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How to Finance a Used Car

Purchase a used car, and your financing options include the dealer where you bought the vehicle. If you cannot pay cash to cover your purchase, then financing a car in Ontario is the way to go. Here's how to arrange financing before you leave the dealer's lot.

How Do I Inquire About Dealer Financing?

Toronto car finance rates change constantly, based largely on market conditions. That said, your dealer keeps tabs on these changes and will often craft a special dealer financing offer based on your personal financial picture, including your credit. Here, you'll have the opportunity to fill out an application by supplying the following details:

  • Contact information: your legal name, phone number and an email address.
  • Address: where you currently reside, including the street address, city, province and postal code.
  • Current Employment: where you currently work, including your salary and the length of service.
  • Banking Details: where you bank, particularly your chequing account. Other banking information, such as your savings account, mortgages, open loans and credit cards may also be required.
  • Co-Applicant Information, if Applicable: If you are applying for a loan with someone else, this individual will supply his/her own information.
  • Review Privacy Information: Read this carefully to understand your rights as a consumer. You and the co-applicant (if applicable) will sign the application and submit same.

What Options Do I Have for Financing a Car?

Once the dealer has your information, this professional will review your options for financing a car in Ontario. If there is a discrepancy in the information obtained or with your credit reports, you'll have the opportunity to provide the correct input. The goal here is to make financing a car in Toronto a reality for you, the consumer. Here are some key aspects of financing the dealer will discuss with you:

  • Credit Score: Your credit score, as supplied by either Trans Union Canada or Equifax Canada, drives most financing offers. The higher your score, the broader your options. You can ask your dealer for a copy of your credit report.
  • Down Payment: Purchasing a used car requires a down payment on your part. Car financing is typically composed of your down payment, the loan term and interest rate. The larger the down payment, the lower your monthly payments. You can even shorten the lease term, thereby making it possible to own your car outright sooner.
  • Loan Term: Based on terms, ranging from 1 to 5 years. But financing a car in Ontario also allows you to ask for terms that meet your requirements. Discuss with your dealer other possible options.
  • Interest Rate: You have a choice of two types of car loans: fixed rate and variable rate. With a fixed rate loan, your monthly payments stay the same. With a variable rate loan, your rate can change. This means it can go down or it could go up. It might also stay constant.

How do I Close the Deal?

Once you have all the information you need for financing a car in Ontario, you are ready to finalize the offer. The dealer will supply you with a Used Vehicle Information Package, including the "Bill of Sale" for your signature. Carefully go over this packet. If you have any questions, your dealer is there to help you. That's it, the deal is now final. Financing a car in Ontario is a straightforward process. Toronto car finance covers the entire region, enabling residents in Mississauga, Brampton, and Scarborough to drive off in a used car.

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