Car Loans in Courtenay, BC, Canada
Car Loan Lender Rates in Canada 2019
*Disclaimer - Rates are subject to approved credit, rates are subject to change, and rates are based on lender's discression
Car Loans – The Basics
A car loan is a loan in which a lender or a bank, loans a person or borrower the amount needed to buy a car. In return, the borrower agrees to repay the lender or bank the loan amount with interest, until the loan is fully paid off. There are a few key notes that are important to know about if you’re considering a car loan.
The principal is the total amount of the loan including fees and taxes and the price of the unit.
The interest rate is the percentage the lender or bank charges the borrower on the money loaned. The percentage given by a lender or bank can depend on several factors, including the lender’s prime rate; the client's credit score; and the vehicle’s year, make and model.
The term is the length the car loan is taken out for. Car loan lengths are typically between 24 months and 84 months.
A general rule of thumb is to try to keep your loan around the 60-month range if you're able to afford it. A longer loan does equal a lesser payment usually.
Car Financing With Current Lenders and Banks
Zero percent financing on vehicles is usually offered only on new units by the manufacturer and the banks/lenders. The research is quite interesting, as it shows that roughly only a third of buyers who apply for 0% car financing ultimately qualify. In order to qualify for 0% car financing, an applicant needs to have near perfect credit. That’s right, near perfect credit!
Just because you receive 0% financing doesn’t mean you are getting the best deal possible. This often translates to car loan rates that are, in fact, significantly higher than those of traditional car loan rates. The following is an example.
A recommended method for securing the best auto loan rate would be to fill out an online car loan application. Simply click on Credit Application and you can fill out the application quickly and without any hassles.
This process is for purchasers with good, bad or even no credit history whatsoever. This way you can spend your time researching the perfect car for you and not waste your time dealing with all the in and outs of car financing.
Car Loans for People with Challenging Credit
There are lenders that specialize in car loans for people with challenged or bad credit. These lenders have minimum requirements that borrowers must meet and North Island Car Loans can help you find them. At North Island Car Loans, we have helped thousands obtain auto loans. We do this by evaluating your current situation and putting less emphasis on your credit history. We will carefully match each client needing a loan with an appropriate bank or lender.
Canada’s large chartered banks have been forced to compete with smaller lending institutions that offer car loans to those with credit issues. This is good for anyone with challenged credit. This means that the opportunity for those with challenged credit has indeed shifted significantly in favor of the client and or purchaser.
Lender’s who specialize in challenged or bad credit auto loans will have minimum income requirements. Things they look at are how much you make, how long you have been at your job and how long you have been at your current residence.
Don't Worry!!!!!, You CAN Get Bad Credit Auto Loans
You are not the only one, Clients who have filed bankruptcy or have challenged credit represent a simply massive market, and that means there are lenders want your business! They look at your current situation and assess from there. Sometimes the banks only require a qualified co-signer if you don't meet their requirements.
Let North Island Loans Help You Today
North Island Car Loans in the Comox Valley offers access to bad credit auto loans through our lenders who specialize in approving car loans for people with bad credit. It has never been easier to qualify. You can apply now and obtain an approved car loan without even leaving the comfort of your home.
Your Online Auto Loan Options
In recent years, online car financing has become a simply massive component in the Canadian car loans industry. North Island Car Loans is at the forefront of offering online resources for the residence of Courtenay on Vancouver Island to help you get the car loan you need. North Island Car Loans can arm buyers with all the information that they need before accepting any auto loan offer. Additionally, North Island Car Loans has all the online tools necessary for you to fill out an application safely, quickly and online today!
It's a simple fact that online car financing is growing rapidly because it works. Even for those looking for bad credit loans have success with online car financing. Test it out today!
Car Loans in Courtenay, BC
If you only turn to your bank when seeking an auto loan, you are considering limiting your options. Banks will not necessarily give you the best rates. In many cases, companies who specialize in automotive financing can offer a better rate. It comes as a surprise to many that the automotive dealer can get you a better rate through your own bank than you would get on your own.
The exception to this rule is the use of a personal line of credit. Banks will often offer their customers a revolving line of credit at a lower interest rate than a traditional car loan. However, it is important to use this lending tool carefully, as it is normally reserved for home and emergency purposes.
Benefits of Online Car Financing
Online car financing works to streamline the entire process of securing financing. It is also free of charge. Anyone can apply for an online auto loan. North Island Car Loans uses a secure server in order to protect your information so you can apply instantly with peace of mind.
North Island Car Loans offers a short credit application. Our specialists will match you with a lender offering the best terms and rate based on your circumstances. Apply Now and you could be approved in less than 24 hours.