Auto Credit Deals is a subsidiary of Canada Drives that offers car loans for any credit rating. Currently, Bank of America has great rates for car loans. New car purchase rates start with an APR of 2.09%, and the APR for a used car could be as low as an APR of 2.29%. Bank of America offers interest rate discounts for current customers of up to 0.5%.
If you have a good or excellent credit score, you can consider LightStream in addition to Bank of America. Lightstream, part of SunTrust Bank, focuses on car loans to customers with good or better credit. Like alternative lenders, car dealers usually have less restrictive approval requirements if that means making a sale, but they may charge slightly higher rates. If you're looking for a car loan with bad credit, you could benefit a lot from researching and comparing prices when looking for an auto loan.
Although this report will not provide you with your credit score, it will show you information about your credit and payment history, which lenders use to decide whether to give you a loan. Avoid any type of purchase financing here and pay here, as these loans usually have exorbitant interest rates and high monthly payments, which could result in you not paying your payments. When you start shopping, keep in mind that your small local bank or credit union could also be a great place to get a loan. These institutions usually offer lower interest rates for car loans than large banks, but are generally limited to a relatively small geographical area.
A BMO vehicle loan is worth considering when you need money for a car (new or used), especially if you have a good credit score and are already banking with them. All inquiries and conversations with Loans Canada and its partners are confidential and risk-free. In the event of a default on your loan, your payment plan will be canceled and different collection methods will be used to collect the remaining balance. This certainly explains the broad customer base of more than 350,000 verified consumers in Canada, in addition to the 350 dealer connections you can count on to get an auto loan.
Finding the best rates and terms for an auto loan can help you save hundreds or even thousands in interest. In addition, since Car Loans Canada is a company that connects loans, it does not grant the loans, BUT it will use your information to connect you with the right lender. Generally, without the guarantee of the vehicle itself, the interest rate on a personal loan for a used car will be higher than that of a traditional loan for a new car. For those with a credit score in the mid-600's, six percent is considered a reasonable and favorable interest rate for car loans.
Learn what you can afford and get an estimate of the interest rates on your car loans in advance. However, paying more than 60 months (five years) of your car loan could cause you to owe more than your car is worth.
