A car loses value over time due to depreciation. All cars experience it, though at varying rates depending on the market, perceived brand value, cost, and desirability. In this article, we're going to show you how car depreciation is caused and what you can do to minimize it and save money in the long term. Within the first five years of ownership, a new car will lose between 40 and 50 percent of its value. Current value against end value, which will be taken into account whe

Buying a car is a big decision, and for many people, it's simply not possible to pay for the entire amount upfront. What is Co-Borrowing a Car Loan? So, what does it mean to co-borrow a car loan? Essentially, a co-borrower is someone who applies for a car loan with you and agrees to share responsibility for repaying the loan. Co-borrowers can be anyone, such as a spouse, parent, or friend, as long as they have good credit and are willing to take on the financial responsibilit

Buying a car is a significant investment, and for many people, it's simply not possible to pay the full amount upfront. This is where car loans come in. A car loan is a type of loan that allows you to borrow money to purchase a vehicle, with the loan amount being paid back in installments over a certain period of time. But what happens when you don't have enough credit to secure a loan on your own? This is where co-signing comes in. Let's talk about what it means to co-sign a

The 84 month auto loan is a relatively new phenomenon introduced to help people afford the higher prices of new cars and offer flexibility in how they pay the loan back. But are they a good idea? We asked our auto loans team to outline the pros and cons of 84 month car loans in Canada as they have the most experience with them. 84 months is 7 years. A long time in car years and a long time to service a single loan. There are definite upsides as well as downsides to having one

Of the many retired people we get to meet doing this job, a very popular ambition is to hit the road and explore Canada. It’s a vast country and most of us usually only see a tiny percentage of it during our working life. This begs the question, is buying a car when retired much different than buying a car with a job? We asked our auto loans team to outline how you might go about buying a car when retired. If you want to explore Canada and your current car isn’t enough, there

We tend to recommend using credit cards to help you rebuild credit but there are actually dozens of ways you can do it. Today’s post is going to outline a few more steps to rebuild credit score. We asked our auto loans team to outline a few straightforward steps to rebuild credit score. Here are some of the better suggestions! What Goes Into Credit Score Calculations? Not every credit reporting agency uses the exact same calculation, but there are some basics you should be aw

Typical car loans are for between 36 and 60 months, or three to five years. Over the past few years, we have seen longer term loans being offered. Some extending up to 96 months, or 8 years. Are long term car loans a good idea? As usual, much depends on your particular situation but we can highlight some pros and cons of long term car loans to help you decide. Pros of Longer Term Car Loans Longer term car loans were developed as a result of higher priced cars and continue to

We talk a lot about getting prequalified for auto loans. It’s an excellent barometer for assessing affordability and a chance to ‘try before you buy’ to make sure you could qualify for the amount you want to borrow. But what’s involved with car loan prequalification in Canada? How do you go about it? Our auto loan team walks you through the auto loan prequalification process. Car Loan Prequalification It’s important to know that car loan prequalification is different to car l

We cannot answer this question because so much depends on your particular circumstances. However, we can point out some pros and cons of both financing a car loan vs leasing so you can make an informed decision. Financing a Car Loan A car loan used to pay for a car means you own the car outright. It is one of several forms of finance you can use to buy a new or used car. Pros of Financing a Car Loan: You own the car outright: Once you pay for the car using the loan and as lon

Are you interested in learning more about subprime car loans for those with poor credit? If you've recently been turned down for a car loan, you may want to know how the entire procedure works. Our mission is to assist Canadians in learning more about the market for subprime auto loans and how to purchase a car with total assurance. What is Considered "Subprime" Has No Accepted definition It's important to note right away that there is no universally accepted definition of wh

If your credit score is in the low six hundreds (600-650 range), you are going to face some challenges when trying to secure a car loan. Lenders are very conservative when underwriting car loans because no one wants to take on bad debts by underwriting risky loans. There are some things you can do today to help increase your chances of getting approved for a car loan with 600 credit score. We are going to cover these strategies in detail. Why is Your Credit Score Only in the

If you're looking for car loans after a consumer proposal in Canada, there are some important steps you should follow if you want to start leading a better quality of life. The first thing we need to square away is you have completed the consumer proposal and have been discharged. If you have not been released from the consumer proposal, then technically, you are not allowed to take on any new debts. Understanding Your Consumer Proposal When you finance a car loan after a con

If you’ve started your search for a vehicle, it's important you come to the dealership prepared. So, what are the requirements for a car loan in Canada? If you have bad credit, you should be sure you have all the requirements covered before you start applying for car financing. Let’s look at what they are. Credit Score There are lenders who specialize in providing loans to people with bad credit (like us!). They still want to know what your score is before they will approve y