What you need to know about Car Loans Financing?
Where to get car loan financing?
There are a few places that you can get car loan financing. One place you can go to get financing is your local bank. They are a good resource if you have strong credit and are looking to finance a vehicle that you found through a private sale. Another place you can get car loan financing is through a dealership. They will typically be able to get you loans through your own bank as well as they may have lower rate loans that are offered through the manufacturer on new vehicles.
What’s a good interest rate for car loan financing?
Interest rates vary from 0% to 30% depending on a variety of factors. If you are looking at a new vehicle the manufacturer may offer a promotional interest rates as low as 0%. When you are looking at used vehicles they typically start at 5-7% and go up from there.
** Don’t get caught up on only the interest rate when buying a car – a vehicle with an 8% interest rate may be a better deal overall than a vehicle with 0% interest once all other variables are factored in**
What kind of vehicles can you get with car loan financing?
Really depends on what you are looking for. You can finance new vehicles at special rates. You can also financing vehicles typically no older than 5 years old through dealerships. If you go into your own bank they may be more flexible and allow you to finance an older vehicle that you have found.
What if I have bad or no credit and need car loan financing?
The options listed above are for customers who have good or great credit. If you have bad credit it can be a little trickier as only some places offer financing for car loans for bad credit or no credit customers.
Canada Drives is the industry leader in connecting customers with local dealerships able to help you secure the best loan possible. They will make sure you find a great vehicle as well as a competitive interest rate.