• Preowned

FARAZ AUTO SALES

150 Deerhide Crescent
Directions North York, ON M9M2Y6

  • Sales: 416-746-8461
  • Service: 416-746-8461
  • Parts: 416-746-8461

Why Finance a Used Car in Canada in 2018

With more and more people leasing their vehicles nowadays, more and higher quality used cars hit the market every day. Smart shoppers often score used cars that look and run like new, for less than half the price of the original sticker. However, even though these vehicles sell at big discounts, most people still need to finance some or all of their purchase. That's not a bad thing, however. Financing the purchase can help people get the car, truck, or SUV they really wanted, without breaking the bank. Timely loan payments can also help buyers establish or repair credit. Plus, with interest rates at record lows, it makes perfect sense to finance a used car purchase.  

Get the Right Vehicle

Financing their used car purchase allows buyers to drive a vehicle they might not otherwise be able to afford. Most people don't have enough cash on hand to buy a late model used vehicle outright. But, with a reasonable down payment, and favourable loan terms, many buyers can get into a vehicle they thought of as "out of reach." Depending on the loan's terms, the car they really want might only cost another twenty or thirty dollars per month.  

Financing helps to Establish or Repair Credit

For those just starting out who have no credit, or those who've had a few financial mishaps along the road of life, financing a vehicle can help build good credit or repair poor credit. Of course, the payments do need to be made on time. Most financial institutions nowadays offer automatic deductions for monthly payments. So as long as the borrower has the money in their checking account on the designated payment date, they will never be late.  

Auto Loans can be Renegotiated

If interest rates go down, the loan can always be refinanced. Also, if a buyer finds they took the loan for too short of a term, they may be able to refinance for a longer period to reduce payments. On the flip side, auto loans generally do not have prepayment penalties. If the borrower finds that they're able to handle higher monthly payments, they can always pay the loan off early.  

Securing Finances is Easy and Most People Qualify

Baring a recent bankruptcy, most people will qualify for some sort of financing. The general rule of thumb is that the better their credit score, the more options available to them. People with poor credit scores, however, will usually find some option but it may cost a little more a monthly. Securing financing is also quite simple. Most car dealers are happy to help a buyer through the process and make it as simple and painless as possible.   At Faraz Auto Sales we work with our customers to get them the best possible loan terms and into the car, truck, or SUV that they really want. Whether they're just starting out, or have perfect credit, Faraz Auto Sales makes getting car financing in Canada a breeze.
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