Do you plan to buy a vehicle? Excerpt you have the cash stashed in your bank, chances are you’d need to finance the car and that means borrowing the money from a lender. However, many variables come into play when you decide to go for a vehicle loan. Do you make an outright purchase of the vehicle or lease? What’s the best rate you can get? Do you have a good or bad credit score? How much do you have for the down payment? How much time will you need to pay off the loan? These are some of the questions you need to ask yourself before taking a car loan.
Of course circumstances differ from one individual to the other. A car loan that is a breeze for your boss might be too expensive for you. It is critical to avoid making the mistakes other people make when they buy a car. And that’s the reason you have to do your research, and understand the lingo. You also need to know the price before making a move on the car of your choice.
Fortunately, you can find what you need to know about the best car loans in this article.
Car Loans Canada
Arguably the biggest dedicated car financer, Car Loans Canada, has been in the business of helping Canadians secure the best rates for more than a decade. The company has a massive network of collaborators, enabling them to help individuals get good loans even with a bad credit history.
Car Loans Canada have a pre-approval process that’s convenient for most people. And their expansive network of partners gives users a glut of options within their locality. You’ll find fixed rates that go up to 29.95% with terms that are within the range of 36 to 72 months. It is possible to find the best deal for you, whether it’s your first car or you have a poor credit history.
Car Loans Canada works by matching users with a loan and car that meets their needs mainly because of the large number of dealers and lenders in their network. If you don’t want the negative impact that comes with a hard credit check, then Car Loans Canada is for you. It is an ideal resource for individuals who need the perfect vehicle with the best terms within their locality.
Loan Connect
Individuals who desire cash loans to purchase their vehicles can take advantage of the Loan Connect platform. The company has a long list of lenders that can provide the loans they need. Potential borrowers will have to fill out an application before Loan Connect matches them with pre-approved loans. It is important to note that “Vehicle Loans” doesn’t just mean cars in the strictest sense. It also includes boats, motorcycles as well as other wheeled vehicles as can be found in the “Lifestyle Loans” form.
Loan Connect is well-known in Canada because it has an extensive network of lenders. These lenders can provide borrowers with loans that carry interest from 4.80% up to 36.00%. It is not unheard of to find terms that range from 12 months to 60 months. Loan Connect does not rest on its oars. It tries to better the experience of its users by continuously expanding its partnership network. Many borrowers who use Loan Connect have been known to receive their loans in as short a time as 24hrs.
Loans Canada
Whether you want to finance your vehicle or repair your car, you can always count on Loans Canada to have your back. They provide instant access to a wide variety of lenders, including quotes that pertain to the vehicle you want to buy. It doesn’t matter the make of the car, Loans Canada deal in all types of automobiles including luxury cars, sports cars, sedan, SUV, and truck, amongst many others.
In less than a minute, the company is able to match you with a vehicle and loan that fits your situation. Loans Canada is capable of providing up to C$300,000 in funding in less than 48 hours. You can find interest rates that vary from 0% up to 46.96%. Whatever your choice may be, it will mostly depend on the completion of a hard credit check by the lender of your choice.
Nonetheless, it is possible to pay off a loan throughout a sixty month term or in as little as three months if you’re in a hurry. The long and short of it is that Loans Canada will help you to find car loans that are convenient for you to pay. The company is especially sought after by borrowers who are in dire need of a vehicle but have a low credit score.
Canada Auto Finance
Canada Auto Finance is, first and foremost, a loan aggregator. It gives its users a comprehensive list of financing options that are already pre-approved—all in less than a minute. The only step you need to take is to complete the application form before the company connects you with an authorized dealer within your location.
There are many things you can do using Canada Auto Finance. You can refinance your current car, arrange a private sale of your vehicle, or source for financing from dealers outside of its network. The downside of Canada Auto Finance is that you can only source for funds within C$5,000 to C$45,000. However, the fact that the company targets consumers within this price range makes its funding reasonable.
And that’s why it’s possible to get approval without presenting a co-signer or providing your SIN. But this may mean that you might have to pay a higher interest rate – from 4.90% up to 29.95%. You can qualify for a loan with a credit score of 625, but you’d have to earn within the range of $1500 in monthly income to get approval.
Canada Drives
Canada Drives is an online platform that helps borrowers to find the exact car loans suitable for their needs. The company takes note of factors such as the down payment, vehicle type, credit score, and trade-in. It is an efficient platform that also features a live chat option.
The interest rates start from 0.00% up to 30.00%, but this will depend on your credit score and whether you’re buying a new or used vehicle. It is possible to borrow funds ranging from C$5,000 to a maximum of C$75,000. The terms can stretch between 12 to 96 months. Since its inception a decade ago, Canada Drive has grown in popularity earning a rating of 8.8 from TrustPilot and more than a thousand reviews from customers.
motusbank
motusbank is one of the new online banks in Canada, offering a wide variety of financial products. Among the services on offer are auto loans. An individual looking to buy a car can receive funding up to C$35,000. And at 5.15%, you can be sure the rates are competitive for the industry. Prospective borrowers can fill an application form online and quickly get a quote. The quote will not impact your credit score until you accept the loan.
Final thoughts
Financing the vehicle of your dreams can be a walk in the park with the number of options available today. However, it is advisable to do your research, consult your financial advisor, and shop around your location before making a decision.
