Copyright 2014 Need a car used car super stores. 2380 Lawrence Ave E. Scarborough Ontario. M1P 2R5 Canada All Rights Reserved.
Rates from 3.99% to 29.99% o.a.c Term: 24 months - 96 months o.a.c
Banks / Lenders & Fees
GOOD CREDIT - Prime Approvals
Canada Drives Now has over 10 prime banks onboard that offer prime interest rates (3.99% - 6.99%) for those applicants with good credit .All
prime banks charge P.P.S.A (Personal Property Secured Act) fee of $70 to any car loan application
-Fixed or Variable Rate?
With a fixed rate car loan:
" Your interest rate is locked in for the entire term.
" Your amortization term (how long it takes to pay off your loan) can go up to 8 years. Your payment amount and term will not be affected by
changes in interest rates.
With a variable rate car loan:
" You can choose up to a 7-year amortization term.
" You could save money if interest rates are already low or fall further.
" If interest rates rise, your payments will likely stay the same, but your amortization term will increase.
" If interest rates fall, your payments will stay the same and your amortization term will decrease, meaning you could pay off your loan sooner. Current Prime Rate. Each bank sets its own Prime Rate; however, this is usually based on the rate set by the Bank of Canada.
BAD CREDIT - Non Prime Approvals
Canada Drives Now has over 14 non prime banks / lenders onboard that offer non prime interest rates (9.99% - 29.99%) for those applicants
with not so good credit. All non prime banks / lenders charge P.P.S.A (Personal Property Secured Act) fee of $70 to any car loan application + an
additions administration fee of $499 - $699 depending on the individual credit.
How does a lender determine my credit rating?
Most lenders will assign an "R" (for Revolving credit, such as a line of credit) or "I" (for Installment loans) rating to each item in your credit report.
The rating scale ranges from 1-9. For example, a rating of R0 means the particular item is too new to rate. A rating of R1 means you pay within
30 days of the due date-and a rating of R9 reflects a bad debt.
If you consistently pay at least the minimum amount owing on your credit cards or lines of credit, don't miss making loan, car payment or
mortgage payments, and pay all your other accounts by the due dates, you will likely receive a good rating on all your credit. In contrast, if you
often miss payment dates your credit history will most likely result in a poor rating and perhaps a rejection from prime lender / banks if you are
applying for new credit.
How can I improve my credit score?
If you are currently behind on your credit payments, establish a strong repayment pattern as soon as possible. There are many simple ways to
do this. With many companies you can set up automatic withdrawals to pay your account. If you bank online, you can usually set up automatic
transfers to pay your accounts. Until you begin to establish a repayment pattern, lenders / banks will be reluctant to offer you additional credit.
If they do offer you credit, they may require collateral (such as cash) or a qualified co-signer.