Should I Make A Down Payment?

There are many benefits to making a sizeable down payment on car loans. The more money you can put down up front, the less you will have to borrow. When your principal is made lower by a large down payment, you will pay less money in interest over the term of the loan. A large down payment can also get you out of upside down status sooner.

How Upside Down Happens

Being upside down on your car loan means that you owe more money on the car than it is actually worth. This is a normal occurrence in the early stages of the loan’s term. A car’s value depreciates quickly once you drive it off the lot. If you only pay 10% down, and the car loses 25% of its value in the first 6 months, it is easy to see how you can be upside down in a flash. As you make your monthly payments, it balances out, but if you are staying upside down for three or four years, that can be problematic.

Turning the Tables

The best way to move more quickly from being upside down to owing less than the car is worth is to make a large down payment. If you just put 5% down, you are barely covering the taxes and fees associated with the purchase. If, however, you can put down at least 20% of the purchase price, you should be outrunning your vehicle’s depreciation rate within two years or less (for a 4-year loan). Of course, if you can put even more than 20% down, that gets you into positive equity territory even faster.

Getting out of the upside down state can give you peace of mind when it comes to the overall value of your vehicle. If you can make a large down payment on your next car, you will be driving a vehicle that’s worth more than you owe on it in no time.

4 Benefits to Financing Your Next Car

Though they can frustrate you at times, there’s not way of getting around the fact that having a reliable car is essential for most people. Navigating your busy life and meeting the many demands on your schedule would be next to impossible without having a vehicle at your disposal. When the time comes to secure a new or used car, consider financing over leasing. Here are a few reasons why obtaining car loans are your best options.

No Mileage Limits

Your work or other responsibilities may require that you drive great distances every month. If you were leasing a car, this would be a concern, as leases have restrictions on how many miles you drive. However, with car loans, you are free to put on as many miles as you’d like without any penalties.

You Pay For it, and it’s Yours

When you lease a vehicle, you generally keep it for three years and then trade it in. But when you finance your car, you make monthly payments, and then when it’s paid off, you own it outright. After this point, you no longer have to make any monthly payments.

Make Modifications

When you use a loan to get your next car, you’re free to make any changes to the car you see fit. If you want to enhance the engine or change the body, or do anything to the car to your liking and preference, you can do so. This isn’t the case with a lease.


3 Tips for Getting a Car Loan with Bad Credit

Maintaining a good credit score is not an easy task. Whether one made a poor investment decision or missed payments on a credit card bill, difficulty attaining a decent credit score is not an uncommon struggle. It may seem difficult to get bad credit car loans, but it is entirely in the realm of possibility. It is true that there are some barriers but with a little determination and research, it is an attainable feat.


Make a Significant Down Payment


It may be helpful to save up some money so that you can make a larger down payment. Not only is this likely to lower your overall amount, this will show the lender that you are serious about the loan. By showing this commitment, the lender may find you to be less of a risk despite a negative credit assessment, making it more likely that you get your car loan.


Choose a Sensible Vehicle


When it comes to selecting the type of vehicle you would like to purchase, it definitely helps to look at options that suit your needs as well as your budget. By trying to obtain a vehicle beyond your means, it becomes more likely that a lender will be skeptical about whether or not you make a good loan candidate. Opting for used and older vehicles is a great way to be frugal while still getting a car that suits your needs.


Get a Cosigner


A cosigner may be a requirement for a bad credit car loan but even when it is not, it can be beneficial. A cosigner will become responsible for your loan should you become unable to make the proper payments so it can help make you appear as less of a credit risk.

Where to Shop for Your Next Car Loan

It’s difficult enough deciding which type of car to buy. It can also be frustrating to know which dealership is right for you and which one can give you the best financing. However, this task doesn’t have to cause headaches and frustration. Out of all the dealerships near you, some stand out apart from the others. When you’re looking for car loans, make sure you shop at a place you can trust.




Like any other type of business, you see newcomers arriving in the car-selling and auto financing industry. New dealerships pop up all over the place, but you’re usually safer sticking to a dealer that has been around for years or decades. When a dealership has a proven track record of success, you can feel confident that the team there will take care of your needs and that they’ll have the knowledge and skill to help you find the right loan.




The last thing you need when looking for car loans is an over-the-top sales associate who pressures you into purchasing something you don’t need or want. The best dealerships lay off these tactics and instead create a positive environment where you feel comfortable making a decision for yourself. Search for loans from a place where the staff listens and provides you with honest, accurate information.




You may not initially think a dealership’s appearance is that important, but chances are high that if a dealership takes the time to tidy up its space, it’s also more committed to making your shopping trip more pleasant. When you need an auto loan, look at dealerships with clean and orderly lots and showrooms. It doesn’t need to be a palace, but a well-maintained business speaks volumes about the caliber of service you’ll likely receive.


Shopping for auto loans shouldn’t be an unpleasant task. Make sure the dealerships you visit possess these characteristics. If they do, you should be in good shape.

Be Bold and Get Approved With Bad Credit

Bad credit can be a bummer, but don’t be bemused by the bothersome banks that may be barriers between you buying the best car for business or pleasure. Our dealership works with lenders that are often able to see past poor credit and provide bad credit car loans to people that are able to meet certain criteria. Yes, your credit may be bad, but with the addition of a cosigner or a hefty cash down payment towards the vehicle, our creditors may be able to work with you.


Even if the lending specialists at our dealership are unable to accommodate your loan, it does not mean that a different third-party lender won’t be able to do what ours could not. Different banks and lenders have different qualifications for borrowers when it comes to car loans. A poor credit history does not automatically disqualify you for approval, it all depends on the specific criteria that each lender is using to scrutinize their borrowers.


One way to bypass the loan approval process all together is by paying for the car in its entirety upfront. In this manner no loan is necessary. Depending on your specific situation however, saving the entire purchase amount for the car of your dreams may be a long and disciplined process. Another downside to this option is that it won’t help to better your credit.


Approaching lenders with good credit is one’s best bet when it comes to being approved for a car loan. You can raise your credit score by successfully accruing debt and paying it off in a responsible and timely manner. Do so by getting a credit card, a car loan, or a mortgage and paying it off in installments before the end of each billing cycle.


Come to our dealership with what ever credit score you have and we will be happy to work with you and do our utmost to help you drive away in the best car for your needs. Let us help you build up that bad score with a car loan and have you drive off with a smile on your face.

Bad Credit Doesn’t Mean You Canad-afford a Car

Is the only thing lower than the temperature outside your credit score? Don’t let bad credit keep you from purchasing that pickup perfect for parking at the pond while you play a game of hockey. Bad credit car loans can be easily financed by a friendly Canadian car dealership. Creative methods of financing are available to work around the worst of credit scores. Deals can be had that will have you worried the Mounties will come and trot you off to the lock up, but fear not. A good dealership will have you traversing the provinces like a maple leaf caught in the jet stream, fluttering from coast to coast and taking in everything the Great White North has to offer.


Don’t be a Goof, Talk to your Dealership


A local dealership is there to service the community with friendly Canadian car accommodations. Many dealerships have dedicated staff with the sole purpose of finding creative ways to finance vehicle purchases. Loans can be crafted that benefit the lender and the borrower no matter the purchasing party’s credit, good, bad, or non-existent. Don’t let bad credit be a deterrent from exploring financing options you may not even have known were possible.


Some things that can facilitate an even easier loan process, in the light of poor credit, are having a vehicle to trade in or having a cosigner on the loan. Long dark winters make folks want to cozy by the fire with a special someone. Why not have that cuddle-buddy cosign a car loan with you? Bad credit can be mitigated by having a second party take responsibility for the loan in the event of the primary signer’s default. Alternatively, provide a large down payment or a vehicle to trade in towards the cost of the new car. Lenders love mitigated risk, and these are some dealership-accepted ways of doing just that.

Getting a Car Loan: The Do’s and Don’ts

Vehicles are expensive, so it’s pretty common to need auto loans, and they’re not always easy to get. Here are some things to know that can help or hurt your loan request.


Do: Decide on a Car Type


You’ll want to know what kind of car will suit your needs, and about how much money you’ll need to cover its cost. For example, if you have a long commute each day, you’ll want a vehicle than hand handle

those demands. If you have a big family, you’ll need the appropriate space, and so on.


Do: Know Your Budget


Based on your monthly income and expenses, know how much you can afford to be paying back on a car loan each month. This will help you pick the right loan and repayment plan for you.


Do: Check Your Credit


Before looking into loans, you should know your credit score, because this can give you an idea of which loans you’ll have better luck soliciting and which ones are likely beyond your reach. You may need to work on improving your credit score before having a solid shot at the loan you need, so make sure you’ve done your homework beforehand.


Don’t Be Uninformed

You’ll want to be sure and do your research, as well. Get all the facts about interest rates, fees, and other borrower rights and responsibilities before deciding on a bank or the loan itself.


Don’t Forget to Get Preapproved

Sign all the paperwork for preapproval from your bank or institution, and have it in hand when you go vehicle hunting. Remember, you don’t have to spend the whole amount you’re preapproved for, but if you spend more, then it’s out of your pocket, so this is an important step not to skip.


There are many factors to getting an auto loan, and there’s a lot that can enhance or hinder your loan request. These tips should be helpful in practicing good and informed borrowing as you go about getting your loan.

How to Handle a Car Loan When You Have Bad Credit

You need credit to improve your credit score, but you often cannot get credit if your credit score is low. Many people experience this paradox, particularly when they are trying to finance their next car. Bad credit car loans can be a great way, however, not only to get the car you want but also improve your credit score. Here are some ways to be smart about it.


Plan Your Budget


Before you ever look at a car, take a look at your monthly expenses. Carve out a section for your car payment. It is important to have a solid idea of what you can afford to spend before you walk into the dealership. Planning a responsible budget and being able to prove to the dealership that you can afford the car you choose improves your chances of being approved for a loan.


Improve Your Credit


When you first start thinking of getting a car, peruse a copy of your credit report. If you see any mistakes, report them and get them corrected before you start car shopping. In the six months prior to visiting the dealership, be extra vigilant about paying bills on time. Even if this does not improve your credit score, it can at least protect it from getting worse.


Take Your Time


Once you have chosen a car that fits your budget, you can talk terms. Make sure you read and understand all the conditions of the loan before you sign it. Feel free to ask the dealer any questions that you have to help clarify what you read. Having a solid understanding of what is expected of you can help you pay off the loan successfully, thus improving your credit.


It may be a little more difficult to get bad credit car loans, but it is not impossible. If you can demonstrate that you have realistic means of honoring the terms of the loan, you could be driving your next car in no time.

Repairing a Low Credit Score Isn’t as Bad as You Think

It goes without saying that credit plays a major role in people’s lives today. Whether you’re getting ready to buy a house, a new car or any other major purchase, you will be asked about your credit score before you can take out a loan. It can be easy to lose control of your credit and see it dip in a major way that seems irreparable. However, when you’re trying to take out bad credit car loans, you may be pleased to realize how much easier it is to fix your credit than you thought.


Dealerships like us are eager to sell you the wheels you need to turn your life around. For this reason, we can provide you some tips and tricks that will help you bring that low credit score up a notch or two. Although we’re also happy to provide you with bad credit car loans no matter what you score is (or even without a credit score at all), we know that you will have a better chance of paying off the loan if your credit score shows up as higher. That’s because you’ll have a lower interest rate with a better credit score. Our goal as a dealership is to make the process of purchasing a vehicle as easy as possible for you.


To fix a bad credit score, you’ll need to have some patience. This process requires several months or even years to show that your new habits are the ones that really represent you. You may want to consider arranging automatic payments with companies whose bills you often forget to pay on time. This might take out a major source of your credit woes. However, if you need your car ASAP, we understand. We’re always ready to help you get it with bad credit car loans so you can get your life rolling again.

Financing a Used Car With Bad Credit

When you have bad credit, it can be difficult to finance a used car. Everyone needs reliable transportation, but having bad credit oftentimes translates to higher interest rates and car payments. Despite these common obstacles, there are ways to get financed, even if your credit isn’t in the best shape. If you have a low credit score and you are in the market for a used car, here are some things you can do to increase your chances of securing financing.


Make a Large Down Payment


Making a large down payment is a simple, yet effective way to boost your chances of getting approved for financing. It shows financial institutions that you are serious about purchasing a vehicle and that you are capable of saving and managing money. You also present less of a financial risk, since buyers who invest large sums of their own money are less likely to default on loans. Buyers who make a down payment may also gain access to better interest rates.


Rebuild Your Credit


This may seem like an obvious course of action if you have bad credit, but it is the most efficient way to ensure that you get approved for a loan. Paying off overdue bills and establishing a history of responsible credit use can go a long way when it comes to securing financing. Car buyers with lower scores will be subject to higher rates and less favorable payment terms.


Use a Cosigner


Using a cosigner can greatly improve your chances of getting financed. Enlisting the help of a spouse or close family member is the most common practice when it comes to cosigning. It should be noted however, that if you do not make your monthly payments on time, your cosigner will also be held responsible.


Don’t Despair


In the world of used cars, there are practical ways to secure financing with bad credit. At our dealership, we offer customers a variety of financing offers, and we are sure that we can work with you, regardless of your financial situation. Don’t give up just yet; there are many ways to finance a car with less than perfect credit.