Test driving the car you want to buy can be overwhelming. You have a lot on your mind, so being prepared can help you make the most of your time in the car. Before you fall in love with the car, it’s important to take it out on the road. A sportscar looks sleek and sexy, but it will have less space than you may be used to. This could be uncomfortable over time.
Before your test drive, check the car out. This is for your peace of mind. The tires can tell you a lot about the car. If the tread is uneven or worn, there may an alignment problem. Check underneath for leaks. Our mechanics check every car before it goes out on the lot for sale, but we want you to feel good about your purchase. You can also look at the condition of the hoses to get a feel for how the car has been maintained. They shouldn’t be cracked and worn.
You probably want to drive around ten kilometres to really get a feel for how the car handles. Turn the music off for most of the drive so that you can listen to the car. Make sure you drive as you normally do and never violate traffic rules. Keep notes about how the vehicle meets your priorities. You can turn on the sound system for a few minutes while driving to test the sound system. Don’t forget to park and back up, make a right and left turn during the test drive to really see how the car does under different conditions.
Our dealership offers a wide selection of used cars when you’re shopping for your next vehicle. You can test drive more than one so that you can find the right car for your lifestyle and that’s comfortable for you to drive. We want to get you back on the road quickly, without a lot of hassle which is why you can also get financing right here.
Paying off your car loan early can really be worth it, especially if you have a high-interest rate. The longer you wait to pay off an auto loan, the more it costs you, so doing everything you can to cut down on those costs can benefit you in the long run.
Early Car Loan Payoff Can Save You Money
One of the biggest advantages of paying off your car loan early is that you can save money overall.
All loans come at a price, and interest is the cost of borrowing money. Unfortunately, interest isn’t a set fee – your credit score is the biggest factor in determining just how much it’s going to cost you to borrow money. The lower your credit score, the higher your interest rate generally is.
When you have a high-interest rate, you can save in interest charges by paying off your loan early. Paying ahead of schedule reduces your interest payments because most auto loans use simple interest. This means that interest charges accrue daily based on the total amount of principal (the amount you borrowed not including interest charges) you owe. Therefore, the longer you owe on the loan, the more interest charges can stack up.
One of the most efficient ways to avoid paying too much in interest is to borrow less money. This isn’t always the easiest answer, but the more money you can use as a down payment, the less you have to borrow. In fact, putting money down is one of the best things you can do for yourself when it comes to taking out a car loan.
Ways to Pay Off Your Auto Loan Early
Though a substantial down payment can save you money because you’re borrowing less, it can still be a good idea to pay off a loan as quickly as possible if you want to save even more in interest charges.
If you’re looking for a way to pay off your loan early, you have some options:
Split your payment – If you split your monthly payment in half and make a half payment every two weeks, you actually end up making 13 monthly payments in a year instead of 12.
Make extra payments – Paying extra on your loan outside of your scheduled payments is a great way to take advantage of any extra money that comes your way, such as a tax refund, stimulus check, or an unexpected windfall.
Round up – Anything helps when you’re trying to pay off your auto loan early. If you want to make an extra impact with each payment, round up to the next highest dollar amount you’re comfortable with. For example, if your car loan payment is $379, you could make a $400 payment each month, and knock off some of the balance that accrues interest.
Once you decide which method works for you, you can set yourself up to save. The beauty of simple interest auto loans is that there’s typically no penalty for prepayment. So, even if you don’t choose just one method of early payment to stick to, you can simply make the decision that helps you the most in your situation.
When it comes to car loans, many people have reservations. There are a lot of misconceptions out there about vehicle financing. Owning a car can be a big step. With a purchase of that magnitude, it’s important to look at all of your options. After all, you want to get your money’s worth without breaking the bank. Financing options can be more beneficial than paying off a car at once. Here are three truths about car loans that you should know.
Easy Application Process
If you apply for a car loan, the process is often more simple than a standard bank loan. Not only is it easier to apply, but the rate of acceptance is also higher. If you don’t have a high credit score, it isn’t usually a problem.
Low Risk Option
With standard loaning options, your assets can be at take if you default on your payments. This can affect your home. With a car loan, often, your assets are better protected.
Most people fear loans because of the APR rate. On standard loans the interest rates can go up and your payments may turn out to be higher than you hoped for, months or years down the line. With car loans, the rate is often fixed. Your payments will be the same throughout the life of the loan.
If you go with a bank loan, then odds are you won’t be offered many benefits from the dealership in the same way that you might if you take out a loan with them. Sometimes this may come in the form of an inspection or road service that adds value to the loan.
Purchasing a new car can be a big commitment. Often though, it is more than worth it. How you decide to finance your vehicle is important. When people think about loans, sometimes it’s a daunting concept. However, car loans tend to be easier, lower risk and help car owners understand exactly where they stand with the loan.
The last time the market was hit this hard, this list looked a whole lot different.
What do Canadians want? Pickup trucks. When do they want them? Now. What will stop them from buying them? Apparently, not a pandemic.
Each of Canada’s four top-selling vehicles in 2020’s first-half were full-size pickup trucks, a far cry from the pre-recession days of 2008 when a compact car was perched atop the leaderboard.
(That car, which still dominates the shrinking car market, presently ranks sixth overall.)
While full-size pickup trucks owned 13 percent of the Canadian auto market the last time the auto industry succumbed to extraneous circumstances, in 2009, the same group of six vehicles currently produce 23 percent of Canada’s auto sales volume.
And though total auto sales in Canada in 2020 are tracking to fall short of even 2009’s disastrous year by at least a couple hundred thousand units, full-size pickup truck sales in 2020 may well total 100,000 extra units than in 2009.
Short version: the market has shifted. As is so often the case, that shift is a story perhaps most easily told by the disappearance of passenger car demand. While overall auto sales slid by 45 percent in 2020’s second quarter, during the depths of COVID-19 shutdowns, passenger car sales fell off a cliff, sliding 57 percent, year-over-year, down an embankment toward irrelevance. Barely more than one out of every five new vehicles now sold in Canada is a car.
A correlation is directly visible in this list of Canada’s 10 best-selling vehicles during the first half of 2020. Only two of the 10 vehicles are cars.
10. Ford Escape
Hardly the environment into which an automaker wants to launch a perennial top-seller in a hot category, the first half of 2020 was nevertheless inescapable for the fourth-generation Escape. Sales are down by more than half for the new Escape. Second-quarter sales actually slipped 63 percent, a loss of 8,143 sales over the course of just three months.
9. Dodge Grand Caravan
It’s an odd occurrence for a soon-to-be-banished former top-seller to reappear on Canada’s list of best-selling vehicles as production ends. The Grand Caravan ranked 12th overall at the halfway mark of 2019; 14th by the end of the year.
Yet the Grand Caravan’s ebbs and flows in Canada aren’t unusual, whether due to bargain-basement discounts, popularity with daily rental fleets, or, as in this case, the devastation wrought by COVID-19 on other high-volume nameplates. (Consider the Nissan Rogue, which outsold the Grand Caravan in 2019, but plunged 61 percent in 2020’s second quarter.) Minivans aren’t dead, but the Grand Caravan’s demise certainly marks the end of an era.
8. Toyota Corolla
As a fresh redesign, as a long-time global bestseller, and as a compact with an unparalleled reputation for durability, you’d expect the Toyota Corolla to fare better than many rivals during a sudden drop-off in auto sales demand. In a sense, the Corolla has done just that: Corolla volume is down 40 percent while the non-Corolla car market is down 49 percent.
On the other hand, the Corolla is part of a rapidly shrinking car sector that’s fighting plenty of non-COVID headwinds. Car sales are down 48 percent this year — SUVs, crossovers, vans, and trucks are down “just” 29 percent.
7. Honda CR-V
Like the two vehicles ranked ahead and behind of the CR-V, this Honda utility vehicle is a testament to the popularity of built-in-Canada vehicles. (The degree to which the Made In Canada status matters to car buyers, we know not.) The CR-V’s rate of decline tracks in lock-step with its top-selling rival and almost exactly traces the overall market’s 34-per-cent decline, as well. At this rate, Honda will sell roughly 36,000 CR-Vs in 2020, a five-year low.
6. Honda Civic
Still on pace to end 2020 as Canada’s best-selling car for a 23rd consecutive year, the ageing tenth-generation Honda Civic hasn’t fared well through 2020’s challenges. Granted, the drop-off in Civic demand hasn’t been quite as severe as that of the overall car market as a whole (sales of which are down 48 percent.)
But the Civic, which speaks on behalf of the passenger car sector, has seen its demand decrease at a significantly sharper rate than the industry at large. A year ago, the Civic ranked third overall.
5. Toyota RAV4
Although nothing could be less predictable than 2020, the first half of the year suggests the Toyota RAV4 is cruising towards a fifth consecutive year as Canada’s best-selling SUV/crossover. Over the course of the last six months, the RAV4 has built up a 17-per-cent leadership margin over the next-best-selling Honda CR-V. The Canadian-built RAV4 has a far more sizeable lead over all other contenders. It outsells the third-ranked Ford Escape by two-to-one.
4. Chevrolet Silverado
Combined sales of the Chevrolet Silverado and its GMC Sierra twin totalled 48,241 units in 2020’s first half, more than enough to land in the silver-medal position if General Motors hadn’t long ago chosen to separate its truck portfolio. Sliding through the pandemic relatively unscathed, the Silverado/Sierra tandem grew their share of the Canadian full-size truck market to 33 percent in 2020’s first six months, up from 30 percent a year ago.
3. GMC Sierra
Full-size pickup truck market share shot up from 18.6 percent in the first half of 2019 to 22.5 percent in the same period this year, a climb driven in large part by GM’s over-performing truck twins. The Sierra, by a narrow margin, is the better seller of the two. While vehicle sales plunged by more than a third, year-over-year, Sierra volume dipped by just 9 percent.
2. Ram P/U
It only takes the subtraction of the Ram truck line from the remainder of Fiat Chrysler Automobiles’ Canadian performance to see just how essential Ram trucks are to the company’s success. Without the Ram, FCA sales are down 41 percent (rather than 33 percent with Ram) to 41,846 units, just 6.5 percent market share (rather than 18.2 percent.)
1. Ford F-Series
Somehow still on track for a calendar year in excess of 100,000 sales, a feat no other vehicle line has ever accomplished in Canada, the Ford F-Series’ share of the Canadian auto market has actually increased to just under 9 percent this year. Through the first half of 2020, the F-Series generated 54 percent of all Ford Motor Company sales in Canada. 2020 is on track to be the 12th consecutive year in which the F-Series ended the year in the No. 1 position.
Shopping for a car should be fun and exciting. If you have credit issues, you may be dreading the experience. We want to help you get a car loan so you can have reliable transportation. Our dealership specializes in assisting consumers with credit problems. Slow credit car loans are available, but you will need to be prepared before you come in.
We believe everyone needs a chance to fix their credit. Often, the financing options for people with slow credit involve having the payments automatically taken out of the account before the actual deadline. With steady income and a bank account, you may qualify for more car than you thought possible.
Taking the time to look at your credit and fix the errors before you apply for financing is a good idea. If you are not under a time crunch to purchase a new vehicle, spend 3-4 months making payments on time to improve your credit. If you can’t wait, work with our dealership to find the right financing.
Before you shop for cars, get pre-approved for the right financing. Then you will know exactly how much you have to spend on your car before you shop. Our professional sales team will help you find the right vehicle to meet your needs and stay within your budget. You can test drive as many different cars or trucks as you choose.
Slow credit car loans that are automatically deducted from your account will improve your score over time. After a year of regular payments, it is possible to get refinanced with lower interest rates or into a better car. Don’t let your poor credit keep you from getting the vehicle you need to get to your job. Let our dealership help you find the financing so you can rebuild your credit.
Bring the fun back into the experience when you are assured you will be able to afford the vehicle you’re test driving. Find the right financing company by going through our dealership. We have many options for slow credit car loans. We want to give you the chance to fix your credit and drive the car you want.
Some people are car aficionados and know everything there is to know about used cars. For the rest of society, there are a lot of questions that come with purchasing a pre-owned vehicle. If you’re looking to save some money by getting a car that’s already had an owner or two, here are three questions that should definitely be posed to the dealer.
How Is the Car Equipped?
When you’re going through all the bells and whistles that come with your new vehicle, it’s hard to keep track of everything. If you start by asking what amenities are included right off the bat, you can check things off your list and be sure that you don’t drive off the lot in a car that has no A/C and no power windows. A lot of these things are easy to spot, but some might not be apparent at first glance.
Has the Car Been in an Accident?
Even if the exterior is dent free and you don’t notice any problems when you go for a test drive, it’s a good policy to find out if a car has previously been in a wreck. That will help you to know which parts have been replaced and why the previous owner may have decided to part with the car.
Is There a History Report?
If someone outside your family is selling a car without a history report, you probably don’t want to buy it. Most used cars come with certification and full reports nowadays. However, if a seller is just offering his or her word that the car is in good shape and hasn’t had any problems, make them prove it with a detailed report.
If you don’t ask the right questions, you might buy a bad car. When customers know the facts about the used cars they’re looking at, the purchase becomes a much safer bet.
Buying a car is an exciting experience. The process of obtaining financing, on the other hand, is less joyful. We want you to consider these aspects about financing used cars so that your experience can be a good one.
Obtain Your Credit Report
Before trying to get financing you always want to obtain your credit report. Be sure to check it for errors and report them should you notice any. Your credit report can also help you identify aspects that you are able to improve, such as paying off some debt. Improving your credit score is helpful for getting a better interest rate.
Decide on the Budget
Reviewing your finances helps you figure out how much vehicle you can or want to afford. Take into account any fluctuating, fixed and unexpected expenses, such as fuel, insurance and maintenance. If you don’t care about make and model of the vehicle, you are more flexible in finding a car that fits your budget.
Know Your Financing Options
Contact your house bank for a direct loan. Often times they offer competitive rates for their customers. In addition to that reach out to local banks, credit unions and online lenders. The latter can be a good option if you have a bad credit score and credit unions are known for offering great loan terms. The car you have your eyes on must be able to meet the bank’s basic requirements. Get offers from multiple lenders to find the best rate.
You can also obtain financing through your car dealership. This is a smart choice if you are not keen on one specific vehicle. Most dealerships finance any vehicle on their lot, which opens up your options for getting a great deal. Furthermore, many dealerships offer financing for people with bad credit. It is recommended to put down some money in order to get the best interest rate. This is also important because cars depreciate in value and you don’t want to owe more on it than it’s worth.
Being smart in regard to financing a car can get you a great deal. Be sure to bear in mind these aspects about financing used cars.
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.
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.
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.