If you look up Canadian auto news for the previous year, one of the thing you will see time and again is reports on massive drops in car sales, particularly towards the end of the year. This dip in figures is in part attributed to the fact that Canadian banks, the Bank of Canada included, raised their interest rates.
Purchasing a new vehicle is a big decision. However, it doesn’t have to be a difficult one. This important decision can be made with total confidence if you prepare yourself and do your homework.
Negative equity occurs when the value of the vehicle falls below the amount you owe on your current auto loan. For instance, if the remaining payments on your auto loan amount to $20,000 and your vehicle’s market value is $15,000, you have a negative equity of $5,000. This sticky situation is also referred to as being “upside down” on your car loan.
If you’re in need of a car loan but are unsure about whether or not you’ll be able to pay your car loan on time, you’re not alone. Many car buyers find it difficult to pay their car loans on time, but here’s the good news: there are ways to make things easier for yourself. With our 4 simple tips, you’ll be able to speed up your car loan payments and have your loan taken care of a lot sooner than you imagined.
If you’re looking for a Caror autoloan in Canada, try to avoid making these 12 mistakes!
Purchasing a new vehicle can sometimes feel overwhelming. So to help you navigate through the process and to make sure you get the vehicle you want with the best financing options, let us take a look at the steps you need to follow.
With vehicles sales soaring, our love for cars doesn’t seem to be waning off any time soon. But this love came at the cost of debt—a whole lot of debt!
Owning a vehicle in the household is a priority for most Canadians. It gives you the freedom to get around the city as you like or take a road trip whenever you want one. Not to mention, it equips you to go around town when the winter months hit hard and cold. Depending on your needs and your budget, you may choose to lease or finance a car.
When shopping for cars and exploring dealership options you will come across a whole range of ads, flashy banners and sweetest deals, you never knew even existed. It’s easy to tell the odd ones out.
Driving conditions get all the press once the snow starts to fly. Slippery roads and massive snowdrifts are a pain, to be sure, but most of us lose sight of the fact that the majority of our winter driving woes happen before we ever hit the pavement. With heavy snowfall, freezing rain, and below-zero temperatures, most of your issues are caused by the snow, ice, and fog on your vehicle.
There are five factors that determine how the banks decide if you get a car loan: Work history and current income, Debt and expenses, Credit history, The vehicle you’re getting a loan for, The money you’re paying up front...
Improving your credit with a car loan isn’t just possible, it’s one of the most effective strategies available. However, it is by no means a guarantee. Car loans can be very beneficial to your credit score, but only if you handle them properly.
Credit Repair
EDMONTON, AB – The team behind My Ride has approved more than 300,000 Canadian car loans since 2011. It’s a staggering number, made even more impressive by the fact that, until this year, the company worked almost exclusively in Alberta.
If you are a new immigrant to Canada, one of your first things you need to do is get a vehicle. Having a car (or truck, or van, or SUV) is very convenient, as it makes trips to work, school, the grocery store, and home again a lot easier. Buying a car in Canada isn’t as difficult or intimidating as …
Before you start shopping for a vehicle, it’s a good idea to sit down and establish a budget. Determining how much money you can afford to spend on a car loan each month will help you make the right decision when it comes time to buy. In addition to things like insurance and total cost of ownership, a factor that …
If you’re looking to buy a new or used vehicle, chances are you’ll end up financing it. While paying cash for a new car is always an option, most of us don’t have that much money to spend at one time. If you decide to finance a new vehicle, you want to make sure you lock down the best rate …
Bad Credit
Meet Elise and Conor Cantwell. Conor and Elise we’re married in the fall of 2016 and have a two-year-old daughter, with a baby on the way. While Conor was hoping their current vehicle would last them a few more years, Elise was doubtful. Paying too much for your vehicle? 30 seconds and you could save $100s a month on your …
Thousands of Canadians struggle with bad credit issues every year. It doesn’t help that banks make it extremely difficult for anyone to get a car loan with a beacon score lower than 650. Sandra Mitchell is one of the unlucky. In her early twenties, Sandra made some bad financial decisions. Paying too much for your vehicle? 30 seconds and you …
Bad Credit
Do you have bad credit? If so, you probably know how frustrating getting a new car loan can be. One Edmonton family in particular knows that struggle all too well. Wendy and Dan Baker of Edmonton, Alberta recently discovered their credit score was a lot lower than they thought. A full-time stay-at-home mother of four, Wendy and her husband fell …
The internet is filled with information about auto loans. The problem is, how do you know what’s true and what’s not? With an industry that’s constantly changing, it’s difficult to separate fact from fiction. Why not let us do it for you? Here’s what most people don’t know when it comes to car loans. Paying too much for your vehicle? …
When you buy a new car, you expect to see certain fees. In addition to monthly payments, you plan for things like insurance, registration, and annual servicing costs. But, what about the hidden fees included in a car loan; the ones dealerships don’t tell you about? To factor hidden fees into a car budget, you first need to know what …
Bad credit poses some challenges, but it doesn’t make it impossible to get a car loan. There are a number of things you can do to maximize your chances of getting approved, even if your credit is total garbage. Here’s how to make the best out of a bad credit situation. Paying too much for your vehicle? 30 seconds and …
Pre-qualification for a car loan means a lender has conditionally approved you to borrow a certain amount of money before you decide on the car you want to buy. This gives you the security to shop for vehicles in your price range because you know exactly what your options are. In order for a lender to approve you, they must …
Have you filed for bankruptcy in the past? If so, you know how difficult it can be, both financially and mentally. You feel embarrassed and uncertain about your financial future. Especially when it comes to securing a loan. After all, who wants to lend money to someone who’s filed for bankruptcy? We do. Paying too much for your vehicle? 30 …
Have you applied for a car loan recently only to be denied? Were you told your credit was too low? Did they say you were too high risk? Did your lack of credit history affect your approval? Don’t give up. There’s a hidden truth behind all of this, but the banks simply didn’t tell you: you can get a car …
If you have a low credit score, that doesn’t mean you can’t get a car loan. In fact, people get approved for loans at credit scores that would genuinely surprise you. If you think you’re in a bad spot, you’re far from the worst. Believe us. Paying too much for your vehicle? 30 seconds and you could save $100s a …
#1: Make Bi-Weekly Payments If you’re making one monthly payment against your car loan, try switching it into two bi-weekly payments. By doing this, you’ll actually make thirteen monthly payments over the course of the year: 52 weeks = 26 bi-weekly payments OR 12 monthly payments 12 monthly payments = 24 bi-weekly payments Paying too much for your vehicle? 30 …
How much can you afford to spend on a vehicle? You can find the answer by doing a few simple calculations. Our financial experts have laid out some useful guidelines below for deciding what you should pay for a vehicle every month. Having affordable car payments can actually help you improve your credit (because they let you pay them on …
Just because you have bad credit that doesn’t mean you’re stuck with a high interest rate. That’s the beauty of financing a vehicle with Finance My Ride! We have the resources to give you some “wiggle room” when it comes to interest rates. Especially if your credit isn’t the best. Paying too much for your vehicle? 30 seconds and you …
Driving conditions get all the press once the snow starts to fly. Slippery roads and massive snowdrifts are a pain, to be sure, but most of us lose sight of the fact that the majority of our winter driving woes happen before we ever hit the pavement. With heavy snowfall, freezing rain, and below-zero temperatures, most of your issues are caused by the snow, ice, and fog on your vehicle.
There are five factors that determine how the banks decide if you get a car loan: Work history and current income, Debt and expenses, Credit history, The vehicle you’re getting a loan for, The money you’re paying up front...
Improving your credit with a car loan isn’t just possible, it’s one of the most effective strategies available. However, it is by no means a guarantee. Car loans can be very beneficial to your credit score, but only if you handle them properly.
EDMONTON, AB – The team behind My Ride has approved more than 300,000 Canadian car loans since 2011. It’s a staggering number, made even more impressive by the fact that, until this year, the company worked almost exclusively in Alberta.
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