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Your Reliable and Attractive Used Vehicle Awaits

Finding an affordable used vehicle does not have to be a terrible chore or feel like a never-ending search. Choosing the right dealership is the first step to finding a car that will serve your needs, be dependable, and hold up against the demands of your busy lifestyle.

Whether you need a comfortable minivan or sedan to transport a growing family or would prefer a sportier edition more suitable for a couple, we offer a fine selection of quality previously owned options, and each is safe, well-maintained, and sure to become like a part of your family itself.

The big issues anyone should consider as they begin searching for their next ride are price range, fuel efficiency, and riders or cargo. Regardless of the work to be done or the pleasure to be had, a quality used car can be had for relatively easy payments that fit even a tight budget so long as the purchasers have a good credit rating. But a poor credit rating does not necessarily take you out of the race for the next car in your life. Even people with poor credit ratings can be financed for the right money down and the proper terms.

The fact is, a dependable car is key to making everything else in most lives run smoothly. Selecting an automobile that is dependable for work, school, and play is key to making the most of every situation one encounters. Furthermore, a great used car can make getting to a from work a more enjoyable experience.

In today’s fast-paced world, it is important that individuals and families be equipped to manage their lifestyles efficiently and effectively. One significant contributor to a well-run life is a dependable car that can be had at a reasonable price, maintained fairly easily, and counted on in even the toughest times and worst conditions. For the best options to get you and your family everywhere you need safely and easily, check out our inventory of reasonably priced, reliable transportation possibilities.

3 Car Loan Myths

If you have your eye on a new or used car, you may have to consider financing options. The problem that a lot of people face is that they don’t have optimal credit and may not think that they qualify. While many lenders offer bad credit car loans, there are still a lot of myths that circle the choice. You shouldn’t let these turn you away from the financing that could get you your dream car. Here are the three top myths when it comes to car loans.

A Low Credit Score Guarantees Rejection

This isn’t true at all. In fact, there are dealers and lenders that specialize in car loans for people with bad credit. Poor credit will not stop you from financing a car.

You Can’t Refinance if You Had a Poor Credit Score

When you’re approved of a car loan with a low credit score, you are given the opportunity to build your credit over again. After a while, as your score builds you will be given more options. It’s common for people to refinance their loan and come up with a cheaper rate after they have built up their credit score.

Income Doesn’t Matter if You Have Bad Credit

Income absolutely matters! Income and the other debts that you owe play a big role in the size of the loan you can be awarded. While lenders do pay attention to your credit, your income also plays a large role in whether or not you’re approved. This can also affect the rates that you’re given.

Don’t allow myths to turn you away from car loans. Even with bad credit there are many options out there. While it can be a difficult choice for many people to decide whether or not they want to look into financing for a vehicle, it’s important not to be deterred by myths. Only the facts should be an influencing factor on your decision.

Our Straightforward Car Loans Make Car Shopping Enjoyable

Think of the car features that you definitely want in your next vehicle. Would you like leather seats and a moon roof, or do you want plenty of seats and cup holders? Do you think you have a short list of favourite vehicles or are you open to anything that fits your budget? Even if you are undecided on a car just yet, we can take the worries out of getting the best car loan for you.

Car Considerations

The first impression of a vehicle comes down to two factors, ergonomics and personal preference. You should have ample head and legroom, feel that the window layout gives you good visibility, and like how the gauges and controls are laid out. If members of your family have car seats, it is a good idea to bring them along to see if they work well with the cars you are test driving.

If you have a set color or feature combination in mind that does not come around every day, you may have to look longer to find what you want. But, if you know what your top three colour and make combos are, you may be pleasantly surprised by the number of cars available to test drive. Conversely, if colour is not important to you, you may get a great deal on a car in a less popular colour.

Financing the Transaction

When you have found the vehicle you want and are ready to make a purchase, we want you to know the total price of the used car you’ve decided to buy. We itemize any extended warranty and interest costs in all of our car loans. Of course we are always happy to consider your current vehicle as a potential trade-in, and we offer extended warranties for our used cars. This is a great way to handle any unforeseen repairs covered by the warranty.

Our financing staff are experienced in setting up a loan with terms that will fit your budget. Come visit us soon to see how enjoyable car shopping can be.

Reasons You Should Buy a Used Car

The idea of a brand new car is exhilarating, but for most people, used cars are more budget friendly and just make more sense. If you aren’t convinced that a used vehicle is the right choice for you, then you need to keep reading. We’re going to show you why buying used can be the best decision you make.

More Options

Buying used gives you a range of great options. Because prices are more affordable, you are able to look at vehicles you may never thought you could afford. This includes luxury designs and larger vehicles, like SUVs and trucks. In addition, you can get a lot of features for your dollar. You have the opportunity to buy the vehicle you really want instead of having to settle for only a couple options you can afford. This really opens things up and allows you to look at a range of vehicles you might not have even considered an option.

Reliability

One of the best things about buying a used car is that they generally come with all the “kinks” worked out. This just means that any manufacturer issues have often already been caught and fixed by the time you get the car. So, you get a nice peace of mind.

More for Your Money

In the past, buying used was often a gamble because cars really had a set life time. You knew if the mileage was at a certain point that there was a certain amount of life left in the vehicle. That is not really true anymore. Cars last longer. So, buying a used one really isn’t sacrificing too much. You will likely get more than enough acceptable life out of any vehicle you buy.

Before you completely write off buying used cars, take a minute to think about the reasons you should buy one. Used vehicles aren’t at all the stereotypical broken down, worn out vehicles that may come to mind. They really are great cars that have a lot to offer.

Top Benefits of Used Cars

There are numerous reasons to be excited about buying and owning a used car – the cause that is most compelling can vary from one individual to the next. The motivations for purchasing a pre-owned vehicle can be lumped into two main categories: style preference and budget. As for people who are looking to save some money on getting an automobile, the majority of them can meet this goal by preferring to drive cars, SUVs, vans, or trucks that have had at least one prior owner. The benefit of style might not be something that requires explaining, as entire communities have been built around classic and antique enthusiasts.

The Affordability Is Superb

Many people would be quick to take advantage of any opportunity to save thousands of dollars – especially if there needs can be met just the same as if they had paid the higher price. Buying used cars is a strategy that can be deployed in order to protect the balance of your bank account by allowing you to satisfy your need for personal or family transportation without paying much. In many instances, the high level of affordability inherent to pre-owned autos enables buyers to get a better car than they originally thought they would be able to buy.

You Get to Own Your Favorite Model

While a lot of people pick the vehicles they purchase purely for budget and functionality, there are still many who get a particular car because it is the one that best matches up with their tastes. For car enthusiasts, lots full of used cars is where they have the most pleasure shopping for their next automobile – the Chevy Camaro and the Ford Mustang are prime examples of cars often purchased used because of the performance and visual appeal of earlier models.

The list of benefits of buying preowned can be quite long, but a great percentage of the people who purchase used find that either their taste in style or the friendliness towards their budget the most compelling reasons.

Reasons to Buy a Small Car

In the market for a new car? A smaller car model might be perfect for your needs, no matter how tall you are. There are several benefits to be enjoyed with a compact ride, some of which that might not have occurred to you before now. Ready to learn?

Sleek Appeal

What small cars lack in size they more than make up for in exterior and interior appearance. Before passing up on smaller car models and turning the discussion to car loans when at the car dealership, take a peek inside a smaller car. You’re sure to be surprised at the sumptuous interior sure to fit your style.

Parking

No matter if you live in the city or the suburbs, it’s great to have a car that doesn’t take up too much space when it’s time to park. You’ll have an easier time sliding into parking spots, and you’ll qualify for those parking spots devoted solely to compact cars that parking garages have. Your nerves will thank you.

Gas Mileage

You can also enjoy great gas mileage with a smaller car. Even if aren’t focused on going green and cutting down on emissions, you’re sure to save green by driving a smaller, more efficient car.

Room

Taller drivers might automatically write off smaller cars, but the truth of the matter is that small cars can be surprisingly roomy. While admiring the interior of a compact model, take note of the leg, cargo and passenger room.

A More Enjoyable Drive

Smaller cars are often more nimble, accelerate faster than larger cars and break more efficiently. You don’t have to be a race car driver to enjoy this particular driving style, but you’re sure to have more fun behind the wheel.

There’s no need to think you’re making some type of sacrifice with a smaller car. As you can see, there’s much to enjoy. Start exploring your options for compact cars today.

Key Steps to Take When Purchasing a Used Car to Make Sure You Are Comfortable

If you are on the hunt for quality used cars in your area, there are some key steps to take to be sure the entire process goes well. We recommend taking these steps to ensure you get exactly what you want and spend the amount you want to in the end. The most important thing is guaranteeing the vehicle you buy is top quality. We want to make sure that happens for you, so here are the steps to remember in the process.

Consider All of the Details When It Comes to Finances

Our concern is not how much you spend, but that you spend a comfortable amount and receive the quality you deserve. This is why we recommend you figuring out your detailed budget beforehand. Calculate in everything, including the total payment of the car and any insurance that you need. Also, be sure to not make a car payment that is over 20 percent of your take-home income. This way, you will find yourself in a safe and secure ride and not in a financial hole.

Have an Inspection Done on the Car on Your Own

While all of our vehicles are thoroughly inspected and are in top condition for you before you even check them out, we recommend you taking it for an inspection on your own with someone you have history with and trust. Our goal is for you to feel like you can one hundred percent trust our vehicles and us. This is why you should take it to a mechanic you know and confirm the positive inspection results we will give you.

We are set on offering you used cars that are of the best quality around. All of our cars have been tested, driven, checked, inspected and have come out with clean results. We want you to be happy with your buy, so we recommend you take the steps above until you feel confident with the car you are considering.

Financing a Used Car With Bad Credit

When you have bad credit, it can be difficult to finance a used car. Everyone needs reliable transportation, but having bad credit oftentimes translates to higher interest rates and car payments. Despite these common obstacles, there are ways to get financed, even if your credit isn’t in the best shape. If you have a low credit score and you are in the market for a used car, here are some things you can do to increase your chances of securing financing.

Make a Large Down Payment

Making a large down payment is a simple, yet effective way to boost your chances of getting approved for financing. It shows financial institutions that you are serious about purchasing a vehicle and that you are capable of saving and managing money. You also present less of a financial risk, since buyers who invest large sums of their own money are less likely to default on loans. Buyers who make a down payment may also gain access to better interest rates.

Rebuild Your Credit

This may seem like an obvious course of action if you have bad credit, but it is the most efficient way to ensure that you get approved for a loan. Paying off overdue bills and establishing a history of responsible credit use can go a long way when it comes to securing financing. Car buyers with lower scores will be subject to higher rates and less favorable payment terms.

Use a Cosigner

Using a cosigner can greatly improve your chances of getting financed. Enlisting the help of a spouse or close family member is the most common practice when it comes to cosigning. It should be noted however, that if you do not make your monthly payments on time, your cosigner will also be held responsible.

Don’t Despair

In the world of used cars, there are practical ways to secure financing with bad credit. We offer customers a variety of financing offers, and we are sure that we can work with you, regardless of your financial situation. Don’t give up just yet; there are many ways to finance a car with less than perfect credit.

What Preapproval Means for Car Loans

Car loans can be expensive over the life of your vehicle if you do not plan ahead. High interest rates and long terms will add to the cost of your car over the years. It may be tempting to go straight to the dealer and test drive some vehicles when shopping for a car. Before doing this, consider becoming preapproved for a loan. Shopping for a loan before shopping for a car will give you a better understanding of your buying power and the overall cost of your potential vehicle.

Preapproval is a preliminary loan application. A potential lender will review your credit, your income, and possibly several other factors. They will then tell you how much they are willing to lend you, what the interest rate on the loan will be, how long you will be expected to make payments on the loan, and if any down payment will be required.

As the borrower, you do not have to commit to accepting the loan at that time. Banks, credit unions, and dealers offer preapproval, so there are several financing options to choose from. Preapproval allows you to shop at all these locations before committing to a loan.

With a good credit score and a large down payment, you may be preapproved for a very large loan. While this may make it tempting to purchase a more expensive vehicle, be careful to not overextend yourself and exceed your monthly budget.

If you are not approved for a large enough loan, preapproval allows you enough time to prepare to compensate for the difference. Consider a larger down payment, a cosigner, or a longer term loan to make your car loan offers more agreeable.

Preapproval helps you know how much car you can purchase, how long it will take you to pay for that vehicle, and what the long-term costs of the loan will be. Car loans can be 

Understanding Canadian Car Loans from A-Z

Written by Sean Cooper

Are you planning to purchase a vehicle? Unless you can afford to pay for it in cash, you’ll have to borrow the money. And there are a lot of factors to consider when choosing a car loan: should you finance or lease? What interest rate can you get? How long will you take to pay the loan back?

Everyone’s circumstance is different, and one car loan might be a perfect fit for your neighbour but not for you. Let’s take a look at the car loans Canada offers to see if we can simplify what might otherwise be an overwhelming landscape of info.

Car Loans – The Basics

A car loan is a personal loan in which a lender loans a borrower the funds needed to buy a car. In exchange, the borrower agrees to repay the lender the loan amount with interest, typically in monthly payments, until the loan is fully paid off. There are a few key concepts that are important to understand if you’re considering a car loan.

Principal

Principal is the total sale price of the car, and the amount you borrow. This includes any fees for the lender or dealership and any add-ons or options you may select.

Interest Rate

The interest rate is the percentage the lender charges the borrower on the money loaned. The rate given by a lender can depend on several factors, including: the lender’s prime rate; the borrower’s credit score; and the vehicle’s make and model. If you have an excellent credit score and earn a decent wage, you’ll typically qualify for the best (prime) interest rate on a car loan.

Term

The term is the period of time in which the car loan is to be repaid. Car loan lengths are typically between two and eight years. Longer car loans in Canada have the advantage of lower monthly payments, but can lead to the unfortunate situation where you have negative equity in your vehicle (you still owe money on the vehicle when it’s inoperable). For that reason, you might think twice before taking on a seven or eight-year car loan.

A general rule of thumb is to try to cap it at five years if your cash flow allows. (If you’re confident that you’ll have a steady source of income that you can budget a monthly payment from for the next five years.) If it doesn’t, consider buying a less expensive vehicle, or consider leasing.

Does It Make Sense to Lease, Finance or Buy a Car in Cash?

Why you might lease a car:

  • You prefer to drive a new vehicle: When you lease a vehicle, you’re essentially only renting it. The typical car lease lasts only two to four years. Once the lease is up, you can return the car and start the process all over again by leasing another new vehicle or you can buy out the lease from the dealership if you want to keep the vehicle.
  • Cash (flow) is king: The biggest advantage with leasing is cash flow. When you lease, your monthly payment will be lower than if you take out a car loan to purchase the same vehicle. Unlike a loan, where you borrow the full purchase price of the vehicle, with a lease you’re only borrowing the amount that the car will depreciate in value over the period of time of the lease. A vehicle that costs $600 a month with a car loan may only cost $350 a month with a lease.
  • You enjoy driving nice cars: The lower monthly car payment when you lease versus own means that you can afford a nicer make and model of car than you otherwise would be able to if you financed or bought the car.
  • You don’t drive very often: If you mostly use your vehicle for commuting short distances, leasing may make sense. You don’t have to worry about going over the distance limits on your lease and being forced to pay costly overage penalties. Most standard car leases come with a limit of 24,000 kilometres. As long as you stay within the limit, you should be fine.
  • Peace of mind: Since you’re always driving a newer vehicle, you’re less likely to incur costly car repairs since the vehicle is almost always under full warranted. Although note that if you do need car repairs, you may be required to get them done at the lease’s dealership, which may cost you more than taking your car to the neighbourhood auto mechanic.

Why you might finance (take out a loan) a car:

  • You drive long distances:When you finance (or own) a vehicle, you don’t need to worry how often you drive it. If you’re commuting long distances to work and planning to travel a lot, you won’t have to stress about facing penalties you’d incur when leasing. You’re generally better off financing instead of leasing if you plan to drive over 30,000 kilometres a year.
  • You’re in it for the long haul: Unlike a lease, once you pay off a car loan, the vehicle is yours. There are no more monthly payments to deal with. It’s an asset that can be used to make a stronger financial case, for instance, when applying for a mortgage. You can drive it into the ground or trade it in. It’s completely up to you.
  • Freedom of choice: If you’re a car enthusiast, chances are you’ll want to modify your vehicle. If you want to add a custom tailgate, you’re out of luck if you lease. Not so if you took out a car loan, in which you can customize your vehicle to your heart’s content.
  • Building your credit score: There are five factors that make up your credit score. Payment history is the most important factor, accounting for 35% of the score. By steadily paying your car loan over time, it can have an overall positive impact on your credit score.

Why you might buy a car in cash:

  • No monthly payments: If you have the cash, you might consider buying a vehicle outright. When you do, you don’t have any monthly car payments to worry about, which will reduce the mortgage amount you’ll qualify for if you’re planning to buy a home. You also won’t have to worry about going to a lender for financing.
  • Cash incentives: To entice you to pay in cash, the car dealership may offer you cash incentives (i.e. a discount on the car cost) as a sweetener.

How Does a Car Loan Work?

Applying for a Car Loan

You’ll need to complete the lender’s car loan application form, where you’ll provide your basic personal and financial information. You’ll also typically need to submit other documentation, including notices of assessments for two years, your monthly housing cost, the make and model of the vehicle you’re considering purchasing, and any monthly debt obligations you have. A lending specialist will then review your files and crunch the numbers to see if you qualify for the loan. Pre-qualification can be done to see if you can afford the car you want (this can help avoid dinging your credit score). Pre-qualification is just like applying for a car loan, but without pulling your credit report, and therefore avoiding the potential hit to your credit score.

When applying for car loans, you’ll want to limit the number of lenders you apply with, as applying with too many lenders in a short period of time can negatively impact your credit score.

Receiving a Car Loan

The process of receiving the car loan depends on whether your lender is a bank, online lender, or dealership. With a bank or online lender, a lump sum payment is typically deposited into your bank account. You can then use the funds to purchase the vehicle from the dealership. However, if you’re buying the car directly from the dealership, you won’t typically receive a deposit since you’re borrowing the money from the dealership who owns the vehicle. You’ll simply receive the vehicle and will be required to start making your car payments.

Repaying a Car Loan

Car loans have a set repayment schedule depending on the term of the car loan you choose. If you choose a shorter-term loan, your monthly payments will be higher, and if you stretch it out, your monthly payments will be lower (although you’ll pay more in interest over the life of the loan). To keep your credit in good standing, you’ll want to make your car payments on time.

The payments are typically withdrawn by way of preauthorized payment from your bank account. If you come into extra money (such as a tax refund, pay raise, inheritance or bonus at work), you can typically make extra payments above and beyond your regular/minimum car payments. This reduces the term of your car loan, thereby saving you money you would pay in interest.

Payment Terms

A car loan’s payment is usually fixed (stays the same) during the term of the loan. When you make a car payment, similar to a mortgage, a portion of it goes toward interest and a portion goes toward principal. Car loan payments are front-loaded and paid via amortization. As such, you’ll pay the most interest at the beginning of the loan.

How Interest Is Calculated

There are two types of interest calculations on car loans: simple interest and compound interest. With simple interest, interest is only charged on the original amount that you borrowed (the principal). With compound interest, interest is calculated on both the principal plus the interest accrued since the beginning of the loan.

When you sign up for a car loan, you should receive a financial disclosure, which expresses the interest rate as APR (Annual Percentage Rate). This takes into account the total cost of borrowing and includes compounding interest, fees and anything else you may be required to pay. This represents the true overall cost of the car loan.

Credit Score and Credit Report

It’s beneficial to have a high credit score when seeking out a car loan—the higher your credit score, the more likely you are to qualify for the lowest interest rate possible. So I recommend that you review your credit score and credit report before you apply for a loan.

You’ll want to request them from both the major credit reporting bureaus, Equifax and Transunion, since some lenders only report to one credit bureau. If you find that your credit score is on the low side, try to improve it by paying down your credit card balances and other outstanding debts. Keep an eye out for any inaccuracies on your credit report that negatively affect your score. If you see an error, take steps to correct it before applying for the loan.

Make and Model

Decide on the make and model of the vehicle you’d like to purchase. This will give your lender a purchase price so that they can come up with the terms of your loan.

Personal and Financial Information

Your lender will request personal information, such as your full legal name, date of birth and current address. They’ll also want to know about outstanding debts as well as rent or mortgage payments. If you’re putting money down on the vehicle, the lender may request to see proof of your down payment in the form of recent bank statements.

Driver’s License

Your lender may request that you provide photo ID in the form of a driver’s license. Having a driver’s license can help, since borrowers with a driver’s license are typically more likely to pay back car loans.

Employment History and Income

Lenders typically ask for your employment history for the last three years. To ensure you can afford the car loan, your lender will often ask for proof of income, in the form of notices of assessment for the last two years.

Banking Details

Your lender will request a void cheque and may request that you complete a preauthorized payment form to automatically withdraw the car loan payments from your bank account.

Types of Auto Loans

Banks and Credit Unions

When a Canadian bank or credit union approves an auto loan they typically deposit the loan amount directly into the borrower’s bank account. The borrower can then use the funds to pay the car dealership for the vehicle they’d like to purchase. This is often referred to as “direct lending,” since the car loan comes directly from a bank or credit union.

Dealership Financing

As the name implies, dealership financing is when the loan is administered by the dealership selling the vehicle. The biggest advantage of dealership financing is convenience: You can buy the vehicle and finance it at the same time and location. It doesn’t get any easier than that!

Just make sure you take the time to shop around, and be confident that you’re getting a car loan with a reasonable interest rate and favourable terms.

Online Lenders

Fintech (short for financial technology) has made it easier than ever to obtain a car loan. With an online lender, you can apply for a car loan from the comfort of your home. It’s a convenient approach to getting a car loan, as application forms are completed online. And it’s very easy to shop around for the best loan terms possible, which helps borrowers save more money.

Auto Loan Features You Should Pay Attention To

Before you start your search for the best car loan you can find, remember these key factors to keep an eye on:

  • Interest rate: The lower the interest rate on the loan, the less you’ll pay for the car in the long run.
  • Fixed/variable rates: Fixed-interest car loan rates in Canada remain the same for the term of the car loan, while variable rates can fluctuate with a change in the lender’s prime rate. Variable rates offered are typically lower than fixed rates, but you might nonetheless consider going with a fixed rate if your cash flow is tight or you’re risk averse.
  • Simple/compound interest: Simple interest is based on the principal amount of the car loan, while compound is based on the principal + the interest that accumulates during the compounding period.
  • Repayment schedule: If you’re looking to maximum monthly cash flow, you may go with a longer loan term, although the tradeoff is you’ll pay more interest over the life of your loan.
  • Payment frequency: Lenders often let you choose the payment frequency of car loans. Common payment frequencies include weekly, bi-weekly, semi-monthly or monthly payments. In terms of cash flow, it’s easiest if you choose a payment frequency that matches your pay schedule at work.