Canadian Automotive News & Blog
Automotive Financing & Repair Tips
Where can I obtain a no credit check car loan?
Mar 18th
This article showcases some well recognized no credit car loan providers in the
greater Toronto area, if you are looking for such loan this article will guide
you through the process with ease.
If you are currently in a situation where your credit score is preventing you
from taking on a typical car loan, but you are in desperate need of a vehicle.
There is very little choice left other than the no credit check car loan
services. These loans are very similar to the typical bad credit car loans with
one exception. The loan provider or the lender will guarantee your approval
regardless of your credit history; however they do need a small amount of down
payment such as $500 dollars. The interest rate is the same as the bad credit
car loans, ranging from 12% to 29%. The reason behind these high interest rates
is simple, due to your credit history you are considered to be high risk
borrower. In plain English that just means because you have a poor payment
history, the chance is high you will not be able to pay back this loan as well.
But when your local banks, car dealerships, even bad credit lenders all give up
hope on you, the only choice remaining is the no credit car loan providers.
These type of loans are your last resort, also your last chance to proof to the
financial institutions you are willing to make a change and pay back your future
loans on time and in full.
Look at your current situation this way; imagine you are currently serving a 20
years sentence because of some crime you committed. The no credit car loan
provider is like the parole board of trustees. They have turned your request of
early release down time and time again, but this time they are willing to give
you a second chance in life. The conditions of your release are tough; you must
meet these conditions to be considered for full parole. If you default on the no
credit car loans, you have literally burned your last bridge in the financial
world to be ever considered to lend money to again. Remember the interest rates
are high, but that is because of your risk factor. If you want to have any
chance to regain your financial future, you need to pay back this last loan on
time and with interest.
With good behavior over a period of time, your credit score will slowly recover.
When your credit score is stabilized enough you will be well on your way to
cheaper interest rates as well as home, car ownership, even a line of credit. Be
patient, the typical recovery period from a no credit car loan ranges from 12 to
24 months. When you have completed your recovery, you can then renegotiate your
loan with your lender, or even borrow from your local bank. If you live in the
greater Toronto area you can get approved for a no credit car loan with No
Credit Check Car Loan service. You can find them online at
http://www.nocreditcheckcarloans.ca pick up a vehicle from their inventory and
call or submit your credit application directly.
Thank you for reading this article it is brought to you by No Credit Check Car
Loans Toronto; we are your one stop shop for bad credit, no credit car loans.
Find us online at http://www.nocreditcheckcarloans.ca
What is sub prime and can I really get approved if I have bad credit
Mar 17th
This article looks closely at the business of sub prime, especially in the
automotive industry, with helpful tips on how you can stay on course with your
good credit scores.
So, let’s start by clearing up what exactly is sub prime? The measure of sub
prime is determined for an individual whose credit score is below 680. Even one
point makes a difference so a person at 679 and 680 are in two totally different
categories. People with no credit or poor credit fall into the sub prime
category when it comes to financing for a car loan. What exactly is involved in
getting a car? Firstly, you have the option of paying for a car in Cash. That
doesn’t necessarily mean you have to come in with $10,000 in hundreds but what
it means is that you would be giving a cheque for the full amount of a vehicle
to the place you are purchasing. This is not the most common option as most
people don’t have that kind of cash sitting around. So, what most people need
to do is get a car loan.
These loans will either be from a bank or other lender. What are involved in
getting this loan are a few things but one important factor is your credit
score. That’s where the prime/sub prime situation comes into play. The general
rule of thumb is that if your credit score is good that you have shown a pattern
of paying your debts on time and are seen as a low risk customer. When
someone’s credit score is not so good, it is more difficult to get a lender to
lend you this money for a car. Don’t despair though because that is why there
is a category for sub prime lenders. Generally sub prime car loans come with a
higher interest rate and or a shorter term.
The good news is that there is a market for sub prime customers and there are
sub prime lenders. The design of some dealerships is to help customers rebuild
their credit in the following ways. When you purchase a car and get financing
from a sub prime lender, you are showing the credit union that you are making
regular payments so that is a great way to get your credit score to rise. Also,
if you are borrowing money from a lender or bank for your car loan and showing
consistent payments, you become a better customer in their eyes. This may
result in them offering you other products that you may not have been eligible
for before but are now in the position to obtain some of these other products.
So, start with a car loan and make your regular payments to your lender and you
will find your credit score improve and even possible favour with your lenders
for some other products.
Thank you for reading this article it is brought to you by Benchmark Automotive
Group Toronto, we are your credit experts when it comes to quality used cars.
Let us approve your car loan regardless of your credit history, visit us online
at http://www.soscarloans.com or http://www.nocreditcheckcarloans.ca
Is it cheaper to lease or finance a new vehicle?
Mar 12th
This article deals with a commonly asked question when it comes to purchasing a
new vehicle, should I lease or finance and which way is cheaper?
Lease vs finance is a double edged sword, depending on your perspective and
financial situation the answer may differ. Let’s first explore some of the
benefits of a lease, typically in a lease contract the manufacture will offer
you a competitive interest rate, along with a residual value. A residual value
will change from month to month, and from term to term. This magical figure is
derived from the manufacture’s prediction of the vehicle’s resale value 36, 48
month down the road. The residual value is based on many factors, such as the
current economy, bank’s lending interest rate, and auction reports and so on. A
higher residual value will result in a lower payment, and vice versa a lower
residual value will bring up your monthly payment considerably. So the question
you have to ask yourself is simple, do you want a lower monthly payment or you
can afford a higher payment per month just to save on the interest. Let’s use a
typical Honda Civic lease for example, if you are currently leasing a Civic for
48 month with a residual value about 45% of the selling price, your monthly
payment should be in the $300 range. If you finance the identical vehicle for
the same 48 month term, your monthly payment may double to about $600. Although
the payment is higher but if you look at the big picture, after all taxes and
payments are made in full, finance will save you from $1000-$2000 depending on
the interest rate.
Long story short, financing payment usually doubles a lease payment; the reason
for this is very simple. Since finance deals with the entire cost of the vehicle
(or capital cost as the term that is referred to in the industry) you are paying
for the entire car (including taxes). Lease on the other hand will only include
about 50% of the cost of the vehicle, because of the residual value. You have a
choice at the end of your lease to purchase the vehicle or return it to the
manufacture. A leased vehicle does have certain stipulations and limits such as
allowed km can not exceed certain amount, or you have to keep the vehicle in
reasonable shape when you are returning the lease. Another benefit of lease is
you can write it off as a business expense if you are using the vehicle for
business purposes. But at the end of the day leasing will cost you more, not
much more, but about 5% of the selling price. For some one who needs a new car
every 3 to 4 years, and don’t have to worry about any repair bills lease maybe
the best option. Also if you need a lower payment because you have a cash flow
problem, lease is an attractive option.
With a leased vehicle the title will remain in the manufacture’s name, since the
vehicle has been paid off or a lien is registered with the vehicle, you can not
sell or modify or damage the vehicle as if it is yours. To purchase insurance
coverage you must have full coverage as well, since the vehicle is some one
else’s investment a full coverage is required. Financing on the other hand will
also require full coverage until the vehicle is paid off, but it is easier to
break the contract versus lease. Since the lease payment is equal to the
vehicle’s depreciation value, you never accumulate any real equity in the car.
Don’t kid yourself of thinking you may return the vehicle with lower kms and
expect a refund from the dealership. In conclusion if you are looking to finance
a vehicle you will have to face higher monthly payment, but some equity in your
name. And to lease a vehicle you are simply paying for the depreciation of the
vehicle over time, and you will not get any real equity when you are returning
the car.
Thank you for reading this article, it is brought to you by SOS Car Loans,
Toronto’s leading bad credit, no credit car loan specialist. To find us online
please go to http://www.soscarloans.com for details.
How to properly winterize your vehicle in Canada.
Mar 11th
This article showcases few practical tips on how to properly winterize your
vehicle and highlights few key areas where you need to pay attention to so you
can be ready for the Canadian winter.
This article is just a refreshment course of those of you experienced Canadians,
and a great read for those of you that are new to this wonderful country we call
“Canada”. Let’s take a quick look under your hood to see some of the key areas
you should pay attention to before the snow arrives.
1. Is your windshield fluid ready for winter? – A quick look under the hood will
reveal the level and color of your windshield fluid. Make sure it is at an
adequate level and the fluid is clear not muddy. You should purchase an extra
bottle just to carry in your trunk, make sure it can withstand the freezing
temperature.
2. When was the last time your engine coolant was changed? – Engine coolant is
extremely important in the winter, not only the coolant should be able to
withstand the freezing temperature, but it is also important not to have any
leaks or bubbles in your cooling system. A few bubbles in your coolant can cause
your vehicle’s heating system to fail, this will mean you will have no heat
coming out of your vents.
3. Do you have heavy duty windshield wipers installed? – This could be the
cheapest yet proven most useful addition you can do to your vehicle this winter.
You will thank yourself every time your windshield is splattered with mud and
snow. There is no price to pay for a good visibility in rain, snow and salt.
4. Does your car require winter tires? – Winter tires can be crucial to your
vehicle’s performance in the winter months. Snow tires are made up with softer
rubber compounds along with rough treads; they are able to offer you the best
possible traction in the winter time. If you are driving a rear wheel drive
vehicle, it is a must to have without question.
5. Will your battery last through this winter? – Having a healthy battery is
crucial in your survival through the winter. If your vehicle requires frequent
boost to start, or your vehicle has been sitting for a while. You should perform
an AVR test by your mechanic, make sure your battery is holding charge, and able
to keep it below freezing. If you have any doubt about your battery’s condition,
you should replace it before the snow arrives. After all, the price you pay for
one tow equals a brand new batter in your vehicle.
Thank you for reading this article, after you go through this winterize check
list, don’t forget to buy a snow brush to keep in your trunk afterall. Author
Rick Tao Li, to find more useful articles please visit me online at
http://www.usedcarsscarborough.com
What can I do to improve my credit score quickly?
Mar 10th
What can I do to improve my credit score quickly?
This article looks for some of the most common approaches to improve one’s
credit score, what you should do and what you should avoid.
If your credit rating or credit score is less than ideal, you have probably
searched all over the net for advices to improve your credit in a short time.
Whether you are trying to get a mortgage to a house, or just to take a car loan
your credit can affect your life more than you can imagine. One of the best
advice I can offer you in regards to improve your credit score is to eliminate
as many small debts as possible. For example if you still have an outstanding
balance on your student loan less than $300, now it’s the time to pay it off and
get it removed from your credit bureau. If you have a small debt on your Sears
card, you should take care of that right away as well. The idea is to eliminate
as many small debts are possible that way you are consolidating your own loans
and leaving your credit report as clean as possible. At the end of the day it is
better to have one big debt showing on your credit report rather than 20 smaller
scattered loans showing. By having one big loan shows the bank you are
financially responsible enough not to take on every credit card offer that pass
you by, and you are more favorable compare to another client with many smaller
loans.
So after eliminating as much small loans as possible you have taken your first
step towards your financial recovery. On top of that you can further improve
your credit by keeping your credit card debt to below 50% balance if possible.
Banks and lenders often look at your credit card debt as one of the most
influential factors when it comes to your approval. Credit card debt is bad
because they have a very high interest rate attached to the balance as well as
credit card can be used at any time. Therefore the banks look at your credit car
as the money you have already spent, since you can do that at any time. Keeping
your credit card balance less than 50% is ideal, above that will slowly
deteriorate your credit rating if it is not looked after.
Consolidate your car loans with your line of credit if possible, this is great
for any one who owns a property and is able to take a line of credit based on
your home’s equity. With a line of credit not only the interest rate is in your
favor but you can also use the equity to pay off as many smaller debts as
possible. So next time you are trying to get approved for a car loan you should
first make sure you have solid credit standings with the banks.
Thank you for reading this article it is brought to you by Bad Credit Car Loans
Toronto, the latest online credit processing center for city of Toronto. Visit
us online for more information at http://www.badcreditcarloanstoronto.ca
Bad Credit Car Loans Toronto is Toronto’s leading bad credit, no credit, car
loan provider; we have a team of credit professionals who can help you to get
you out of your current credit situation. Visit us online at
http://www.badcreditcarloanstoronto.ca
What to look for when purchasing a used Honda – Part one
Mar 6th
This article will show you few tricks and trade secrets when it comes to
purchasing a used Honda.
If you are looking to purchase a used Honda, you are making the right choice.
Not only Honda has one of the highest resale values in the market, but this
particular brand is also very reliable. Since Honda Civic is the number one
selling vehicle in Canada, there will be lots of choices when you are searching
for your next Honda. However price should not be the only deciding factor when
it comes to your purchase, remember the old saying of “you get what you pay
for”? If you are a typical consumer, the most logical route you will take is to
search on Autotrader.com, because of Auto Trader’s popularity majority of your
local inventory can be found online that way. Bear in mind the Civic will have
many different models, trims, transmission setups, km, equipment, modifications.
The list goes on and on when it comes to why the two Civics are priced out
differently. The rule of the thumb is the dealer will usually ask more for a
Civic versus a private seller, or a small independent dealer. While it is true
the smaller guys will have less overhead, but that is not the only reason why
their product is cheaper. Many smaller dealers will purchase their vehicle
through auction, or other wholesalers. Auctions usually don’t have the best
selection when it comes to the vehicle quality, because when the lease expires
on a Honda, the head office may dump all the undesirable vehicles through
auctions.
Vehicles with minor cosmetic damages abused and mechanically damaged vehicles,
even vehicles with major accident repairs. The best Honda you can possibly
purchase is straight from the dealership’s existing customer. These vehicles
will usually have a service history, and the dealers usually will keep the best
vehicles for themselves to resale, and dump the rest to the auctions. So the
cleanest, most accident free and well maintained vehicles are usually found from
the dealership’s existing customers. Haven said that, how can you tell if the
car you are buying is accident free or well maintained? Simple, now days with
the dealer disclosure laws in place, a reputable dealership is obligated to tell
you if there are any damages exceeding $3000 in repairs. Usually a simple
cosmetic repair will cost you about $1000, so $3000 is not a lot when you look
at it from the body shop’s perspective. Ask your local dealer to provide you
with a Car Proof report which will list all the insurance claims or any recorded
accident history.
Although Car Proof report is a great tool to determine if your vehicle has been
involved in a previous accident, it may not be 100% accurate all the time. There
can be repairs that was done to the vehicle and paid by customer themselves,
leaving virtually no paper trail. Another simple method to quickly check if your
vehicle has been involved in a major accident is to look for VIN etching
stickers through out the body panels. Honda been one of the earliest
manufactures to adopt this practice, all Hondas since 2001 and newer will have
the vehicle VIN number sticker to every panel. If you find a panel with missing
VIN stickers that usually indicate that particular part has been changed.
Thank you for reading this article it is brought to you by Used Honda Toronto,
you can find us online at http://www.usedhondatoronto.ca or
http://www.usedmazdatoronto.ca
Are you aware of your own credit score before walking to a dealershi
Mar 4th
This article looks at the importance of knowing one’s credit score before
applying for your next car loan, as well as different avenues to obtain such
score.
If the title of this article sounds shocking to you, don’t be. You will be
surprised how many people today are completely unaware of their own credit score
before committing to a car loan. Your credit score plays an important part in
obtaining your next car loan, but it is not the sole decision maker for the
banks. There are many other factors involved too when the lender looks at your
credit application such as your income to debt ratio, your employment stability
and your past payment history. But the topic of today’s discussion will be your
credit score! In today’s world of information technology to access to one’s
credit report is easier than ever. There are multiple web sites offering free
credit reporting services, there is no reason why you should be kept in the dark
before applying for a car loan.
Knowing one’s credit score will give you leverage and bargaining power, not to
mention it will help you been a victim of extortion interest rates. Don’t let
your next dealership tells you what APR rate you may qualify, bargain them for a
better loan when you know you have a good credit score. If you have a credit
score higher than 680 you will be considered as “prime rate” customers where you
will be able to access favorable interest rates. But if you have a credit score
less than 680 you are then considered to be a “sub-prime rate” customer where
you will be subjected to interest rates ranging form 8% to 29%. With the
information of your credit score you can tell your lender you should be able to
qualify for a lower rate if your credit score is only few points away from 680.
Thank you for reading this article it is brought to you by No Credit Check Car
Loans, visit us online at http://www.nocreditcheckcarloans.ca
Beware of resigning a contract at the dealership when you have bad c
Mar 2nd
This article exposes some of the common tricks and scams a dealer will pull on
people with bad credit.
This scenario will apply to most new car dealerships, it can be a headache for
some one who is applying for a car loan but have bad credit. Of course there are
always few very professional and honest dealerships as well in this mix, so take
my advice with a pinch of salt. If you suspect the dealership has pulled a “fast
one” on you, here are some tell tale signs you should be aware of. Compare your
contracts closely when you walk into the dealership again, look for the loan
term (i.e.: 36 month, 48, or 60) as well as the APR (or the interest rate).
Lastly make sure the selling price and any trade in information are still the
same. If you notice any discrepancy between the paperwork, it is not a mistake
trust me! Investigate why the interest rate or monthly payment has changed, even
if it’s lower. A typical mistake customer makes today is paying too much
attention on the monthly payment itself, and miss the big picture. Don’t be a
payment buyer; understand all the financial terms such as capital cost, cost of
borrowing, APR. Be prepared means literally thousands of dollars in savings!
If you own a laptop why not bring your own weapons to this fight, download a
simple financial calculator (such as Shwenk financial calculator) or a Excel
spread sheet. Arm your self with information, and catch the dealers in the act.
Compare the monthly payment you get with theirs, and find out why if there is a
discrepancy. Remember when taking a delivery of a vehicle you should sign two
identical contacts only with date changed, if you know the two contacts are not
identical in numbers it’s in your best interest to find out exactly why. Don’t
let the dealer fool you into thinking you were not approved for the lower
interest rate, ask to see the approval document from the bank to verify you were
turned down for sure. The next time you walk into a dealership to apply for a
bad credit car loan, you will be well prepared and no longer should feel
vulnerable when it comes to resigning a contract.
Thank you for reading this article, it is brought to you by Selected Fine Cars,
we are your bad credit used car loan provider. Let us approve your next car loan
regardless of your credit history, visit us online at
http://www.nocreditcheckcarloans.ca or http://www.nocreditnoproblem.ca
