Category Archives: Car Financing Ottawa

3 Steps To Get Your Car Loan Today

Posted on by
Reply

Regardless of your credit history, you can get an after bankruptcy car loan in just a few short steps. By getting an after bankruptcy car loan, you will not only be able to drive away in a car that helps you maintain or improve your lifestyle, but you will also be well on your way to improving your credit! After all, taking out a loan that you are able to repay will show future lenders that you have been financially responsible.

If you’re ready to start improving you credit and your quality of life by taking out a bad credit car loan in Ottawa, then follow these simple steps to get started today!

Complete the Credit Application

First, you’ll need to complete the credit application. On this application, you’ll provide some basic details about your identification. You’ll also give us permission to access your credit history and credit report. We will also learn more about your current financial situation, such as your employment.

We have a credit application available online so that you can begin the process from the comfort and convenience of your home or office. This is a secure application. You can also come into our dealership to fill out the credit application in person.

Meet with a Credit Specialist

Once we receive your credit application, our credit specialists will review it completely. During this review process, we will be developing some financing plans that will be easy for you to afford. We will determine how much of a bad credit car loan Ottawa we can give you and what interest rate and duration options will apply to that loan. We may even have some suggestions to make repaying the loan easier.

Meeting with the lender is important because it will help us to determine how you use money. Once we understand this, we can develop a loan program that suits your unique lifestyle.

Choose the Right Program

After developing several loan options for you, the next step will require you to choose the right loan program for your needs. Each of the options that we offer should be easy for you to afford. However, everyone is different and requires different lifestyles. Therefore, it’s up to you to select the program that you like the most.

How Credit Impacts Car Financing

Posted on by
Reply

Credit is one of the important factors that go into getting the best car financing arrangements. Many of our car loan customers are aware of the importance of credit and their credit scores, but they are not too certain of what credit exactly is or how it affects them. Here’s a brief overview of credit scores and how they may impact your car financing in Ottawa:

Credit scores are made up of five different categories. Each category carries its own weight and amounts to a different percentage of your overall credit score. Here’s what you need to know about these categories:

Length of credit history – this category amounts to 15 percent of your entire credit score. The length of your credit history is generally determined by the first account that you opened, such as the first credit card or bank account. It’s best to keep long-standing accounts. Therefore, be sure that you do not simply jump from one credit card to another or one bank account to another.

Payment history – your payment history will amount to 35 percent of your credit score – making it the most important aspect of your credit score. When going for car financing, it’s important to be able to show that you have a history of making payments on time. Therefore, if you have a bad credit score, try focusing on repairing this aspect of your credit score to get a boost. Also, taking out a car loan in Ottawa that you repay can help to repair this aspect.

Types of credit used – a credit card is a different type of credit than a mortgage. This category of your credit score amounts to ten percent of the entire score. To boost this section, limit the number of credit cards and general consumer credit you have and shoot for more long-term, asset building credit lines, such as a car loan or mortgage.

Amounts owed – the amount of money that you owe accounts for 30 percent of your credit score. This category is based on a combination of percentages that you owe on credit limits as well as raw money that you owe. Of course, try to limit the amount of money that you owe on consumer credit lines, such as credit cards.

New credit – this category makes up 10 percent of your credit score. New credit may be a concern for lenders because new credit may be something that you’re still adjusting to. Therefore, try to limit the amount of new credit you have when applying for a car loan in order to get the best rates.

At Fast Lane Credit we look forward to helping you get a great car loan in Ottawa or to improving your credit so that you can qualify for lower interest rates and higher loan amounts if you need a bad credit car loan in Ottawa.  Contact us today at www.fastlanecredit.ca for more details or to get started!

Get Car Financing Today

Posted on by
Reply

Whether you have been looking for a new or used car for months or have just decided today that you need an upgrade, chances are good that you’re ready to take action. The only thing keeping you from jumping into your next new car is financing, right? Wrong. By working with our experienced dealers and financial specialists, we’ll help you get you in your next new car today.

Unlike when you get your car financing in Ottawa through a bank or other lender, we take a hands-on approach by determining how much credit you have, how much of a loan you will be able to take out, and how much of a monthly payment you will be able to make for the next few years. All of these variables will help us to walk you through our lot of available cars until we find the car that’s just right for you and all of your needs.

Here’s how you can get car financing today so that you can drive off of the lot in hours.

1.     Fill out a credit application. Before you come into the dealership, we invite you to fill out our secure online credit application from the comfort of your own home. Otherwise, you are always welcome to fill out a credit application on-site at out dealership. This credit application will ask for information about your social security number, address history, job history, and more, so be sure that you have all of that information together if you fill your credit application out at the dealership.

2.     Allow us to review your credit application. When you apply for car loans in Ottawa, it is important for the dealer to review your credit application so that we can determine what kind of car might be most affordable for you and what kind of monthly loan payments you might be able to make each month. We’ll sit and talk with you about the many options that you will have.

3.     Select a car. After you know about how much money you are able to spend on your car, it’s time to find the car that suits your budget. When you get car loans, you should keep in mind that just because you have a car loan doesn’t mean that you should by the most expensive car for your budget. Instead, we recommend that many of our customers buy cars that are in the middle of their price range so that they have some extra spending money each month.

Contact Auto Credit Windsor today at www.fastlanecredit.ca   to get a credit application or to learn more about our car loan and car financing in Ottawa that may help you get into that used car today.

5 Great Resons To Apply For Car Financing Today

Posted on by
Reply

At Fast Lane Credit, we’re very familiar with car loans in Ottawa. In fact, we offer car loans to our clients on a daily (even hourly) basis. Therefore, we are able to answer just about every question you could possibly have about how to get a car loan, when to get a car loan, what good car loan rates are, and more. Still, many of our customers are not sure whether or not they should get a car loan when they buy their cars.

Car loans in Ottawa are a safe and convenient way for our customers to easily afford their cars. Here are the Top 5 reasons to get a car loan that we’ve compiled based on our experience giving car loans on a daily basis:

1.       They allow you to have some flexibility. When you go to buy a car, you can either spend all of the money that you have on the car or you can get a car loan and only spend some of your savings (if applicable) on the car. When you are able to keep some of your money for an emergency fund, then you will have more flexibility down the road. Plus, you never know when you might actually need that savings.

2.       Low interest rates. Sure, when you buy a car through car financing, you will have to pay an interest rate on the amount of money that you take out. It may seem like this interest rate is unnecessary and simply designed to make the car more expensive. However, consider the fact that you are actually in a car and not having to rely on friends or family for rides. That small interest rate pays for the convenience of having reliable and safe transportation. Plus, we can show you cars that have such low gas mileage that the interest rate pays for itself.

3.       You’ll improve your credit. Whenever you take out a loan, you will improve your credit if you are able to repay the loan in a timely manner. Therefore, taking out a loan now will increase your credit and allow you to get even lower interest rates down the road.

4.       You’ll get the car you can afford – and that suits your needs. Especially if you use dealer financing, your dealer will make sure that you get a car that not only suits your needs, but also that you can easily afford for years to come.

5.       Low monthly payments. Instead of paying one junk of change up front, we’ll arrange for you to make low monthly payments that fit your budget and lifestyle. Affording your car will be easier than ever with the right financing options.

Contact us today at www.fastlanecredit.ca  to learn more about why car financing in Ottawa is a great option when it comes time to buy your next car.

Why Car Financing Is Right for You

Posted on by
Reply

There are many reasons that people choose to buy their cars through car loans in Ottawa. Whether you need to finance the purchase of your car because you don’t have enough cash to buy it outright, or whether you have a strategic financial plan that only allows you to spend a certain amount of money each month towards your car, there are some very sound reasons for doing car financing. Here are some of the reasons that you may want to consider car financing in Ottawa:

It Helps You Keep Your Savings

Whether you have a hefty savings account or are just trying to pay off your current bills with whatever left-over money you have each month, buying a car with a car loan in Ottawa can help you preserve whatever nest egg you may have (or hope to have).  By using a car financing option, you’ll pay small monthly payments towards the purchase of your car, eliminating the need to pay one huge bill at once, which may deplete your savings altogether.

After all, everyone should strive to have a little safety net savings to tide them over in the event of an emergency. Buying a car should never come before having that safety net.

You May Earn More Money by Keeping Your Money

Even if you have a huge sum of money that you can put towards the purchase of your car, it may be wise to only take a portion of that money to use as a down payment and keep the rest in a high interest savings account. The high interest savings account, such as a CD, will help you earn a predictable amount of interest on the principle amount of money that you have.

The trick to earning money through interest is to ensure that the savings account that you find has a higher interest rate than the loan interest rate amount that you will be pay for the purchasing of the car. Even if there is a one point difference, you will come out ahead if you are able to keep your money in the high interest savings account and get financing for the car purchase.

 Contact us today at www.fastlanecredit.ca  for more information about how we can help you with your car loans in Ottawa.