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Why Do I Need Full Insurance on My Financed Car?

When you take out a loan to pay for a new or used car, you don’t actually own your wheels until the loan is fully paid off, together with all its ancillary charges. So if it’s stolen or damaged, you could be held liable for paying it off entirely, if it’s not covered by insurance. 

That’s why most reputable lenders require you to present proof of full coverage before you drive out the door, as they must protect their investments by insisting on total protection for the vehicles they finance. From time to time, they’ll also check that you’re still carrying full coverage on your financed vehicle, until your loan is fully paid off. This is because liability insurance covers only damages to another driver, with no compensation for damage to yourself or your own vehicle.

In fact, you could even lose the car to [...]

Always excellent at hauling cargoes and carrying passengers, the 2019 Chevrolet Traverse Premier AWD RS continues this tradition. With its all-new look launched in 2018, Chevrolet addressed one of the weakest points of the earlier Traverse: its minivan look. With a bigger bowtie in the middle of its taller grill, it stands more upright, with strongly contoured shoulders and slim taillights that temper its rather boxy look. Generously sized to carry eight, its relatively flat roofline offers plenty of headroom for passengers, with generous legroom and easy access, even for the second and third rows.  

This truck-like new version offers great visibility through its massive windows, standing square and solid, while losing none of its charm in the makeover. With a contemporary infotainment system that includes an eight-inch colour touchscreen and a ten-speaker Bose sound system, its cabin is a more refined, with available high-end features that drive it into the big three-row crossover category. [...]

Brimming with character, the Kia Soul is a multipurpose compact that’s close to a subcompact crossover (but lacks an all-wheel-drive). But with its towering height, it’s not quite a hatchback either.  This kinda-sorta SUV heads up a segment that blends the practicality and convenience of a compact car, with the cargo capacity of an SUV. Thanks to its reputation for reliability, vehicle financing from Laneway Auto is a simple process for a Kia Soul.

Who Buys a Kia Soul?

More than half Kia Soul owners are women, averaging out at 16 years of age, and with lower median household incomes of around $60,000. Two other striking characteristics are that solar owners want a vehicle with responsive handling and powerful acceleration, while also admitting that they like a vehicle that stands out from the crowd.  Their favourite things about this snappy drive are its quirky exterior styling, tasteful interior design, smooth driving dynamics, comfortable [...]

The world of finance speaks a language of its own, and it’s often incomprehensible to many Canadians looking for the best auto loans in Halifax. So, with the usual Laneway Auto proactive approach to transparency, here’s a list of the main terms used on the auto loan market, with easy-to-understand definitions. 

But before getting down to the nitty-gritty of each and every term you might hear during your used car purchase journey, here’s an overview of each step along the way.

Auto Loans Turn Dreaming to Driving

Does your dream car seem impossibly far away? Don’t despair – our vehicle financing experts are always happy to help you pick the best auto loans in Halifax. Even if you can’t afford your dream car right now, they can draw up a plan that steers you closer towards your ideal wheels with each successive purchase over the years. So here are the six simple steps that [...]

Five times more likely to take out long-term auto loans than Americans, Canadians are buying more cars than ever – but taking longer to pay them off. Today, well over half of all new car loans are financed over seven years, or even longer. Well aware that the old industry standard of sixty months is vanishing,  Laneway Auto helps consumers cram fancier rides into tighter budgets. This shows how the old industry standard of sixty months is being stretched out by consumers determined to cram fancier rides into tighter budgets.

According to automotive expert Robert Karwel, who works for market research firm J.D. Power, “long-term financing has exploded in Canada.” The problem is that seven, eight, or even nine years are very long terms for paying off assets that are steadily depreciating in value while becoming more expensive in terms of upkeep and repairs.

Longer-Term Vehicle Financing in New Brunswick

The appeal of [...]

At first glance, leasing seems the obvious choice for business owners, especially in Atlantic Canada. A new vehicle every three to five years with an equally new warranty, and lower monthly payments seems like a great deal, right? And it is, for buyers reluctant to spend time on selling or trading-in their used cars, or worrying about rising maintenance and repair costs. 

On the other hand, vehicle financing through Laneway Auto is a better option for buyers in New Brunswick who want to own their own wheels, becoming a personal asset once that final instalment has been paid. Other advantages include personalizing a car in any way its owner chooses, as well as driving it for as many kilometres as needed. The purchase option is ideal for businesses whose drivers cover longer distances than average, who have the facilities for maintaining vehicles over the longer term, and whose corporate requirements are relatively stable.

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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 [...]

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