Facts About Car Loans

If you’re in the market for a new car, you may be considering your financing options. In today’s economy, many people do not pay for cars with cash. Instead, people may look to obtain car loans through financing and pay the loan back in monthly installments.

While you’re crunching numbers, it may be helpful to review the following facts about obtaining financing for a vehicle. The more you know, the better prepared you’ll be to get the best financing for your quality used car.

Credit Scores Are Important

It’s important to remember that your credit score can provide a general financial profile. Various questions may be answered by reviewing a credit report. Have you paid your past debts back in a timely manner? Do you have a high debt-to-income ratio? How long have you been working on establishing your credit?

Your credit score can also make a difference in the interest rate you’re given and the amount of money you’re allowed to borrow. If you have low debt compared to the pay you bring home, you may qualify for a higher car loan. If your debt-to-income ratio is high, you may be awarded less money in a loan.

Shorter Terms Can Offer Better Interest Rates

Sometimes, a shorter-term loan can offer you better interest rates. A lower interest rate is often worth pursuing, as it can save you money in the long run. If it’s possible, look to obtain a loan for payback in three years instead of five. When pursuing a short-term auto loan, though, it’s important to be sure you can afford the monthly payment.

When purchasing a car today, many people are choosing to finance their car loan instead of paying in cash. Knowing the importance of your credit score and choosing a short-term loan are tools for getting the best loan possible.

How to Choose the Right Car Financing

Are you looking for a way to save money when you buy your used car ? If so, then getting car financing for your car may be one reliable way to save a significant amount of money. There are several different car financing programs that may be right for your needs. However, specific car financing program opportunities may vary, based on your needs and buying situation.

Here’s more information about the car financing opportunities that we offer and that we invite you to take advantage of. Of course, contact us today to learn more about these opportunities or to get started with your car financing!

Loan Program

Many of our customers enjoy the benefits of our car loan program. When customers wish to buy a car that they cannot afford to pay for with cash (which includes many of our customers) our customers can take advantage of our loan program. Our car loans are available for all customers – including those customers with no credit or with bad credit. The loan program helps customers to get the best possible interest rate for their loans – and to get the highest possible loan amount for their financial situations. Get started applying for this loan program today by completing a credit application online.

Specials

Most of our customers take advantage of the Specials program when they can. Our Specials program provides us with a forum to give our customers special rates and deals when they buy used cars from us. Some customers are able to get cash back. Other customers may be able to get low interest rates when they take out a loan. These Specials vary based on a variety of factors. Contact us today to learn more about the Specials that are going on now or that are coming up soon.

Trade-in

When customers have cars that they no longer plan to own after they buy their new or used cars from us, they may wish to trade these cars in for a price off of the cost of the car that they buy from us. Trade-ins are based on the value of the car, which is determined by the Canadian Black Book value for a car and on the condition of the car.

Bad Credit Does Not Have to Be a Roadblock When Buying a New Car

Unfortunately, traveling on the highway of life is not always a smooth ride. A divorce, a job loss or another situation may leave you with bad credit. Your current car may be costing you a lot of money in repairs. While you desperately need a new car, you believe this is impossible due to your poor credit score. We have a reputation of helping people buy new cars by offering them bad credit car loans. Even with a low credit score, there is a good chance you will qualify. We offer loans for people in many different financial situations such as bad credit, no credit and bankruptcies.

Before applying for a car loan, it’s a good idea to do some legwork to see where you stand financially. Order a copy of your personal credit report; you are entitled to one copy of your credit report per year from each of the major credit reporting companies. Receiving your actual credit score will cost money, but this information is essential in finding your credit tier. You might discover that your credit score is not as low as you once thought.

We work hard to make sure you receive the best interest rate. To give it to you, we will need your financial earnings and information about your current employment. It is helpful if you can bring a copy of a recent pay stub to the dealership.

Our financial team members are here to help you. Many of them have years of experience assisting people with bad credit. Our website is a warehouse of information regarding financing and bad credit car loans; however, if you can’t find the information you need, please call us. We are here to help. While you may be stressed by your current financial situation, it shouldn’t be a roadblock to buying a new car. We are determined to help you drive back on to your life’s highway with a set of wheels that will give you many years of smooth driving.

Car Credit – Your Options

Car credit is an all encompassing term for the hows and whys of financing the purchase of a new or used car. Its ambit covers loans, payments options, car refinance and leasing. It’s a complex subject so let’s look at a few fundamentals you need to understand before venturing out into these waters.

Secured loans are offered against collateral such as fixed assets or property and the interest rate is lower than for unsecured loans. However, since unsecured car loans are easy to come by, you may prefer to keep the secured loan option for some other purpose.

Before applying for car credit get a copy of your latest credit report and fix any issues which may have a negative impact on a potential lender. Car credit covers both buying and leasing. Leasing is cheaper, but what you get is the right to use a car for the lease period after which you give it back to the leasing company. You have not bought a car and it is not your property.

Be careful in filling out your application for car credit. The application will be checked in detail and an honest error may appear, to the finance company, as an attempt to mislead them.

Research all the car credit options available to you but do not make multiple loan applications. These will be reflected in your credit report and may make it seem that you are desperate for a loan which may make potential lenders wary.

Be realistic in planning your purchase and monthly installment budget. It is tempting to go in for a great sounding offer that will allow you to buy a car you never thought you could afford. But the bottom line to use for evaluating any car credit offer is how much you will be paying every month and how much is towards the car and how much is interest in the loan.

Prepare a budget you are comfortable with. Do not fall into the trap of availing of higher car credit in the expectation of increased income in the future. Base your planning on what is, not what will be. At the same time, remember that taking car credit for the maximum time possible may reduce your monthly payments, but the longer duration of the car loan will increase the amount you will be paying in interest.

Keep accurate records of everything – your down payment, all extra expenditures like insurance, registrations and so on, your monthly installments etc. In case of any disputes with the finance company, you have all the information you need with you.

3 Things You Need To Know About the Car Loan

Whether you have good credit or bad credit, we make it possible for all of our customers to get car loans on the same day that they apply. After all, we know that getting the right car often requires a little help from our lenders. Our first priority, of course, is to make sure that all of our customers get the right cars for their needs – and that those cars are going to be safe and reliable for years to come.

Here are 3 things that you need to know about car loans in Canada if you’re in the car buying market:

Bad credit doesn’t matter

As far as your ability to secure a car loan goes, having bad credit doesn’t matter. We offer car loans to customers with good credit just as often as we offer car loans to customers with bad credit – or even no credit. Car loans help us to ensure that our customers get the best cars for their lifestyles and needs. By offering no credit or bad credit car loans, we help all of our customers get safe cars – not just those customers with perfect credit. Therefore, be sure to ask us about the rates and lending options we have just for you when you apply for a car loan.

You can get started from home

Many of our customers start the car loan process from their comfort of their own homes or offices by completing the credit application online. We have our credit application available through our secure server so that our customers can have the convenience of getting started with their car loans without ever having to come into one of our dealerships. By getting started with the car loan process online, you can have a better idea of what type of loan you may qualify for before you come on down to speak with our lenders.

Car loans can improve your credit

Many of our customers are excited to learn that car loans can actually improve their credit if they have bad credit or no credit. Because car loans interest rates and car loan amounts are based on a borrower’s credit score, it’s best to have the best possible credit score when you apply for a loan. By getting a bad credit car loan, you can improve your credit score by showing future lenders that you can repay a loan. This process will improve your credit history!

Get started with your bad credit or no credit car loan today to get the right car for you – and to start turning your credit around!