Finance & Interest Rates
Term of Finance

Lenders determine the maximum term of finance based on the vehicles year and mileage. Newer vehicle with lower mileage can be financed for a longer term,which in return will result in more affordable payments. Older vehicles with higher mileage are less desirable for lenders to finance. Consumers may choose shorter or longer term based on their preference,  

Interest rate

Interest rate are decided for each applicant by the lender based on a few crucial factors. The applicants credit situation or the Vehicle Year, make, Model, and mileage also play a big role in the lenders decision regarding interest rates.

Amount finance

Total price of the vehicle plus extras (Warranties,Insurance and accessories) plus the taxes. This is the bottom line of the price which will be finance over a specific term.                  
                                   
Down Payments 

Down payment is the amount of money put down towards the loan to reduce total finance amount. Down payment may be required by lender if applicants credit history is not favourable. Also first time buyers and students with lower income may be required to pace cash down towards the approved loan.

Trade in

Vehicle Trade in value will be determined by performing a used car appraisal procedure. The final value given by the dealer can be cross referenced by any one who has access to the internet. To ensure a fair value given by the purchasing party we recommend doing your research on the internet. 

There are  website who specialize in providing you with Dollar amount estimate on your Trade in. The industry standard is Canadian black book.  visit www.canadianblackbook.com and plug in your trades information and receive a quick value on your car. CBB does categorize each vehicle based on accident reports,options and millage.  Most Dealerships will the average dollar value given by the Canadian black book.


Right car, Right Price, Right Payment.
 
Choosing the right vehicle has be research and well though out. In this day and age all the information required regarding the ownership cost and vehicle reliability is avaialble online.  The general rule is for your payment to not exceed 25 percent of your monthly income. There are insurance cost and fuel to be added tro the list. Also unexpected vehicle breakdown or regular vehicle maintenance can be a substantial cost. 
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