Lower Your Interest Rates on Pre-Owned Vehicle Financing at CarLoft
Lower Your Interest Rates on Pre-Owned Vehicle Financing at CarLoft
Posted on April 17, 2025
Pre-Owned Vehicles for Sale in Ontario
What are Interest Rates?
When you purchase a pre-owned vehicle from CarLoft, you must consider the potential interest rates. Interest rates are defined as the amount a lender charges you for a vehicle loan. It represents a percentage of the loan amount, and it is an additional monthly payment to the original principal amount.
Factors Which Affect Interest Rates in Ontario & Québec, Canada
The potential interest rates are affected by a variety of factors including:
- Current Interest Rates: When the economy is considered to be strong, the interest rates are at a higher rate.
- Credit Scores: If your credit score is high, you are more likely to receive lower interest rates from lenders.
- Term of Loan: Deciding to opt for a longer loan term can result in higher interest rates.
- Down Payment: If you decide to pay a larger initial down payment for your vehicle, your interest rate can potentially be lower.
Lower My Interest Rates at a Used Car Dealer Near Me
Lowering your interest rates while purchasing a used car for sale can be achieved through a number of different ways.
- Find a Shorter Term: Shorter terms equate to higher monthly payments, but they offer lower interest rates.
- Boost Your Credit Score: Take initiative to raise your credit score. With a higher credit score, you will be able to acquire lower overall interest rates.
Finance a Used Vehicle for Sale at CarLoft in Southern Ontario
Due to our six locations across Kingston, Cobourg, Napanee, Cornwall, Carleton Place, and Ottawa, you can schedule a test drive for any vehicle in our inventory within twenty-four hours! Allow our finance department to educate you about how to lower your interest rates as well as help you find the best rates available.
Visit Our Carloft Canada Dealerships Today!
Our six dealership locations make it easy to test drive any vehicle within twenty-four hours! If you have any questions about choosing a pre-owned vehicle or finding a way to lower your monthly interest rates, contact our dealerships.