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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 [...]

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 [...]

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 [...]

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 [...]

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