FINANCE RESOURCES

Car Loan Companies offer great deals online for the individual who wants to benefit from the advantages that leasing provides over buying. Leasing a car is less expensive than buying when considering the amount of a monthly payment. Many drivers opt to lease over buying because they like to drive a new and more expensive car. After the loan period runs out after 2, 3, or even possibly 4 years, they can just trade it in for a new model or a totally different vehicle of their choice. Car loan companies do require that the vehicle be kept in good running condition with reasonable mileage. At the end of the loan the person renting has the choice of purchasing the automobile if so desired. Credit requirements for leasing a vehicle are strict compared to buying. Car loan companies view someone who has a higher credit score as a more responsible person who will probably make payments on time and not abuse the vehicle. Before opting to lease an automobile get a copy of your credit reports from the two major credit bureaus “Equifax.ca & TransUnion.ca” and look over the reports for errors. Correcting negative information can help to raise credit scores. This can be done by filling out a dispute form or writing a letter to the bureau where the error exists, visit their website for more details or instructions. The credit bureau will investigate the dispute and answer back. If the creditor of the account in question does not answer within the 30 days the item should be removed from the credit report. Follow up is very important with disputes in order to make sure that the corrections are made. Mileage limitations and disposition fees are usually associated with leasing. Going over the mileage noted in the agreement will mean paying so many cents per mile in fees when it is time to turn the car in. Car loan companies are usually very strict about the mileage requirements and limitations because the higher mileage makes the value of the vehicle less. Companies who lease vehicles may verbally suggest that the mileage fees are negotiable. If this is true the contract should reflect that. A disposition fee is charged to the driver who does not opt to purchase the automobile once the agreement is complete.

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Let’s talk about credit. It really doesn’t have to be scary or confusing!

Understand your credit score

A credit score is a three-digit number based on the information in your credit report. Credit bureaus don’t release the exact math behind this number, but what we do know is that your credit score increases when you can demonstrate that you use credit responsibly (paying bills on time) and that your credit score decreases when you show that you have difficulty managing credit (a bill is paid late or goes to collections). Your credit score, also known as a FICO score, is used to tell a lender the likelihood that you’ll be able to pay back the money they’re lending. It’s up to each lender to decide the lowest credit score they feel comfortable with and will likely use this score to set an interest rate and a credit limit. The higher the score, the lower the interest rate, because, generally speaking, the risk for the lender is lower. In Canada, credit scores range from 300 to 900, with the best being 900. Credit scores change every time your credit report is updated.

Anatomy of a Credit Score

As we’ve mentioned, the exact math equation that creates a credit score is unknown, but we do know that it is based on the information in your credit report, which is then compared to millions of other people’s information.

The median FICO score is 720 out of a possible 900. The riskiest customers have scores below 600. Higher scores are better and translate to lower interest rates.

Ways to improve your credit score

Consolidating debt, like using your line of credit to pay off credit cards is one way to improve your credit score if you have debt in multiple areas. Another way to improve your score is by building up your responsible use of credit. In fact, 78% of borrowers see their FICO score increase 3 months after getting a loan. On average, this increase is 23 points!

Leasing A Car

Car Loan Companies offer great deals online for the individual who wants to benefit from the advantages that leasing provides over buying. Leasing a car is less expensive than buying when considering the amount of a monthly payment. Many drivers opt to lease over buying because they like to drive a new and more expensive car. After the loan period runs out after 2, 3, or even possibly 4 years, they can just trade it in for a new model or a totally different vehicle of their choice. Car loan companies do require that the vehicle be kept in good running condition with reasonable mileage. At the end of the loan the person renting has the choice of purchasing the automobile if so desired. Credit requirements for leasing a vehicle are strict compared to buying. Car loan companies view someone who has a higher credit score as a more responsible person who will probably make payments on time and not abuse the vehicle. Before opting to lease an automobile get a copy of your credit reports from the two major credit bureaus “Equifax.ca & TransUnion.ca” and look over the reports for errors. Correcting negative information can help to raise credit scores. This can be done by filling out a dispute form or writing a letter to the bureau where the error exists, visit their website for more details or instructions. The credit bureau will investigate the dispute and answer back. If the creditor of the account in question does not answer within the 30 days the item should be removed from the credit report. Follow up is very important with disputes in order to make sure that the corrections are made. Mileage limitations and disposition fees are usually associated with leasing. Going over the mileage noted in the agreement will mean paying so many cents per mile in fees when it is time to turn the car in. Car loan companies are usually very strict about the mileage requirements and limitations because the higher mileage makes the value of the vehicle less. Companies who lease vehicles may verbally suggest that the mileage fees are negotiable. If this is true the contract should reflect that. A disposition fee is charged to the driver who does not opt to purchase the automobile once the agreement is complete.

How To Apply For A Car Loan Online

Applying for Auto Loans is second only to purchasing a home. Buying a car is the biggest and most important purchase we make. There is more involved in buying a car than most first-time buyers will suspect. Beyond the make and model of the car, there is loan financing that must be taken into consideration. Getting a loan for a vehicle is much easier today than is used to be, although there are many pitfalls that you should take into consideration beforehand.

How Big of a Loan Can You Afford?

Use our Loan Calculator to see how big of a loan you can afford. Our loan calculator is an easy way to determine what size of monthly payments you can make and over how longer of a period you will be paying them. At this stage, it is important to already have in mind a monthly budget.

Automotive Loans

Used Auto Loan, in partnership with multiple lending companies, can offer nearly everyone a loan. To determine if you qualify, use our online application form to see if you qualify. The form takes several minutes to complete, and in 48 hours or less we will contact you regarding your status. In the meantime, you can sit back and relax, knowing that there is a team of people working hard to qualify you for a loan.

Who Qualifies?

While most car dealerships have difficulty offering auto loans, we are able to successfully offer loans to 95% of the people who apply. We can do this because, unlike most dealerships, we coordinate with multiple lenders to give you the best loan possible. If you meet any of the following criteria, you might still qualify for a loan:

Bad Credit
No Credit
Student
Bankruptcy
Divorced
Pension
Fixed Income

0% Car Financing

0% car financing is when you can purchase a car and make monthly payments on it without having to pay any interest. As you can imagine, it is a tempting offer that seems too good to be true. Unfortunately, is usually is. There are many pitfalls to 0% financing that you should be made aware. Let’s take a look at a few of them.

0% car Financing, what is it?

This is where you’ll see the dealership offer 0% financing or up to a $10,000 cash back offer. When you crunch the numbers, it turns out that the cash back offer normally saves you money. As of today, Ford.ca offers a 0% financing deal or about $7,000 in price adjustments.

0% Financing for Used Cars

Because you are not paying interest, the dealerships will give you a shorter repayment period of somewhere between 36 and 48 months. This means that you’ll have much higher monthly payments than you otherwise would with a 60 month loan or longer. If you bought a pre-owned vehicle with about 4.95% loan, you would actually end up paying less for your vehicle than with 0% financing plan.

Auto Financing London Ontario

The most important thing to remember is that, in the end, it comes down to what you can afford to pay per month. Most people will not be able to afford a 0% financing deal and so must opt for a loan. This isn’t a bad thing and shouldn’t be discouraged. Regardless, 0% financing is a fading trend and may not be around in five more years. In the end, your best option is to first Apply for a Loan using our Online Car Loan Application to get pre-approved quickly. Now you know in advance exactly how much you can afford to pay and what type of car you want to purchase or at least qualify for.

Low Interest Auto Loans

Low interest rate auto loans are very attractive for people in the market for a used vehicle. A low interest rate auto loan could make the difference between an affordable monthly payment and one that is simply out of reach. Some people looking to buy a vehicle find that shopping around for the lowest rate allows them to buy a nicer and more reliable car. Loans can also be advantageous for people who already have cars. Auto refinancing is becoming a very popular means of financial management for Canadians. So even if wanting to keep one’s current car, refinancing can save money on monthly payments and save interest on the overall life of the account. Some local newspapers publish the terms of alongside mortgage rate information. The borrower can also contact financing representatives from local banks or credit unions and ask for their rates to help get an idea. More financing information can be found through Internet search. Many Web sites offer instant information on such financing. On some sites the system will provide the best low interest rate auto loan for a each area. Of course, there is no limit to local options when seeking a bank to finance a vehicle. Many Internet sites provide loan calculators so that borrowers can ea

Dealer Information

Phone Number

(519) 686-7253

Fax Number

(226) 784-7917

Company Contact

(833) 658-7800

Address

443 Exeter Road London, Ontario N6E2Z3

Opening Hours