Is It Safe to Purchase Used Cars?

While you are getting ready to buy your first car, you may wonder if it is safe to buy used cars. After all, you may like the idea of being able to save a bit of money, but not if it is going to compromise your safety. It is often safe to purchase a pre-owned vehicle, but it will depend on who you are buying it from. Instead of purchasing a vehicle from someone on the street who is selling one that they used to use, you should check out our dealership.

When you decide to get your vehicle from our dealership, you do not have to worry about it breaking down on you just weeks after you have purchased it. Each car that we have available has been carefully examined and tested. We make sure that it is not only safe, but also clean and comfortable for you to drive home with if you please. In fact, most of the options that we have still look new on the inside and outside. Your friends and family would likely not be able to tell that it was ever owned by someone else if you did not tell them yourself.

As long as you are buying from our dealership, you are in good hands. The vehicle will not only be safe for you to drive, but will also be in excellent used condition. You may think that your choices are limited if you decide to get a pre-owned vehicle, but that could not be any further from the truth at all. While you are on our lot, it would be easy for you to notice that we have many makes and models available.

We certainly feel that it is important to have a little something for everyone, especially since each person will have their own preference when it comes down to what they will drive. If you are ready to get your first car, consider checking out the used cars that we have available.

Car Loans: 8 Things You Need To Know

If you are looking to get a car loan in the Windsor area, but have bad credit, we’ve got some news for you: you still qualify for a bad credit car loan. It’s important that you get as much information as possible about car loans before taking out a bad credit car loan, so we’ve assembled 8 facts about bad credit car loans that can provide you with a general overview. Contact for details about bad credit car loans or for more information:

1. Everyone qualifies for a bad credit car loan with us – even if you have had a bankruptcy or have no credit at all. All of our customers should have equal opportunities to finance their car purchases, so we won’t turn anyone down from a bad credit car loan.

2. You have options. We will offer several options to each customer so that the customer can select the right bad credit car loan package that’s right for their unique needs.

3. You can get a bad credit car loan for a used car, or a used truck or minivan. Our car loan program is designed to help you by any used car you’d like.

4. It often takes people several years to repay their bad credit car loans. Speak with our lenders to determine exactly what type of loan program you will use. Your choice of loan program will determine the duration of the program.

5. You may pay a higher interest rate for a bad credit car loan than someone with good credit. However, because of the options that we provide, you should be able to find a bad credit program that suits your particular budget.

6. You can always refinance your bad credit car loan. As long as your repay your car loan and rebuild your credit, you will have the option of refinancing your bad credit car loan down the road. Contact us for details.

7. You can apply for a bad credit car loan online using our secure credit application.

8. It’s recommended that you complete a credit application for a bad credit car loan prior to looking for a car. By completing the credit application, you’ll know more about how much money you’ll be able to spend on the car. Therefore, completing the car loan application is the first step for many customers.

Contact us today to learn more about bad credit car loans and car financing in general. We’re always happy to help you get the right car at the right price!

Types of Car Loans for People with Bad Credit

Sometimes in life, unfortunate things can happen that keep you from having stellar credit. You may rely on credit cards for a few months to get you through a difficult situation, for example. While a not-so-great credit score may keep you from securing certain types of loans, you have options when it’s time to purchase a car.

There are two main types of bad credit car loans: secured and unsecured. We can accept either to help you buy the vehicle of your dreams. However, it’s crucial for you to understand the difference before you make your decision.

Secured Car Loans

This type of loan can be beneficial for people with bad credit who have collateral to offer. You put up some insurance that guarantees payment to the bank, and in return, the bank can offer lower interest rates. This type of bad credit car loan has about a 95 percent approval rating.

Furthermore, there is often little or no down payment required to get a secured auto loan. Typically, the interest rate is fixed and can be as low as four percent. Be sure to speak to our financial team about this option.

Unsecured Car Loans

This type of loan requires no collateral, which can mean less risk for you. However, the less risk you take, the more the bank makes. As a result, unsecured car loans can be more expensive.

To get an unsecured car loan with bad credit, you may need a large down payment or trade-in value. Furthermore, these loans usually have an interest rate of seven to 10 percent, sometimes even higher. These interest rates can be fixed or flexible, depending on the bank.

Ultimately, it is up to you to decide whether you feel comfortable putting up collateral for your car loan. Talk to our lending team to set up your investment and get in a great car. We can help you no matter your credit score.

Pay Your Car Loans off Quickly

No one wants to be stuck with his or her car loan forever. As happy as you are with your new car, that doesn’t mean you’re ready to be saddled with a car payment for too long. Most people want to finish their car loan as quickly as possible. So, how do you pay off car loans quickly? Well, we have a few tips that might help you out.

Extra Payments

Extra payments will obviously cut some time off your car loan. For some, this may be as simple as one to two extra payments a year. You can even split the payments up throughout the year to add up to a full one.

Bimonthly Payments

Some people decide to pay their car payment once every two weeks. This may allow them to pay more than their regular monthly payment. Keep in mind that if you do go this route, you should make sure that your lender doesn’t have any problem with you splitting the payment. Some lenders may charge you an extra fee.

Rounded up Payments

There are a couple of benefits to rounding up your monthly payment to the nearest 50 or 100 dollars. The first benefit is that you can pay off your car loan faster. In the beginning, it may not look like much, but after a while, the payments will add up. The second is that your budget will be easier to keep track of. It is easier to add your car payment to your list of obligations when it’s a round number.

If you’re worried about your car loan taking too long to pay off, there are a few different steps you can take to finish your payments sooner than expected. The quicker you pay it off, the less interest that you’ll pay in the long run. This way you can save money and time.

Ways to Improve Your Credit Score

Your credit score is important. A credit report will likely be run on anyone applying for car loans. This report can help determine how much money you’re capable of borrowing and also the interest rate you’re awarded.

If you’re in the market for a car, it may be important to check your credit score before applying for a car loan. If your credit score is less than ideal, don’t panic! There are several ways to improve your credit rating. Some methods take longer than others before you start seeing results, so it’s important to stay focused and patient while you watch your score improve.

Make Timely Payments

One of the most important ways to improve your credit score is to make timely payments on existing loans. If you have a history of late payments, do everything possible to make the payments by the due date. Most credit card companies will allow you to change your payment due date. Use this to your advantage and structure payments around your pay schedule.

Pay Off Existing Debt

Lenders often look at your debt-to-income ratio when determining how much you’re qualified to borrow. If you have a considerable amount of outstanding debt on your credit report, perhaps consider getting a temporary second job and using the funds to pay off the existing debt you’ve acquired.

Open a Credit Card

If you’re a young person or are new to credit and borrowing, you may not have enough credit established to apply for a loan on your own. In this case, opening a credit card (and making all payments on time) can be a great way to establish some credit.

Credit is an important aspect of your financial well being. Making timely payments, paying off existing debt and establishing credit when you’re young are solid ways to improve your credit

Why Buying a Used Car From a Trusted Dealer Is Important

If I wanted to buy a product, I would buy it from a retailer I trust. The same thing is true for buying used cars. I would never buy a car from a dealer I didn’t trust. That is why we strive to be a trusted name in used car sales, and why I think you need to understand the importance of buying used cars from a trusted dealer.

We want our customers to be confident in dealing with us. We want them to know that when we say something, they can trust every word. I don’t make promises I can’t keep or tell my customers things that I can’t guarantee because I know that will only hurt me, the dealership and the customer in the end.

Buying from a trusted dealer is important because it allows customers to be able to buy without worrying that they are being scammed. They know that shopping with this dealer will mean they get a good vehicle for a great price. They know that the dealer won’t tell them a car runs great and has no problems if it actually needs a new transmission. They know that the dealer won’t tell them the car they want is only available at a hugely inflated price and instead will be willing to negotiate a fair price.

Let’s face it, while technology seems to be the way of the world, word of mouth is still huge when it comes to reputations. So, a dealer that is not trustworthy will soon be exposed and his reputation ruined. As a trusted dealer, though, word of mouth is a blessing. That is why we always strive to give each customer the best experience possible.

My customers expect me to be trustworthy, and I don’t let them down. I am offering great quality and prices for used vehicles. That is the whole point of being trustworthy. If I don’t have your trust, then I don’t have a business.

Best Regards,

Don

3 Car Loan Myths

If you have your eye on a new or used car, you may have to consider financing options. The problem that a lot of people face is that they don’t have optimal credit and may not think that they qualify. While many lenders offer bad credit car loans, there are still a lot of myths that circle the choice. You shouldn’t let these turn you away from the financing that could get you your dream car. Here are the three top myths when it comes to car loans.

A Low Credit Score Guarantees Rejection

This isn’t true at all. In fact, there are dealers and lenders that specialize in car loans for people with bad credit. Poor credit will not stop you from financing a car.

You Can’t Refinance if You Had a Poor Credit Score

When you’re approved of a car loan with a low credit score, you are given the opportunity to build your credit over again. After a while, as your score builds you will be given more options. It’s common for people to refinance their loan and come up with a cheaper rate after they have built up their credit score.

Income Doesn’t Matter if You Have Bad Credit

Income absolutely matters! Income and the other debts that you owe play a big role in the size of the loan you can be awarded. While lenders do pay attention to your credit, your income also plays a large role in whether or not you’re approved. This can also affect the rates that you’re given.

Don’t allow myths to turn you away from car loans. Even with bad credit there are many options out there. While it can be a difficult choice for many people to decide whether or not they want to look into financing for a vehicle, it’s important not to be deterred by myths. Only the facts should be an influencing factor on your decision.

Factors Affecting the Cost of Your Car

Everyone likes to get a good deal. When you are offered a low monthly payment on your car loan, that might seem like the best deal of all. In the long run, however, that low monthly payment might actually end up costing you hundreds of dollars more than you intended to pay. In order to understand the true total cost of car loans, you must look at three different factors.

Loan Amount

The initial amount you borrow is called the loan principal. The amount of principal you have left at the end of every billing cycle is one half of the equation that determines how much you will pay in interest. To lower the total amount you pay on the entire loan, it is a good idea to start with a lower principal. If you are able to pay 20% of the initial $25,000 cost in a down payment, that is $5000 of the purchase price that never figures into the interest you are charged.

Loan Rate

The other half of the interest equation is the interest rate itself. Bargaining for a lower interest rate can significantly reduce the price you ultimately pay for your next vehicle. A great credit score and other factors, such as dependable income, can lower your risk factors with the lender and thus can result in a lower APR, saving you a great deal of money.

Loan Term

A lower monthly payment might be tempting. When you accept a lower monthly payment, however, you are lengthening the term of your loan, postponing the date when the car will be paid off and costing yourself a lot of money in the process. You will pay significantly less interest with a 2- or 3-year loan term than with a 4-year loan.

When negotiating the terms of car loans, fight the urge to take it easier than your monthly budget can handle. Factor in the amount, rate and term of your loan to get the best deal overall.

Can You Get a Loan for a Used Car?

If you are like many car buyers, you want to buy a used car instead of a new one. For many reasons, that makes a lot of sense. You might wonder, though, if car loans are available for used cars. Generally, the answer is yes. Here are some things to consider when applying for a used car loan.

Think About Purchasing at a Dealership

If you need to finance your used car purchase, you should consider buying the car from a dealership. Generally, dealers are in a better position to finance used cars than other institutions. In fact, many dealers routinely finance used car loans. While there are exceptions, banks, credit unions, and financing companies generally prefer to finance new cars. Because they have a better chance of realizing a return on their investment with new cards, traditional financing companies often have rigorous application processes for used car loans. While you might ultimately be successful, getting such a loan from a conventional lender can be extraordinarily stressful. Thus, if you want to finance a used car, you should probably buy your car at a dealership.

Know Your Credit Score

Like with financing a new car, you will be better able to negotiate beneficial used car loan terms if you know your credit score. Before you start shopping for your car, request your score from one of the credit bureaus.

Don’t Choose Too Old of a Car

The newer your used car is, the greater your odds of securing financing. While there is no absolute limit, generally cars older than four or five years are more difficult to finance. On the other hand, if you run into trouble financing your older used car, you might look for a new car. Often, those who are unable to get a used car loan have no problem with new car financing.

Before you shop for used car loans, consider the unique challenges of applying for one. By knowing what to expect, you will be in a better position to secure financing for your used car.

Borrowing Money for a Car Could be the Right Move for You

Car loans can be scary prospects for someone that has never been in debt or owned a car. At Best Rate Auto Sales we do our best to make first time car buyers feel at ease with the process, and our lenders are some of the best in Canada. We can cater the loan terms to fit your situation and help you get into the vehicle that you need for your daily commute or weekend jaunts into the wilderness.

Credit should not be an obstacle when it comes to shopping for the car that you need. Our trained professionals work as a team to provide you with the best experience and the best vehicle possible. Our salesmen will listen to your needs and match you with the right car, while our lenders will help you with a loan that will assuage any doubts you may have with regards to affording the vehicle. Count on us to work with you whether you have bad credit, mediocre credit, or a perfect score.

The loan process is one that has become common place at most dealerships across Canada. It allows one to get into a vehicle that isn’t immediately available to them because of price barriers, but that may be necessary for them to get and keep a job or to enjoy the great outdoors to the utmost. Borrowing money and responsibly paying off the debt is the best way to build one’s credit. We are proud to help people build their credit with car loans and to help people become more mobile in the vehicle and manner that best suits them.

Fear not the uncertainty of debt. Let the lenders and our friendly staff be the solace you need as a new borrower or car owner. Comfort in your financial and vehicular decisions can be assured when working with us as we work with you to build connections between the buyer and the road and the great country of Canada.