Finance FAQ

Frequently Asked Questions - Financing

Why finance a car?

You are a Car Owner. Does this even need an explanation? The car is yours! Enjoy taking the car everywhere and make memories along the way.

No annual mileage limits. If you love taking road trips or just driving in general, the mileage limit on leases would be a significant pain in your lower posterior. With financing, you don't have to worry about paying additional fee's when you exceed the mileage limits.

Future Savings. Once the car is paid off, you'll have no set monthly payments like with leasing.

Credit History. Successful car financing is a great way to better your credit record. Just make sure your fees are paid off on time.

Car Modifications. You're allowed to modify your car. Just make sure the modifications are legal!

No wear and tear charges

Four main factors determine whether or not you get approved for a loan. However, for the best chance of approval, try to select a vehicle that fits your budget. The four main factors include Credit History, Down Payment, Application Information, and Vehicle Selection.

fixed rate is consistent with no fluctuation. The interest rate will not change during the duration of the loan. Variable Rate has fluctuations with the interest rate. It all depends on the market. Some experts say that variable rate is preferable for short term while fixed rate for long term.

When applying for a loan, a down payment might be required if you have bad credit. Down payments give finance companies a peaceful mind. In normal circumstances, it is not necessary to put a down payment on a car loan. However, we do recommend a down payment to lower your monthly payments. Trade-in vehicles can also act as a down payment. The vehicle will be appraised, and the cash value will go towards the loan.

When financing a car, you have the option to trade in or sell the vehicle to pay back the loan. If you were leasing, you would pay out the rest of the contract.

You will need your government issued driver's license, a current pay-stub, and a void cheque. Other items may be requested, and it's best to ask your sales representative for further details.

Financing a car is a big decision. The best advice would be to do your research. Start by looking at specific brands and styles that appeal to you. Then figure out your needs/wants. Did you want an all-wheel drive to help you get around in those winter storms, heated seats to keep you nice and warm, GPS to help you get around, or did you want the car to be eco-friendly? Once you narrowed down the list of potential vehicles, head to the dealerships and ask questions! Our dealerships are very welcoming and would be delighted to inform or answer any questions you have. Once you are better informed, talk to any of the salespeople and they can help you get started.

Congratulations, your loan is paid off and now the car is officially yours!