Sure you can! Many Canadians decide to do this, for a wide variety of reasons: they’re selling their car and the buyer wants to take over the loan; they can no longer keep up with the monthly repayments; or they simply want to switch lenders. However, before you decide to follow this path, you should check your original loan agreement. Some contracts charge early repayment fees, or may impose constraints on this option. If you’re in doubt, ask the financial advisers at Laneway Auto Loans & Sales for help.
What Are the Easiest Ways to Transfer Auto Financing?
Most auto financing vendors are happy to work with sellers transferring car loans to somebody else. However, a word of warning: the buyer must comply with the lender’s requirements – particularly income and credit score – in order to qualify for approval. There are two main ways of passing your car loan over to somebody else [...]
Excitement is running high among drivers in Canada. That’s because Porsche Cars Canada has just announced its plans for an action-packed Porsche Experience Centre in Pickering, where customers and fans can experience the Porsche brand hands-on, up-close and personal.
This brand park will be slotted into the Durham Live entertainment complex, which is coming off the drawing board for this town in the Greater Toronto area. Planned as Canada’s own scaled-down version of Las Vegas, this massive new destination will feature multi-use facilities that include:
- a concert hall;
- a casino;
- a movie studio;
- a convention centre;
- 300 hotel rooms;
- a mix of restaurants; and
- some 40,000 square metres of retail space.
Opening Scheduled for 2024
Slated to open in 2024, its attractions will range from fun for kids to sophisticated adult entertainment. One of its main draws will be the Porsche Experience Centre: a self-contained brand park where guests can explore cutting-edge automotive technology and vehicle [...]
Everyone has to move around in their daily lives, of course. But having a car makes it so much easier to run errands and commute to work or class. However, poor credit can be an obstacle when trying to finance a car in Canada, particularly through banks. But here’s the good news: these financial institutions are not the only way of getting your own wheels!
Choosing The Best Used Car For Your Budget
Price is not the only factor to bear in mind when looking for a second-hand vehicle. Knowing which vehicles retain their value for the longest time is also a great way of getting your money’s worth on a major purchase like this. As an example, some vehicles retain about 50% of the value at the four-year mark, while others have already dropped to 30%, based on the Canadian Black Book.
As a rule of thumb, basic versions and neutral colours keep [...]
In terms of lifetime investments, buying a car ranks second only to buying a house. That’s why it’s important to check out all available payment options before signing up for such a major financial commitment.
While hunting for your dream wheels can be fun, working out how to pay for them can be a daunting process. A poor decision may have long-term implications that can tight-strap your budget, eat into your savings, and even tank your credit score. So here are some top tips from the experts at Canada Drives on how to navigate smoothly through the car-buying process, avoiding pitfalls and making smart choices.
What Do I Need to Get a Car Loan in Canada?
Application approval may take anywhere from a few hours to a couple of weeks, depending on the institution. You must complete the car loan application form in full (in either hardcopy or on-line), and provide [...]
