FINANCE A USED CAR IN ONTARIO
Finance A Used Car in Ontario
Purchasing a vehicle is a significant investment, and many of us don't have enough money to buy a used vehicle outright. That is where used car financing comes in. A used car loan allows you to make affordable payments over a period of time with convenient weekly, bi-weekly, or monthly payments, depending on the terms of your finance agreement. At Carloft, we want you to enjoy a hassle-free car shopping experience, so we have put together this article to help you understand how used car financing works.
Another way to secure financing for a loan is through online lenders, though this option usually comes with a higher price tag since the interest rates tend to be a bit higher.
Financing your vehicle with a dealership, like Carloft, is very much like financing with a bank, except we approach our preferred lenders to secure you the best deal, saving you time and energy. At Carloft, we are Eastern Ontario's largest used car dealership, and our Finance Centre has cultivated long-standing relationships with the best lenders so that we can offer you the best rates.
How to Finance a Used Car
To finance a used car, you will need to apply for a loan. You must provide documentation to apply for a loan, such as proof of income and address. Knowing your credit score before you apply for a loan is a good idea since it will help you when researching lenders and finance options. If you are not sure what your credit score is, now you can check your credit score right here on the Carloft site!Where to Finance a Used Car
You can finance a used car in Canada in a few ways. Banks and credit unions offer loans for used cars, but their lending requirements are strict. Since your credit score is affected by each inquiry, consider another loan provider if your credit score is under 620.Another way to secure financing for a loan is through online lenders, though this option usually comes with a higher price tag since the interest rates tend to be a bit higher.
Financing your vehicle with a dealership, like Carloft, is very much like financing with a bank, except we approach our preferred lenders to secure you the best deal, saving you time and energy. At Carloft, we are Eastern Ontario's largest used car dealership, and our Finance Centre has cultivated long-standing relationships with the best lenders so that we can offer you the best rates.