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Buying a new car is a bittersweet experience for most of us Canadians. After dreaming about all those fancy trims and powerful engines, limited budgets pull us back to reality.

This is where an auto loan can help make those dreams come true. But that doesn’t mean you should plunge into debt without weighing the pros and cons of vehicle financing.

The Upside of Auto Loans

If your credit rating is fair to good (660 and up), you have a steady source of income (preferably a steady job), and a proportional debt load, you’ll have no trouble in finding an auto loan. Responsible borrowers also enjoy other benefits when they sign up for a car loan:

  • timely repayments ramp up your reputation, because 35% of your credit score is based on your payment history;
  • dealer incentives might save you thousands of dollars over the term of your loan, through 0% financing or [...]

Vehicle financing is a competitive market – which is a plus for prospective car buyers. Rated right after purchasing a home in terms of lifetime importance, an automobile is more than just a convenient way of getting around. It’s a major investment, with car loans deserving as much attention as mortgages.

Where to Look for Auto Financing in Canada

Although most lenders use the same criteria to define your desirability as a borrower (and thus the interest rates they offer you), they often weigh them differently. Traditional financial institutions (like banks) tend to be more conservative, preferring customers with higher credit scores. In contrast, credit unions often offer car loans at lower interest rates, particularly to their account-holders.

Meanwhile, Canadian dealerships are eager to turn over their inventories. Many of them provide in-house loan facilities with less stringent conditions and longer terms of up to 96 months. Finally, online auto financing agencies [...]

Budget-Friendly People-Mover

This boxy Chrysler road warrior has ploughed through many generations since it was launched in 1983. Still today, its functional contours pay dividends in its light and airy interior. However, 2017 was its final iteration, when it was seamlessly replaced by the Chrysler Pacifica. 

Long a popular choice with Canadian families wanting a simple, efficient, and budget-friendly set of wheels, the 2017 Dodge Grand Caravan Crew Wagon still meets these needs, particularly in the Atlantic Provinces. Designed mainly to transport groups of people at an affordable price, it can cost thousands of dollars less than its competitors. 

Plenty of Room to Stretch Out

Even at this bargain price, the Grand Caravan doesn’t skimp on its features, which include zoned climate control, heated mirrors, a central touchscreen display, with a rear-view camera (for models produced later in the year). 

The interior of the 2017 Dodge Grand Caravan Crew Wagon has plenty of [...]

Choosing a new (or new-to-you) car is fun, right? Marques and models, trims and tricks, gimmicks and gadgets must all be weighed and analysed against personal preferences and family budgets, whittling down the options into a shortlist of front-runners.

Smart buyers follow the same painstaking selection process for their auto loans. Seeking the most competitive terms, they check not only the monthly repayments, but also interest rates, durations, fees, and total costs.

Shop Around for Your Vehicle Financing

Thanks to the Internet, it’s easy to gather multiple car loan offers, compare them, and then negotiate with at least three lenders. But before applying for pre-qualification, it’s important to make sure you’re an attractive auto financing candidate.

The cornerstone of your reputation in the loan market is your credit score. This should be at least 670, and preferably higher. As conditions vary by lender and even region, shopping around is the best [...]

Not everyone dreams of a brand-new car. Many drivers prefer to buy relatively new second-hand models at lower prices and with easier consumer financing. As a useful costly option between under-warranty new and buyer-risk second-hand cars, some dealerships offer certified pre-owned vehicles. 

Typically less than five years old and with 800,000 kms on the odometer, these smart buys are often trade-ins from lease customers upgrading to a new model. This is a great choice for anyone wanting all the advantages of a used-car, without too many of the drawbacks.

Used Car Financing Options

Generally speaking, there are two ways for Canadians to finance better-quality used cars with less than 80,000 kilometres on the clock, and under ten years old. The easiest way is through the car dealership, or else through a bank, particularly for account-holders.

Either way, auto financing approval depends heavily on your credit history. However, auto financing is basically available to [...]

It’s hard to believe, but the Nissan Micra has been around now for three decades. One of its models was voted Car of the Year, way back in 1993, so it has a lengthy pedigree underpinning its renowned reliability. 

Designed as a low-cost world car from 2013 onwards, it proved a hot favourite in emerging markets. For easy driving, it rivals other long-term top sellers like the Renault Clio, the Vauxhall Corsa, and the Ford Fiesta. 

International Star

Distinctive, efficient and light to handle, the Micra was sold in 160 different countries, making it a real international hit. Its manufacturing history is just as cosmopolitan. Initially built in Japan and the UK, Micras have been built at the second factory in India since 2010. 

With a bold design, it sits on the Nissan V Platform. In turn, this is a development of the Nissan-Renault B Platform that once supported earlier generations of the [...]

New arrivals soon realize that they need their own transport to get around comfortably in Canada. However, accessing auto loans can be a tricky process, where a helping hand can make all the difference. Some car financing firms have teams of specialists who can steer you smoothly through the loan approval process. But before reaching out for financial assistance, make sure you have the necessary documentation lined up, for faster financing approval. 

Here’s what you need to know:

  • A Canadian citizenship card, which is issued by the Government to confirm your residency status. It may take over a year to process your request (which is not an application for citizenship), which must be properly completed and supported by the correct documentation. This may include a copy of the personal data page of your passport or travel document, a permanent residency permit, a health insurance card, and a senior citizen ID, as well as your [...]

Famed for being environmentally friendly, electric vehicles are also becoming the best friends of your wallet. However, it’s not easy to dump the gas-fuelled mindset that fuelled the expansion of the auto industry for well over a hundred years. 

That’s why New Brunswick is actively encouraging its residents to take the leap and invest in electric vehicles. These steps range from tax credit incentives to steadily expanding network of charging stations. This means borrowing less to finance EV purchases, often under special conditions.

Are you Worried about Charging your EV?

A huge country famed for its wide-open spaces, Canada is driving ahead steadily towards its 2035 zero-emission target for light-duty vehicles. Notable for its progressive stance, New Brunswick stands out among Canada’s provinces for its electric vehicle charging station network. 

With only some 65 kilometers between each charging station, and more than 200 service points, drivers can top up their electric vehicles easily, [...]

With gasoline prices surging nationwide, Canadians are rethinking their transport options. In Nova Scotia, provincial rebates are showcasing the appeal of electric vehicles, as petrol pump prices rise.
Research shows that most people thinking about going electric are being nudged towards this decision by soaring gas prices. In fact, hundreds of Nova Scotians have already benefited from a Province-wide Electric Vehicle Rebate programme. In simple terms, this program offers three generous benefits to Nova Scotia is trying to lower their transportation costs:

  • $3,000 rebate on the purchase of a new electric vehicle; 
  • $2,000 rebate when buying a second-hand electric car; 
  • $500 rebate for some e-bikes.

The purpose of this initiative is to help Nova Scotians in all income brackets hop aboard this trend in transportation. To do so, it offers point-of-sale rebates on new and used electric vehicles, plug-in hybrids, and even pedal-assisted electric bicycles (e-bikes). 

Double Benefit

New electric vehicle purchasers qualifying for the [...]

One of those rare designs that are just as much fun to drive both on and off the pavement, the 2019 Jeep Cherokee Trailhawk 4WD is a great choice for all-round comfort. A smooth and well-balanced ride that’s quieter than many of its peers, its fast and accurate steering can handle even the sharpest turns with effortless precision.

Off-road, the Trailhawk really delivers the goods, particularly over ground that is rougher than the average country place driveway. Although lacking the heavy-duty axles and generous ground clearance of the noisier and choppier Wrangler, the Cherokee is a better choice for drivers following trails rather than setting out on cross-country adventures.

User-Friendly Controls 

The simplicity of its off-road settings means it’s easy to switch between road mode and rougher rides. Drive modes are quickly selected by just spinning a dial or pressing buttons, with terrain response settings for sport, snow, mud, sand, or rock. 

In [...]

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