When most Canadians decide to buy a car, they also start looking for the best deal in car loans. This financing usually lets them pay for their wheels over a set period of time, with monthly installments that remain unchanged for the term of the loan.
Borrowing many thousands of dollars is a heavy commitment, particularly as buying a car is the second-largest purchase that most of us make in our lifetimes. That’s why it’s important to figure out exactly how much you can afford to pay back each month, calculating exactly how much you’ll have to pay out and then making sure this fits into your budget.
How Auto Loans Work
Although the world of finance might seem complicated, financing a car is a transaction that is easy to understand, once you master the basic terminology:
term is the length of time for which you wish to borrow the money, which can [...]
There’s good news and bad news for Canadian buyers shopping around a new car. The good news is that there’s no threshold credit score for taking out a car loan. The bad news is that borrowers with low credit scores pay higher interest rates, meaning that their vehicles cost considerably more by the time they pay off the principal amount of the loan and interest.
Learn About Credit Scores
When buying a new or used car, your credit score is a major factor in these transactions. For instance, dealerships will check your credit score before financing a vehicle in your name, while financial institutions define the terms of your loan, based on your credit score.
Although a low credit score wouldn’t stop you from buying a car, you might have to pay a higher-than-average interest rate on your loan. However, once you build up your credit score by making sure every instalment [...]
The auto industry is taking what is perhaps its biggest leap forward since Henry Ford invented the production line. Self-driving vehicles are lining up at the starting gate, ready to revolutionise the entire transportation sector.
It’s an exciting – and challenging – time for everyone involved in moving people and goods around the world, from fuel suppliers to car financing institutions. Nowhere is this technological effervescence more apparent than in Ontario today, where its Autonomous Vehicle Innovation Network (AVIN) is endowing self-driving technology with an added boost.
Raring to Go
With an IT cluster that ranks second by size in North America, Canada is firming up its position as a pack leader for automotive excellence. Assembling over two million vehicles each year in its plants, backed by incentives that make auto-financing more affordable, Ontario is a natural crossroads for the driverless vehicle revolution.
Much autonomous technology is already slotted seamlessly into modern vehicles: [...]
Although possibly embarrassing at the personal level, filing for bankruptcy is far from synonymous with financial ruin. With a little care and effort, people facing hard times can rebuild their good reputation and re-establish relationships with lenders.
In fact, bankruptcy is fairly common. Government statistics show that one out of six Canadians will apply for bankruptcy or file a consumer proposal at least once in their lifetimes. With many of them needing to finance their vehicles as they reconstruct their lives, companies have been set up to help them get through this difficult stage with the least possible stress.
Tough but Fair Conditions
Although requirements may be more stringent, with higher interest rates, lenders today are far more willing to work with people struggling through financial quicksands. What a bankrupt borrower doesn’t need is to be turned down by a string of banks and dealerships, as repeated hard queries harm their [...]
In today’s online world, traditional financial institutions – like banks and credit unions – aren’t the only places offering auto loans. In response to rising demands from their customers, dealerships and online retailers also offer a wide variety of financing options. This is a smart choice, particularly for second-hand vehicles.
Although faster and easier to negotiate, buying a car privately cuts back on the available financing options: basically, cash or a bank loan. However, buyers with black marks on their credit scores may find their account managers less than welcoming. Other private-sale risks include hidden flaws and even ownership scams, particularly on deals touted as ‘Quick Sale Bargains’.
In contrast, online retailers and dealerships are linked to a wide range of lenders, specialised in working with low or even no-credit customers. An additional benefit: buying a car from a recognised business offers peace of mind, knowing that the vehicle has been professionally inspected and [...]
It’s heatwave season, and at Laneway Auto, that means it’s time to check out the hottest cars on the Internet. Driving one of these red-hot models instantly ranks you among the coolest drivers on the road, confident that you picked the perfect wheels to spin you through your favorite summer pastimes.
So check them out – here are the ten hottest brands and models that scored highest on the Laneway Auto website searches during the first half of the year:
For decades, this truck has been a top-seller on the market – so it’s not surprising that it ranks high among vehicle searches on the Laneway Auto website as well. Perfect for picnics and tops for tailgate parties, it’s also sturdy enough to tow jet skis and boats and water sports gear, ready for action-packed days on lakes and rivers. Practical, powerful, and popular, there are plenty of new and pre-loved Ford F-150 [...]