What is Automotive Financing?

Automotive financing is a situation in which a car buyer requires financial assistance to help pay for a new vehicle. There are several different ways that buyers can finance the purchase of a car, including taking out a loan. In order to understand automotive financing, it is important to understand how loans work as well.

While a minority of car buyers will be able to pay for their new vehicles with cash, the vast majority of individuals need some sort of automotive financing. Car financing in Lethbridge is often synonymous with a car loan – meaning that the financing is usually done in the form of a loan made by a lender for the purchase of a car.

In order to buy a car, many people approach lenders, such as a The Loan Doctor, with a request for money. Lenders usually like to see that the buyer has some money (or another car) to put down as a down payment for, or trade in for a car. The lender will then determine if the borrower is a good risk.

 Speak with us today at http://www.loandoctor.ca/calgary-southern-alberta/   in order to find out how much we are willing to lend you and how quickly you will need to pay off that loan.  Have Bruised Credit? Don’t worry we can get you approved for your car loan in Calgary.

3 Reasons to Buy Used Trucks

No matter what kind of truck you’re looking for or what your budget is, chances are good that you will get a better value and long-term reliability from your truck if you purchase it from a dealer. While there are many reasons to purchase yourused truckfrom a dealer, we’ve come up with the top 3 that will save you time, money, and, in some cases, your health.

1.       Certified pre-owned truck warranty. When you buy a used truck from a dealer, most dealers will be able to give you a certified pre-owned truck warranty. Some warranties will come directly from the vehicle manufacturer. Other warranties will come from the dealer. Many buyers will be eligible to receive both.

A certified pre-owned truck warranty is one that comes directly from the manufacturer and can only be offered by an authorized dealer. The reason that dealers can offer certified pre-owned warranties on some used trucks is that they have had authorized mechanics inspect the car based on the manufacturer’s check-list. If the car passes all of the points on the check-list, then the manufacturer deems that the car is worthy of the certified warranty. Private used truck sellers cannot offer this valuable feature.

2.       Used truck financing. Most dealers, including ours, offer competitive used truck financing that helps buyers find the right truck for their needs and their budget. By obtaining car financing in Hamilton through a dealer, you’ll be able to work closely with a dealer to find the right truck for you – regardless of your budget. Your dealer can provide you with personalized options that private sellers and banks cannot.

3.       Inventory and accessory options. In addition to being able to browse through a wide selection of used trucks, when you buy from a dealer, the dealer will also be able to help you get the exact truck that suits all of your needs – including financial needs, as we already mentioned.

Plus, when you work with a dealer, you’ll be able to purchase accessories that are specific to your truck model, such as winter tires to help you stay in control on slick Canadian winter roads, custom-fitting gun racks, or flat bed covers. Your dealer will make sure that you have the accessories that suit your specific model and type, eliminating the hassle of having to find accessories on your own.

If you’re thinking about buying a used truck, be sure to contact us today  for more information about our used truck inventory and financing options that may suit your budget and lifestyle! Remember the Loan Doctor in Southern Ontario can get you approved regardless of past credit issues. Apply Now!

What are Bad Credit Car Loans?

You may have heard advertisements for bad credit car loans in Saskatoon. Until you’re actually in a situation where you have to finance the purchase of a car even though you have bad credit, you may not ever pay attention to these advertisements. After all, finances can be a tough subject for many people, especially where loans and credit ratings are concerned.

If you are in a situation where you’re looking for financing, there are some misconceptions that can cost you dearly. Here are 3 of the most popular myths and facts about bad credit car loans in Northern Saskatchewan:

Myth: Getting a longer loan will help to save me money, especially if I have bad credit.

Fact: You will pay an interest rate on any loan that you take out. This interest rate is usually based on your credit history. The better your credit score and credit history, the better the interest rate (and visa versa). Therefore, you will be paying interest for the duration of the loan. If you get a longer loan (over a period of five or more years), you will pay substantially more for the car than if you were to get a shorter loan, in most cases. Therefore, try to put as much money down up front, then opt for as short of a loan as you can afford. 

Myth: If I have bad credit, I will only be able to finance an older car.

Fact: There are car dealerships and lenders that will help you afford any type of car that you want, regardless of your past credit history. However, keep in mind that if you have bad credit, your auto finance partner may have a higher risk of taking possession of your car. While you may think you have full ownership of the car once you purchase it, you actually only have partial ownership if you have taken out a loan. If you fail to pay any of your loan payments, the lender may take the car away from you. Therefore, some lenders do not care what type of car the borrower buys – if he or she does not pay for it, the lender gets to repossess it.

Myth: Buying a car through auto finance can improve my credit score.

Fact: Buying a car with bad credit through an auto finance option will only improve your credit score if you pay your loans in full every month. If you fail to make a payment, your loan could actually further damage your bad creditby decreasing your credit score. When you take out a loan, always repay it in full in order to improve your maintain your credit.

There are many ways to buy a car. Even if you have bad credit, you can find car loans in North Battleford that will make it possible to get behind the wheel of the car of your dreams. Just remember that you always need to pay back your loans – especially if you are trying to improve your bad credit through an auto finance option.