Used car loans...

Nikkonos

Nikkonos

Well-known member
As anyone ever used compagny like carloanscanada or canadadrives instead of the dealer financing?

Typical dealer financing is around 5.99% and they all say they work hard for you...well places like that could get 3.99% (i know depending on your credit score/income etc...)

That's a 3k difference on a 60 months term on a 50K car..

Just looking for some feedback

I'm not baller enough to pay cash unfortunatly.
 
Check what banks will give first.

Those places and most dealers will basically ping a bunch of financial institutions and come back to you with who's the lowest..

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It really depends on the dealer and the person doing the credit application.

If u grab someone that's experiences, has contacts in the industry and knows with who he can submit the loan to get the best rate! But dealers can get 3.99% or even variable rates!

They try and give u a higher rate because dealers get kickbacks from the banks when thei finance thru them!
 
Avec vw, si tu achètent leurs garanties prolongées, ils vont baisser le taux dépendant du nombres d'année que tu veux financer. Je ne sais pas si d'autres marques offrent ce genre de choses.
 
Lt_Crazy said:
It really depends on the dealer and the person doing the credit application.

If u grab someone that's experiences, has contacts in the industry and knows with who he can submit the loan to get the best rate! But dealers can get 3.99% or even variable rates!

They try and give u a higher rate because dealers get kickbacks from the banks when thei finance thru them!
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That's the problem...some are outstanding and others don't care as much and will use what easiest for them...will see. With the current situation things will be put on hold most likely.
 
Mathhhh said:
Avec vw, si tu achètent leurs garanties prolongées, ils vont baisser le taux dépendant du nombres d'année que tu veux financer. Je ne sais pas si d'autres marques offrent ce genre de choses.
Click to expand...

Dans le certifier chez honda, y me rajoutais 1000$ sur le prix du char mais j'était a 0.9 au lieu de 5.9 donc ca valait la peine
 
Nikkonos said:
That's the problem...some are outstanding and others don't care as much and will use what easiest for them...will see. With the current situation things will be put on hold most likely.
Click to expand...

That's true! But ur best bet would be a line of credit!
 
5.99% is the bank standard rating nowadays, I would say the majority of them are standing at 6.99%

You can always go through your bank and get a personnal loan but your rate will likely be higher because there won't be any 'liens' over a VIN like dealers do. The difference with some cars you end up buying at a lower rate than 5.99% are CPO and they're financing through the manufacturer, but you'll need to pay for a certification to access these lower rates. They go from 0.9 to 4.9% depending on the car you're buying. You won't be able to buy a CPO program for a car that is sold to a different garage (buying a Subaru through a Ford for example). On a 50K car, yeah it becomes expensive but this is pretty much the situation since the last couple of years. The rates got up by 1% 2 years ago also. Mortgage credit line is pretty much your solution, they're low right now.
 
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