer, and integrated brake controllers ie essential. Towing and payload enhancements are costly, however, and can lead to higher insurance costs as well. While you’ll enjoy a higher resale value (that maintains that worth longer, too), you’ll spend more upfront both for the model itself and possibly through your insurer if you find yourself requiring specialized considerations. 

Making the Right Choice

When buying a new truck, it’s important to remember that no two drivers are ever the same, and everyone’s priorities and tastes will vary. Knowing your exact needs, both today and in the future, is key to making the right selection, as is having the right knowledge when it comes to planning for a truck loan and long-term financing. Going in prepared with a set budget, knowledge of how loans work, and what priorities you need to address immediately helps set the stage for success and lets you walk out a happy truck owner. 

At Auto Loan Hub, we help Canadians understand how these factors come into play and guide you through finding the right loan terms for your specific vehicle needs. Whether you’re looking for a workhorse truck or something with all the bells and whistles, our team is here to help you navigate the financing process with ease.

Contact us today to explore your options!