Category Archives: Car Loans Ottawa

Car Finance, The Advantages

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Even a used car can make a severe dent in your bank balance, which is why many people opt to apply for a car loan in Scarborough to pay for their purchase. But quite apart from the fact that car finance enables you to keep your savings where they belong – namely in your pocket – it also has several other advantages over a cash transaction.

Firstly, it enables you to buy a better car than you could otherwise afford. Trying to save money by buying an older model can result in more costly repairs being needed, which all amounts to a false economy in the long run. Taking out a car loan also means you can spread the cost over a longer period of time, which in turn makes your car much easier to pay for – and you will always know where you stand with your monthly payments. You’ll also know exactly how long you’ll be paying the loan for until it’s completed.

If the car credit in Ottawa you get is either unsecured or secured on the car itself, it’s a very low risk option – much more attractive than a secured loan, which could put your home at risk should you default on payments.

Car finance is often also easier to successfully apply for than a standard bank loan. Many people who have bad credit problems are still able to get a car loan in Scarborough and if you are unable to buy a car in any other way then yes car credit could change your life. Becoming more mobile could enable you to apply for better jobs further afield, for example.

Another key benefit of opting for car credit to buy your new motor is that whatever APR you get, it will often be fixed for the length of the loan term. This takes away the worry of wondering how high your repayments could go if interest rates go up, as you will be unaffected. It means you can have more confidence in taking out this kind of loan than another loan which doesn’t have a fixed repayment amount each month.

Car credit is also better than a standard loan as it often comes with added perks. For example, if you buy your car from the same company that provides you with the loan, they may add in six month’s free road tax or a full vehicle inspection before you drive the car home. These give the loan added value that you wouldn’t be able to get elsewhere.

So if you are considering buying a new car, opting for car credit to make it possible could well be your best choice. Not only can it bring added benefits, but you’ll always know exactly where you stand.

3 Tips to Help You Make the Right Decisions When Buying Used Cars

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Are you in the market for a used car in  but aren’t sure where to begin with your used car search? Many of our customers have not been in the used car market for several years, which means that they may not be up-to-date with some of the information that is out there regarding used cars. These days, you may be surprised by the features and options that come available on many used cars that may not have been available when you were last in the used car market.

Here are 3 tips to help you make the right decisions when buying used cars – no matter how long it has been since you last bought a used car:

Research financing options

Many of our customers are aware that there are financing options that are available for some used car customers. However, they often believe that these options will not apply to them either because they have bad credit or simply don’t know about what the options entail. We’re happy to let all of our customers know that we provide financing opportunities for all of our customers, including those customers bad credit, because we offer bad credit car loans in Cambridge There are many financing options that our customers may also be able to take advantage of, such as used car loans in Ottawa, trade-in opportunities, and special programs. Contact us for details.

Research the market

Especially if it has been awhile since you last bought a car, it’s important that you take time to research which options are available in the marketplace. These options will help you to determine what features come with used cars, how you can best use those used cars for your specific needs, and more. Contact us to test drive any of the used cars on your short-list or visit our online inventory to get a good overview of what used cars are currently available and of the features included in those used cars.

Always get a warranty

Many of our customers are surprised when we encourage them to get warranties on their used cars. They think that if a car is used, it is ineligible for a warranty. However, thanks to our warranty department, all of our customers should get warranties for their used cars that will maximize their peace of mind.

We look forward to helping you get the right used car for your needs – and making sure that you know what is available. Contact Fast Lane Credit, car loans in Toronto, Ottawa and Cambridge today at www.fastlanecredit.ca

How to Get a Car Loan with Bad Credit

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If you are like many of our customers and have bad credit, the good news is that you’re not alone. Many of our customers with bad credit come to us with plenty of concerns about whether or not they will be able to afford to buy a new or used car with a car loan. We’re here to let you know that even if you have bad credit, you can still get a car loan – and one that you can afford!

Here are a few things that you need to know in order to get a bad credit car loan in Toronto in no time!

Understand credit

People with bad credit have bad credit for many reasons. Some of our customers with bad credit have bad credit because they have lost their jobs or had to move around for work. Other customers with bad credit have made one or more financial decisions that have resulted in bad credit. However, no matter what your reason is for having bad credit, we’re delighted to let you know that having bad credit does not mean you can’t get a bad credit car loan in Toronto. We’d like to help you understand how credit works, first, though. Schedule a consultation with one of our lenders to discuss your financial situation and to learn how you can get a car loan even with bad credit!

Complete the credit application

Whether you have perfect credit or bad credit, you’ll still have to complete the credit application in order to ensure that you are able to get a car loan. We have the credit application available online so that you can get started from the comfort of your home. When you complete the credit application, our lenders will be able to learn more about you financial history, spending habits, debts, and more. Based on this credit application, we’ll develop a loan program that is uniquely suited for your needs so that you can afford to buy your car and actually repay your loan each month!

Look for deals and savings opportunities

Buying a car with a car loan in Ottawa is not the only way to afford to buy a car in; you can also buy your car through a special program, which may be going on now, or by using a trade-in. There are plenty of ways to save even more money when you buy your car; contact Fast Lane Credit for tips and advice on getting approved for your bad credit car loan in Cambridge today!

What is an Interest Rate and How Does it Impact a Car Loan?

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If you are like many of our customers, you are going to be taking out a car loan in Ottawa in order to afford your new or used car. When you take out a car loan, you will need to pay an interest rate on top of that car loan. The interest rate can be very complicated for many of our customers to understand – especially for those customers that are just taking out a loan for the first time. Here’s some more information about interest rates that may help to shed some light on a rather complication car loan component:

They are normal

Whenever you take out a loan of any type, it is highly likely that you will have to pay interest on that loan. Interest is the amount of money that you give to the lender in exchange for the car loan in Kanata. It may help to think about interest as the lender’s “interest” in the arrangement. While we all may wish that lenders would lend us money out of the good of their own hearts, it’s not practical for any lender – even family members – to lend money without charging something for the arrangement. Interest is generally very small compared to the amount of the entire loan.

Interest rates vary

It’s rare for two people to get the same interest rate for the same amount of money – even on the same day and with very similar circumstances. Interest rates vary a great deal depending on a wide variety of factors. Those factors include the general economic conditions, a person’s credit history and credit score, specials that are going on at the dealership, the loan amount, the duration of the loan, and more. Therefore, you can expect for your interest rate to be different than someone else’s.

Interest is based on the entire loan amount

Interest is a percentage of the entire loan. You can often either get a fixed interest rate or a variable interest rate. It’s wise to have one of our lenders explain how both of these loan options may impact you and your loan before you decide which loan options to choose. You’ll repay the interest as you repay the principal loan amount each month and may not even be aware of the interest repayment (again – it’s generally rather small compared to the loan amount).

We’re happy to discuss interest with you. Contact Fast Lane Credit today at www.fastlanecredit.ca  for more information about interest and our car loans in Ottawa.

Why We Are Your One-Stop Car Loan Resource

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If you are in the car buying market, then chances are good that you are looking for ways to save money when you buy your car – and get the best possible financial arrangement on the car. Our car loans in Kanata are designed to make it easy for you to buy the right car for your needs – no matter what your budget is. Through our car loan program, you can not only get the best interest rates possible for your car loan, but you won’t be denied a car loan for reasons based on your credit.

Here are a few reasons that we think you’ll enjoy getting your car loan in Ottawa from our Fast Lane:

We’re on-site

One of the best reasons to get your car loan from our lenders is that we are on-site. We are located right at the dealership so that you can visit with our lenders and then take a walk through the lot in order to find the right car for your budget based on your meeting with the lenders. The dealer and lender also work together in order to ensure that the car that you buy not only suits your lifestyle, but that it also suits your overall needs.

We don’t turn anyone away because of bad credit

Many of our customers have bad credit and are concerned that they may not qualify for a car loan. Luckily, thanks to the strength of our lending program, we don’t deny a car loan to anyone based solely on their credit. We offer bad credit car loans in Ottawa, no credit car loans, and, of course, good credit car loans. The major differences between these loans is that with the bad credit car loans, you may have to pay more for your car loan and qualify for a higher interest rate than a borrower with perfect credit. However, we can still ensure that you will get a car loan at a rate that you can afford for as long as you need it. And – the car that you buy from us with the car loan will be safe and reliable for years to come.

Financing packages

A car loan isn’t the only financial solution we can offer to our customers. In fact, a car loan is usually only one segment of our full loan packages. The car loan usually works alongside a special offer or trade-in program in order to help further reduce the price of a car or loan payments.

Contact Fast Lane Credit today at www.fastlanecredit.ca  to learn more about our car loan program or to get started with the loan arrangement that’s right for you.

Improving Your Score

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Credit scores aren’t fixed in stone. Because they’re calculated based on your current credit report, they change every time your credit report changes. While this change may be very slight, it can also be much more dramatic. Here are some things some financial advisers say to do to try to improve your score:

  1. Review your credit report and correct any errors you find. A shocking percentage of credit reports contain errors — one study concluded that as much as a quarter of reports list wrong information that hurt an individual’s score [source: CNNMoney]. Getting rid of these negative mistakes can improve a score dramatically.
  2. Keep old credit accounts, even if you’re not using them. Creditors look at the debt-to-credit limit ratio and the average age of your accounts.
  3. Reduce your balances on credit cards to 75 percent or less of your available credit (25 percent is preferable).
  4. Pay your bills on time. Assuming that there are no big errors on your report, punctual payments are the most effective way to improve your score. If you look back to the page on credit score breakdown, you’ll see that payment history is the most weighty of all elements of your score. This has to do with whether you pay debts back on time and in full. This may take time to raise your score dramatically, but you’ll see slow and steady improvement.
  5. Don’t let anyone make an inquiry on your credit report unless you absolutely have to. In general, the more inquiries, the lower your score. However, if you are shopping for a loan, make sure multiple inquiries occur within a few weeks, so that they can count as one inquiry on your score.
  6. If you are planning on applying for a big loan, such as a mortgage, don’t open new credit card accounts just to increase your available credit in the hopes of raising your score. Opening new accounts will at first have a negative impact. In the long term, however, having more credit available can boost your score.

If you are looking to re-establish or improve your credit rating, we can help. At Fast Lane Credit, applying for your car loan is quick and easy. We can get you approved for you car loan in Ottawa. Click or call us today at 877-306-0116.

Getting The Right Car Loan

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Getting a superb deal for purchasing a used car on loan can be a daunting task, but the advantages are worth the effort put in. The internet is the best place to acquire all the required information before applying for used car finance. It is a cost-effective and time saving medium for both the parties involved in the transaction.

Used Car Loan Is A Great Way To Pay For A Second-Hand Vehicle -

A little bit of effort can save you a lot of time and money while planning to buy an old car. Just go online and check out on the prevailing rates for your preferred automobile make and model. In a fiercely competitive market, interest rates on car loans are unbelievingly volatile. Thus, it is recommended to check out beforehand on the financer’s policies, his market standing etc. The easiest way is to ask for a free quote from the lender, and then compare the existing market conditions so that you land up making the best decision while opting for a financer. Many sites offer auto loan calculators, so that you get a fair idea about your monthly payouts.

Getting a car loan in Ottawa approved for purchasing a second-hand car is absolutely trouble-free nowadays, as there are many companies willing to come to your help. All you need is to be a bit prudent while choosing. Many a times, hidden costs and fees may be involved, which you as a naïve customer, might overlook. Nevertheless, e-loans for buying a used car are in great demand as it saves you from all the hassles of going through dealers. You apply from the comfort and privacy of your home, and the rates are transparent. Poor credit or no credit – there is always an attractive offer for you!!

Make The Highest Down Payment Possible While Taking A Loan

A large down payment means lower interest rate on your loan as well as shorter payback tenure. It goes even more in your favor if you have a good credit record. So, if possible, make the maximum down payment possible on your car loan in Ottawa. After all, every penny saved is a penny earned.

The term of your used car loan depends on how financially secure are you in terms of paying back. Short payback tenure means larger monthly payments, but you become the owner of the car as soon as possible. A longer tenure means lower interest rate, but you would be in debt for an extended period. The decision is completely yours, but, prepare yourself well before you negotiate a deal on a used car loan.

Need a Bad Credit Car Loan? What You Need to Know About Credit

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If you are in the market for a car loan but have bad credit or no credit, it is important for you to be aware of how your credit situation affects your car loan. Having bad credit or no credit doesn’t mean that you can’t get a car loan, especially when you work with our dealership, but it may mean that you have to compromise on the type of car that you get or the type of loan that you get.

Here are a few things we think you need to know about credit if you are interested in getting a bad credit or an Ottawa no credit car loan:

Credit is a report card

Your credit is very similar to a report card that you might get in school. Credit is an accumulation of all of the financial decisions you’ve made over your lifetime. You get ranked based on those financial decisions and circumstances. The higher the credit score, the better the financial decisions have been (or the longer the credit has been). The lower the credit score, the shorter the credit history and the less positive the decisions have been.

Bad credit can happen to anyone

Anyone can find themselves in a situation in which they have bad credit. In some cases, people have bad credit because they made decisions without the awareness of the financial consequences. Other times, they have not been financially responsible (everyone can get that way from time to time). And sometimes people have bad credit simply because they have found themselves in a difficult situation that has made is impossible for them to manage their finances the way they would have liked. However, it is important to keep in mind that anyone can have bad finances.

Good decisions improve your credit score and history

Making good financial decisions can improve your credit score and your credit history because these good decisions will reflect positively on your credit. For example, if you take out a loan and repay that loan, you are proving to future lenders that you are capable of taking out a loan and repaying it. Therefore, chances are good that they will have faith that you will repay their loan. Taking out a bad credit car loan that you repay only improves your long-term credit history as well.

How Financing a Car can Improve Your Credit

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If you’re like many people, there are always ways that you can improve your credit. Whether you want to boost your credit history or raise your credit score, it’s important to pay attention to your long-term finances by improving your credit as much as possible today.

Believe it or not, buying a car through financing is one way to improve your credit. When you finance a car, you will be taking out a loan from a lender, such as our dealership. As you pay back the loan, you will be building a credit history that shows that you have been financially responsible and capable of repaying your loans.

However, if you are unable to repay your car loan, then your credit could suffer. Therefore, we recommend only taking out a car loan if you are certain that you will be capable of making a long term financial commitment to repay the car loan amount.

In order to repay the Ottawa car loan amount, you will need to develop a budget. The budget should be based on your current income and projected income. For example, if you currently work, but are planning to have a child in the near future and will not work during that time, it is important to take that lower income into account.

The reason that planning your budget is so important when you take out a loan is that you will have to make monthly payments in order to pay off the loan. These monthly payments may last for many years. If, for any reason, you are unable to make a monthly payment, this missed payment will reflect poorly on your credit history. After several missed payments, the lender may repossess your car as well.

However, as long as you are able to make those monthly payments and can show that you have a history of financial responsibility, taking out a car loan can improve your credit history drastically. Future lenders, such as a mortgage lender, will see that you have been able to take out a sizable loan and repay it. This history of being able to repay a loan may help you to get a lower interest rate on future loans. It may also guarantee that you can take out a larger loan amount.

For more information about how financing the purchase of a car can actually improve your credit score, contact one of our financing experts today.  We’re always happy to help you get better credit and drive away in a reliable new or used car.