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Financing cheat sheet

Navigating your first vehicle purchase can be a daunting task to some. Here are a few tips to make your vehicle purchasing decision a little easier.




You don’t necessarily need a lot of income or good credit to get approved for an auto loan.

We can get approvals for:

-Customers on Maternity/Paternity Leave

-Customers who have gone bankrupt (as low as 8.9% APR)

-Customers who have double bankruptcies

-Customers who are on unemployment


There certainly is a car buying sweet spot, and It’s not what you think.


  • Loans on older vehicles, (six years old or older) are considered “Higher risk” loans unless you have great credit. This is because statistically, the older the vehicle, the more likely the vehicle is to break down. If a customer's vehicle breaks down, and is no longer operational, the customer is much less likely to pay off the loan. For this reason, If you have less than great credit you are more likely to get a higher interest rate when attempting to finance an older vehicle.

  • If you buy a newer vehicle (Five years old or newer) then you are much more likely to get a better interest rate.

Buying a car with up to date safety features can save you on your insurance cost-depending on the vehicle.

  • Buying a brand new car can be risky as well.

  • If a dealership is presenting you an offer where your payments include no interest payments, or a large cash back option at no cost of your own, take a closer look at the pricing breakdown. A lot of times, when a new dealership pitches you these options, they are moving money around to make it look like you’re getting a deal, but you’re really getting thebare minimum.

On average, new cars depreciate 30-40% in the first year.

  • Late model vehicles are the sweet spot! For example if you can get a Mitsubishi RVR or Outlander that’s one to four years old with low kilometers, then you will most likely avoid the depreciation hit, you are more


likely to get a good interest rate than if you purchased an older vehicle, and you could still have enough factory warranty to get free powertrain servicing for the entire duration of your loan. We see it happen all the time.



So there you have it, your financing cheat sheet. Use this information to get the best deal possible on your next vehicle purchase. If you are looking for a vehicle at the present moment, please give us a chance to earn your business by applying below. We have a team of financing experts with 20+ years of experience between them, a wide variety of vehicles and access to some of the best lenders in Canada. Apply today, drive away!


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