How to Get Your First Car Loan

The excitement of buying your very first car is something most people do not soon forget.  The thrill of test driving cars of different makes and models, and the research put into getting your first car loan in Quebec City make this time of your life both fun and a little stressful.  However, you can reduce the anxiety of buying your first car by first determining exactly how much of a loan you can afford.

 

Regardless of your vehicular needs, it is absolutely important you are in a financial position to own the car or truck.  This not only includes the price of the car but the monthly maintenance as well.  You need to consider how much your insurance will cost you as well as how much it will cost to keep the car running.  Things like oil changes and new tires and just putting gas into your car are all expenses for which you need to account.  Once you have estimated how much you will spend on fuel, insurance and maintenance, then you will have a better idea of how much car you can afford when you begin applying for your first car loan in Riviere du Loup.

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Most banking institutions as well as auto dealers will have online calculators which quickly estimate a monthly car payment based upon a few simple factors: the price of the car, the interest rate and how much down payment money you are using.  Depending on the year of the car and the lender with whom you are working, the length of your first car loan in Rimouski can range between three years to six years.  Generally, the newer the car, the longer you will be able to extend your loan.  It is important to remember that the longer your loan is, the more you will pay for your first car.  Granted, your monthly payments will be less with a six year loan rather than a five year loan, but you are paying interest on that loan and the extra year of financing can quickly add up.

 

 

5 Tips On Getting The Best Car Loan

  1. Condense your shopping for a car loan in Quebec City to a small time period. Whenever you make an application for a loan, regardless of whether you ultimately accept it, your credit score does drop, which makes securing prime-rate loans all the more difficult. However, if all of your applications go in within a narrow time window (around two weeks), they will altogether count against you only once.
  2. Never assume lenders are offering you the best interest rate for which you qualify. Dealers have been known to mark up loans. You might be able to secure better terms if you let the lender know that you are investigating other lenders or have other offers on the table.
  3. Shop for the loan and the car separately. Through banks, credit unions and reputable online lenders you may be able to prequalify for a loan, which you can take to a dealership as some extra ammunition. Once you have hashed out a solid contract with the dealership, you can show them your prequalified car loan in Quebec City and ask if they can beat the terms you’ve already been offered.
  4. When comparing terms, compare only the total loan amount, not monthly payments. Know what you are able to pay on a monthly basis, but don’t let a lender lock you into paying an overly bloated total amount by focusing the conversation on terms of low monthly repayment.
  5. Read the loan’s fine print. Take the paperwork home and inspect it closely. If the lender tries to bulldoze you into signing the deal before you get to inspect the paperwork, think twice about working with that lender. Getting the best car loan in Northeast Quebec means looking to see if there are prepayment penalties written into the paperwork, or mandatory binding arbitration. Is there a variable interest rate? Did the promises the lender talked about make it into the actual paperwork.

You Went Bankrupt, Now What?

If you are one of the unfortunate people who have had to declare bankruptcy in the past year or even within the past several months, you may feel depressed by the decision.  You don’t need to feel as though your life is over and your future is damaged.  You have many ways to recover from this set back.  Keep things in perspective and realize what you can do that will improve your future credit options.  You went bankrupt, now what (time to rebuild credit)?

Think about this time your life as a fresh start.  Yes, you’ve been through some tough times but that doesn’t mean these tough times have to define your future.  It is a great chance to start over and make better decisions for your life and your future.  Regardless of the circumstances that forced you into bankruptcy, you can change how you do things from now on.  Consider using cash for future purchases and staying away from high interest loans of any kind.  A general rule of thumb is if you can’t afford it, you don’t need to buy it right then and there.  Things like a used car, on sale appliances, second hand electronics, and even shopping at thrift shops for clothing and home furnishings can be a great way to save money every month.  These are actions you can take to proactively avoid bankruptcy.  You don’t need to be defined by the bankruptcy.  You went bankrupt, now what (time to rebuild credit) should be the question you ask yourself before you make a hasty purchase.

It is important to think long and hard about future purchases.  If you don’t need the item, don’t buy it.  Do you always need the latest and greatest or can you make do with an older model? The feeling of bankruptcy probably left you feeling defeated and even embarrassed so cut your spending to avoid that feeling again.  You went bankrupt, now what (time to rebuild credit) is not a question you want to haunt you for the rest of your life.

One of the best ways to start rebuilding your credit is with a car loan in Quebec City, and at Loan Doctor we can get you approved for your bad credit car loan. Apply Now

Used Trucks Retain Their Value

For some people owning a truck is not just a luxury but a necessity.  Some people need trucks to haul trailers or recreational vehicles.  Others need trucks to cart tools and materials to a job site.  Whatever your needs a truck is a good investment because trucks retain their value well.

Purchasing a new truck has some real advantages because you will be getting a vehicle that hasn’t been through the wear and tear of regular use.  In addition, a new truck will likely have a long warranty period that will cover the costs of repairs during that time.  Trucks can hold their value well, so if there comes a time that you would need to sell your newly purchased truck you are likely to get a decent price.  In this way a new truck is not a bad investment.  Sure, you are unlikely to make money on the purchase, but it’s unlikely to depreciate as quickly as some other cars might.

If you are thinking of purchasing a truck and want one that will retain its value well, you should do your research.  There are number of awards given away by various organizations to cars and trucks that retain their value.  Finding out which trucks hold their value best is a good way to determine what kind of new truck you should purchase.

If you aren’t interested in purchasing a new truck, a used truck is not a bad choice either.  Used trucks often hold their value because they are built to last.  Those that retain the most value are likely to be the ones that hold up the longest and wear well.  Even if you choose a used truck that has a reputation for holding its value it’s still a good idea to have your mechanic check out any truck that you are interested in purchasing.  Getting a safety report and a history of the truck should also be a priority before purchasing a used truck.

Whether new or used, you will no doubt have a number of years to enjoy your truck not only for its functionality but for its value.

Looking for a car loan in Quebec City? Loan Doctor offers quality used trucks, all makes and models. We also offer car financing in Amos, regardless of bruised credit. Apply online today at http://www.loandoctor.ca/north-east-quebec/apply-for-a-quebec-city-car-loan.html, and drive away tomorrow.

Understanding What’s Under the Hood

 

Many of our used car customers are committed to saving time and money. Buying a used car, of course, is one of the best and most economical decisions our customers can make. Because of the thoroughness of our inspection and maintenance systems, the used cars that our customers buy from us often have the same life expectancy as comparable new cars in the same model and classes.

We work hard to help you get the most out of your used car. Part of what we try to do to help our customers get the most from their used cars is to help them understand all parts of their cars – especially the engine. In fact, we’re often surprised by how many of our customers are not terribly familiar with what parts are included in their engines.

Our belief is that when you can understand what parts of your engine are important, you can more easily maintain your used car. Hey – you probably shouldn’t try to fix your engine on your own, of course (that’s what we’re here for), but we do believe that when you understand it, you can care for it more easily.

Remember: most issues are covered by your warranty, so let us take care of the dirty work – but we’re happy to help you learn more about it. Here are a few of the most important engine parts you should know about:

Air Input

In order for your engine to function properly, air needs to get into it. The air input filter helps to keep the air clean so that your engine can properly breathe. Having a clean air filter will also help you maximize your fuel efficiency. Air filters are generally located within a large box-like structure towards the front (grill) of the engine.

Intake manifold

The intake manifold is the system in which air mixes with your fuel to cause combustion in the cylinders. Remember: combustion has to be caused by air and fuel in all things – even forest fires, right? If an engine light turns on, sometimes it’s because there’s a fuel leak in this system. If this isn’t taken care of soon, you may lose power on the highway or have a rough idle. Come on in to let us take care of an issue related to your intake manifold.

Exhaust manifold

We usually recommend letting our technicians take care of issues with the exhaust manifold –as this component tends to be hot. You may hear a ticking noise when there’s a leak in this part of the engine.

At Loan Doctor, your place for car loans in Quebec City, or bad credit car loans in Quebec, we sell quality used vehicles. We have access to a huge inventory, and can find the car or truck that you are looking for. Visit us today at http://www.loandoctor.ca/north-east-quebec/