Latest Industry News

  • November 19, 2017
  • Used Car Dealerships, Used Car Loans, Auto Loan Periods

If you are deciding to buy a new or used vehicle for your daily needs on loan, then you must know which loan option is beneficial for you. There are several factors which you should keep in consideration while opting a new or used car which includes the cost, insurance rate and the condition of the vehicle if it is used.

Common Places to Avail Auto Loans

There are a number of options available for customers for securing their new or used car loans which are mentioned below.

  1. Banks

    The easy and common route to securing the financing for your auto loan are banks. There is the large pool of capital available in a number of private and commercial banks. The banks are the best place to avail loan because of their lowest interest rate.

  2. Car Dealerships

    The second option is to opt car dealerships for financing your new car and you will get the loan quickly by considering this option. But keep this in mind, that these dealers will have their own profit included while offering you a loaner vehicle from the lender.

  3. Credit Unions

    The last but not the least option available is the credit unions. The interest rates offered by these organizations will be competitive. But for this you need to be a part of that union i.e. membership of the union is the must.

After discussing where you can get the auto loans. Now let’s start discussing the difference and benefits in availing new car loans and used car loans.

New Car Loans

We always wanted to buy a new car with the pristine condition which comes with all latest techs installed in the vehicle. There will be nothing to worry about maintenance of your car and plus you will have a manufacturer warranty. When you opt new vehicle loan, then there are the following benefits you will get.

  1. Lower Rates

    The first advantage is that you will get low-interest rates than the used ones as said by FTC (Federal Trade Commission). But for new cars, you will have long financing periods.

  2. Special Rates

    There are many automakers who offer special deals. You can get benefit from the automaker's different sale events in which they will offer zero annual percentage rates for buying their vehicle.

Used Car Loans

As there are many pros for opting new car loans, there are many advantages of having a used car loan. The prices having lower average is the common attraction point. You will get nearly new and good condition used car loans available through different sources mentioned above. There are the following benefits for choosing used auto loans.

  1. Shorter Loan Period

    The used automobiles have high annual percentage rates (APR). You will get short loan period because of the cost of the vehicle.

  2. Depreciation Savings

    The next benefit of selecting used auto loan is that if you miss out the chance to avail special rates on the new car on any sale event. Then you can save few bucks choosing a vehicle which had already taken its depreciation hit.

  • November 19, 2017
  • Credit Score, Avoid Late Payments, Automatic Payments

The largest factor effecting the credit score is your payment history. If you had done any late payment, then your credit score will get suffer. This is because credit score is determined by how timely you are paying all your bills. If there is any late payment done by your side, then this article will help you sort that matter as we will be discussing different approaches to improve and recover the low credit score due to late payment history.

How does credit score gets affected by late payments?

The one late payment can devastate your all payment history and credit scores. Whenever you are late from paying any of your bills, then your credit score will get affected. The more time passes, the more your credit score gets affected. One thing to remember is that the latest late payments will have more impact on your score rather than older payments.

How to Remove Late Payments from Credit Report?

Are you willing to remove the late payment done from your credit and want to improve your credit report? Then it is not that difficult as you will have to follow the following steps correctly and you will have your late payment removed from credit report. There are the following different ways which you can adapt to remove late payments.

Goodwill Adjustment

The first option available is to have goodwill adjustment with the creditor. This can be done if you have good credit payment history and strong relationship with the creditor. Then you can request the creditor for goodwill adjustment to remove the late payment from your credit history as you are always on time when it’s time to pay. Just write a letter to your creditor and explain your late payment reason to remove the late payment. This method will work as creditors will never lose their customers only because of just one late payment.

Automatic Payments

The next method which you can choose to overcome the issue of late payment in your credit report is that you can get your creditor agreed to remove the late payment and in return, you are agreeing to have automatic payments for next time payments. By doing so, you will have your late payment removed and the creditor will have each month stable payment from your side. This method is best even if you have a lot of late payments history in the credit report. But for this, you have to show your stable way of income to meet the automatic payments each month.

Credit Repair Company

The last but not the least option available for you to remove late payments is to hire any professional credit repair company to overcome the issue of late payments. There are many credit repair companies from which you can hire the one which is the most suitable for you. Just call their service representative and arrange a meeting with their consultant. Explain your query in detail and your issue will be solved in no time.

  • November 19, 2017
  • Save Money, Credit Check, Get Preapproved

Educating yourself about the process of auto finance loan application approval is mandatory. Because without knowing in detail about the process, you can’t get your application approved fast. In result, you will get frustrated in between the process and you may leave in between. So, this article will educate you if you want to get your auto finance loan application to get approved fast and without any query.

There are the tips which you should follow to get your application approved for the loan of your car.

Save Money

The first thing to do is to save some bucks in shape of down payment to get your approval done fast. At least, you should have 20 percent of down payment saved in your account. The more you can save, the more you get chances to get the approval of application fast.

Check Your Credit

The next step is to determine your credit report. The loan interest rate will get lower if you have high credit score. You can also get qualified for lower auto insurance premiums. Check your credit report for any kind of unusual activity and review it. Any errors in your credit report like late payments will end up with low credit score.

If the credit score is low, it doesn’t mean that your application can’t get approved. But the low score will result in higher interest rates for your auto finance loan. It’s better to improve the credit score first and then apply for the auto loan to get lower interest rates.

Your Budget

The next tip is to make sure how much budget do you have. This will help in finding the right car according to your affordable budget. Before meeting with any lender, you should look into your sources of income and the amount you can pay monthly as loan amount for the auto loan. For this, it is advised to consult any financial advisor to identify your current standings and how can you afford auto loan with ease according to the budget.

Get Preapproved

The next tip is to get preapproved for auto finance loan. For this purpose, find the best deal for you by researching the potential loans. Then research and compare all the loan options available with complete details including interest rate and the time period to complete loan payment. The easiest place is your local bank for shopping a car loan or any credit union near you. You can also research online and find most suitable one for you which will have low-interest rate including best terms and affordable loan amount. Then get preapproved for that selected loan. The best time to get preapproved for the loan is when you are all set to shop your new or used car on loan.

After getting preapproval, the lender will investigate and scrutinize that you are eligible for the loan or not and what interest rate will be applied. The final loan can be different from the preapproved loan. Once, you get pre-approved you will have the final loan without any issue in most cases. But it’s not mandatory that after getting preapproved you will get the final loan. The final loan can get affected by the factors including the information provided by you and other details.

  • November 19, 2017
  • 0 Down Payment, Boost Credit Score, Car Loan

Many times you can get an option for financing the loan for your car with 0 percent down payment. This may happen because you are desperate to own a car and doesn’t have enough money as down payment. So, in these scenarios, the dealers can overlook the down payment. But in return, they will charge high interest rates.

Why should you not get a car with no down payment?

There are the following reasons for which you should put down payment before availing loan for the car even if they had no down payment policy too.

  1. Less Financed Amount

    The main reason that you should not get a car with no down payment even if the dealer is giving you an option of zero down payment is that you will have to finance a lot with that. However, with even minimal down payment, you will get the less financed amount.

  2. Low Monthly Payments

    The next reason is that you will have low monthly payments to be paid if you had put any amount in shape of down payment.

Minimal Down Payment

It is recommended to anyone who is willing to get a car on the loan that you should give any amount in shape of down payment because in return it will decrease the amount you have to pay on monthly basis. You can avail loan for the car with no down payment but in that case rates and fees will be higher.

How to Start Saving for Down Payment for Car Loan?

If you don’t have down payment for your car loan, then you can start saving few bucks. There are tricks which you can apply to overcome the issue of having no down payment.

Start Saving & Boost Credit Score

That is obvious that you have to start saving. But how can you? You can start saving for example from a cup of coffee you purchase daily costing you from 2$ to 4$ daily. In 6 months you will have enough money as down payment to pay and can get the car loan in lower rates and monthly payments.

If you have the credit score of 650 or higher then you have more chances to get the loan for a car with no down payment even with lower monthly payments and rates. How can you boost your credit score? Well, by checking your credit report regularly and paying your bills on time.

Get a Cosigner

The last but not the least way you can choose to get a car with no down payment is that you can get a cosigner. The consigner can be your family member or any friend having high credit scores. The consigner will be sharing ownership of the vehicle along with payment responsibility. But keep this in mind that if you miss a payment, then the effect will be on your cosigner credit score too. The benefit of getting a cosigner is that you will have lower interest rates. There is no right to the vehicle by your friend or family member who cosign. Always keep the record organized about your loan payments to avoid any disagreements.

  • October 31, 2017
  • Rotating Credit, Credit score

There are numerous elements that impact your Credit score. How much obligation you have, how much obligation you spend, how oftentimes you pay back obligation, on the off chance that you have any hard credit checks or disdainful imprints from gathering organizations - the rundown of things that your Credit assessment depends on is overwhelming. In any case, there is one factor that is regularly ignored, and most Canadians have no clue that it's influencing their financial assessment.

Getting a decent Credit score may appear to be outlandish when you have a great deal of credit accounts open, however individuals with the best Credit ratings utilize this strategy further bolstering their good fortune. Canadians with blended credit accounts on their report, both portion and spinning credit, have a tendency to have higher scores contrasted with individuals who just have either.

Rotating Credit:

Any credit that is paid down and ends up plainly accessible to you once more, a credit extension or Mastercard, is alluded to as rotating credit. At the point when a bank or a monetary foundation loans you a particular measure of cash for rotating credit, the record stays available to you as you constantly pay off and re-spend.

Portion Credit:

This sort of credit is any obligation that is paid off by the borrower over some undefined time frame. The singular amount of cash that you acquire will have a settled rate and will be paid off month to month to the bank. Cases of portion credit are car financing, home loans and understudy advances. Not at all like spinning credit, this sort of obligation is a one-time obtains; once it's paid off, you can't re-get from a similar pot. Your FICO assessment is detailed utilizing a numerical model that comprises of various factors, for example, obligation to-pay proportion.

Credit blend represents 10 for every penny of your general FICO assessment estimation. Having more than one sort of credit account on your record, while overseeing them all mindfully, will positively affect your score and will be confirmation to lenders that you can effectively obtain from the two sorts of credit. By doing as such dependably, your FICO rating could definitely upgrade, and your odds of being affirmed for credits later on will increment.

Effectively using credit blend to rev up your score begins with having the capacity to organize your obligation and pay back loan bosses on-time. On the off chance that you have a feeling that you're sufficiently answerable to begin adding records surprisingly

We recommend having a credit blend of 4-5 accounts. Adjusting amongst portion and spinning credit, while having the capacity to pay everything off tranquil, will promise you a bring up in your FICO assessment.

Understanding the segments of your FICO assessment will be useful in your scan for a loan specialist that is a decent match for your circumstance, or in helping you make sense of how best to enhance your score. The following things are taken into consideration for calculating your credit score

  1. Past installment history 35%
  2. Amount of extraordinary obligation 30%
  3. Length of record as a consumer 15%
  4. Number of late credit applications 10%
  5. Types or blend of credit and advances 10%

We have dedicated financial consultants to advice our clients on how to keep their credit score sound and healthy.


Auto Loans: Difference Between New Car loans and Used Car Loans?

If you are deciding to buy a new or used vehicle f...

How To Improve And Recover Your Credit Score After Late Payment?

The largest factor effecting the credit score is y...

Tips To Get Your Auto Finance Loan Application Approved Fast

Educating yourself about the process of auto finan...

How To Get a Car With No Down Payment?

Many times you can get an option for financing the...

How your Credit score is being calculated

There are numerous elements that impact your Credi...


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  • Family owned and operated for over 25 years
  • We work quickly and confidently
  • We are proud to serve London and the surrounding area
  • We ensure our vehicles are properly serviced and repaired before ever being sold
  • We pride ourselves as being one of the oldest and respected car dealerships in Ontario
  • We have one of the largest inventory of quality used cars, trucks and SUV's in London
  • Backed by dedicated support staff


  • I bought a 2014 Chevy Cruze, I love my car. Mark was really easy to deal with and very helpful. No One was pushy. Great experience. I would definately come back. - Donna H
  • Recently purchased a BMW 323i. There were no issues at all getting my vehicle. Their service was amazing. First class operation. Thanks for making the whole process fast and easy. - Julian S
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