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Interest Rates

Does refinancing a car hurt your credit score?

While there's a likelihood of a slight credit score dip, don't let that deter you from exploring auto loan refinancing. This decision could be a wise financial move, offering savings and much-needed relief.

Auto Financing

Understanding the Key Factors Influencing Your Credit Score in Canada

Lenders carefully evaluate multiple factors before approving financing, including your credit rating, payment history, outstanding balances, credit history length, new credit inquiries, and the types of credit you use. Mastering these five factors and comprehending their impact on your credit score can significantly enhance your chances of securing financing at the most favorable rates available.

Auto Financing

6 FAQs Regarding Car Financing: Everything You Need to Know

Buying a car is an exciting milestone, but it often comes with the challenge of figuring out the financial aspects. Car financing can be a complex topic, leaving many potential buyers with questions. In this blog post, we'll address six frequently asked questions (FAQs) regarding car financing to help you navigate the process with confidence.

Auto Financing

Monthly Car Payments in Canada: A Comprehensive Analysis

When it comes to purchasing a car in Canada, understanding the average monthly car payment can help you plan your budget effectively. We have analyzed the current trends and statistics to provide you with valuable insights into the average monthly car payment in Canada.

Car Care and Ownership

How to Prevent Repossession of Your Car Due to Late Car Loan Payments

Taking out a car loan can be an exciting experience, as it allows you to purchase a vehicle you may not have been able to afford otherwise. However, it also means that you have agreed to make regular payments over a set period of time. If you fall behind on these payments, you run the risk of having your car repossessed by the lender.

Auto Financing

5 Car Loan Mistakes That Will Cost You

Car loans are a common way for people to finance their vehicle purchases. However, taking out a car loan can be a complicated process and there are many mistakes that people make when taking out a car loan.

Canadian Car News

How Inflation Affects Car Loans in Canada

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly. Inflation can affect car loans in Canada in a few ways:

Auto Financing

The Pros and Cons of Car Refinancing: Is it Right For You?

To make car loan payments more affordable, many consumers think about refinancing, which involves replacing their current loan with a new one. If your financial situation has changed since you took out your present loan or the market has improved, refinancing can result in lower monthly payments.

Auto Financing

Does Refinancing Your Car Loan Restart Your Loan?

When you refinance your car loan, your current loan is replaced by a new one. A lower interest rate and a shorter or longer term than the one you currently have are both refinancing possibilities. However, choosing a new loan with a longer repayment time could make you feel like you're starting from the scratch.

Auto Financing

How Long Should Your Car Loan Term Be?

When you’re applying for financing on a car loan, determining the length of the loan term is an important decision. With a longer loan term, your monthly payments will be less, but you’ll end up paying more interest throughout the loan term.

Auto Financing

Why You Should Arrange Car Financing Before Visiting a Dealership

The way the car buying process works today, it makes sense to get approved for car financing before visiting a dealership. This gives you time to shop around different lenders until you’ve found a rate you’re happy with. Setting up for financing before visiting a dealership is also a great way to ensure you don’t buy a car you can’t afford.

Auto Financing

Should You Pay Off Your Car Loan Early?

When you’re financing a car, you’re making bi-weekly or monthly payments for a fixed period. Should you choose to pay off your car loan early, you have that option, but there are certainly advantages and disadvantages to this that you need to consider.