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Is It Easier To Get A Car Financed Versus Truck Or SUV?

After working in car, SUV, and truck sales for 21 years, and with dealership marketing, a common question I received from potential buyers centered around whether it’s easier to get car financing over a truck or SUV? The quick answer to that question is no.

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When pressed on the buyer’s concern, many said they learned that lenders and financing companies, banks, and credit unions view SUVs and trucks as luxury vehicles and non-essential, while cars are essential.

The fact is that lenders make no distinction between luxury vehicles and non-essential between cars, trucks, and SUVs. Many trucks are essential for contractors and other workers, and SUVs are essential for larger families with children.

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In my history of working with dealerships, as long as a potential buyer meets a certain credit score, has a good down payment, and has good work history, these guidelines are all that matter to a bank or credit union.

Truck And SUV Financing Is Not Harder To Get Than A Car

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In my opinion, one of the reasons for this belief is that SUVs and trucks are generally (I realize there are exceptions) more expensive than a car and therefore require more of a down payment and qualifying income to get approved. Additionally, the price of these types of vehicles are beyond the price range of some buyers.

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Generally speaking, more cars are purchased each year.

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It’s important to note that buy here, pay here dealerships are not legally considered lending institutions in most states. Typically, these dealerships can make their own rules, and are not allowed to report to credit bureaus.

Because of this, many could be making their own rules on financing based on whether the vehicle is a car, truck, or SUV.


Do you think banks, credit unions, and other lending companies should discriminate between different types of vehicles when providing loans? Why, or why not?

Do you think these institutions should have a public statement on this issue?

Should laws regulate this area?

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Have you ever been turned down for a vehicle loan on a truck or SUV, but approved for a car? Was the reason for the denial stated in their denial letter or decision? Or, have you been approved for the later and not for the sedan? Why do you think this happened?

In either case, was the denial or approval based on the number years of work, income, down payment, or credit?

When it comes to lending laws, what needs to be reformed or changed? What is working well?

Note: While this article is written by a NC organization, this document is meant for all readers in all U.S. States and we’re very interested in learning more about how your state’s lending companies operate.

Additionally, we’d love to hear if you agree or disagree with the information in this article.

Truth In Lending

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