Car Loan Options in Ontario

November 12, 2019

Car Loan Options in Ontario

Car Loan Options in Ontario

Many car shoppers are intimidated with the process of applying for a car loan and all of the car loan options in Ontario. They think they won’t qualify for a variety of reasons. Maybe they were laid off for a time and had trouble paying the bills, or they just started a new job and haven’t yet established a credit history, or they have a low-income. Whatever the reason for their reluctance, there are lending options that can put most people in the driver’s seat.


Car Loan Options in Ontario

Bank Car Loans

Bank loans can feel the most intimidating to car buyers. They put a person through a rigorous process and still may not approve the loan leaving the applicant dejected. Of course, if a person has a great credit rating, they should consider this option. But even then, many new car dealers offer zero interest loans and may be a more affordable option.

New Car Dealership Loans

Most new car dealers provide financing options to their customers. As mentioned above, those with good credit scores can secure more competitive terms over standard bank loans. It’s a convenient process for new car buyers and they can be driving off the lot within a few days. But alternative auto financing is often not offered because new car dealers are in the business of selling cars, not arranging loans for their customers. Those with low income, low credit, or no credit are left out of the process.

Used Car Financing

Those with financial challenges are not likely searching for a new vehicle no matter the loan incentives. The primary reason is that a new vehicle is a prohibitive expense. They are most likely not going to get approved. Used car dealers are their best option for purchasing a certified vehicle and securing flexible financing options.

The primary advantage of used care dealers is that they avidly want to put you behind the wheel of one of their cars. They offer a wide range of financing options based on their partnership with alternative lending institutions. They offer competitive rates depending on the applicant’s financial situation. Low income, low credit and even those who have previously declared bankruptcy are encouraged to apply.

With the upheaval experienced in the Ontario economy in the past decade, many operate with the motto “We don’t judge. Bad things happen to good people.” So, those who are gainfully employed, even low or fixed income, can be approved for a car loan in as little as a few days. By filling out an online application, some can be pre-approved within 24 hours.

They then only need to view the dealership’s online car and truck inventory and choose several options for consideration. Then show up at the dealership and take them for a test drive. Choose the vehicle that most appeals to them and process the paperwork. If the applicant has special circumstances, they can arrange flexible re-payment terms to fit most financial situations.

The Ontario economy is humming along and there’s no reason why working people have to hitch rides or take transit. Used car dealerships with flexible financing options take the intimidation out of the approval process to get people behind the wheel faster.

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