Why Credit Score Is So Important When Financing Your Car

Bad Credit Car Loans Surrey
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Whether you’re buying a brand vehicle or buying a used car, there are a number of factors to consider from the type of car you want, the colour, features, and price. What people often forget to consider entirely or neglect the importance of it is the credit score. Your credit score is vitally important for virtually all aspects of your life. A higher credit score will benefit you in a number of ways in your lifetime, especially when it comes to buying a vehicle. In this article, Cheap Car Loan breaks down why your credit score is so important, how to improve it and check it before you buy a new vehicle. Importance Of Credit Score For Car Loans A higher credit score will likely get you a better loan term or interest rate when financing a brand new car or a used vehicle. Each lender will likely have different criteria when it comes to criteria and what rates they’ll offer you. Having a higher credit score will always work out in your favour, especially when looking to buy or lease a vehicle. However, just because you have a lower credit score, it doesn't mean that you will be unable to obtain a good auto loan or access to any auto financing. Car dealerships often have their own financing options for customers to allow you to get better rates. It’s important to browse around to ensure you’re getting the best loan rates. Cheap Car Loan’s auto refinances pre-approval and instant auto loans allow you to get the car you love and payments you can afford. What Is A Good Credit Score? In Canada, credit scores are often used by lenders to understand the type of borrower you are. Your credit score rating can determine and base your eligibility for specific loans along with the type of interest rate you can acquire. Credit scores in Canada range from 300 to 900, with 900 being an absolutely perfect score. However, a credit score between 780 and 900 is deemed excellent. A score from 700 to 780 is considered quite strong and will make getting approved far easier. When a credit score sinks below 625 or below, this is considered quite low and you may experience more difficulty being approved and qualifying for loans. How To Improve Your Credit Score Your credit score is not generated randomly, it is comprehensive and based on five factors with different weightings. To take steps to improve your credit score, check out the factors credit score is based on: Payment history Credit utilization ratio Credit history length New credit applications Types of credit Cheap Car Loan gives you access to affordable loan options, and grants instant auto loan approval for new credit, bad credit or no credit at all! You can count on our auto financing team to help you get pre-approved with ease today. Contact us today at https://www.cheapcarloan.ca/about-us/.   

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Guide to Student Car Loans

Bad Credit Car Loans Surrey
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Having your own car can be extremely helpful when you’re in school. For many people, taking out a student car loan is the only way that they can make it happen. However, before deciding to move forward with getting a student car loan, it is important that you do your research and determines whether it is the best decision for you.   For many students who are trying to establish financial independence, purchasing a car can be very intimidating. Cars are usually their first big purchase and have the potential to negatively impact their credit scores. That risk is why many students shy away from financing a car. Some other reasons include: The Cost There’s a lot more to owning a car than the monthly payments. You have to think about maintenance, which can range anywhere from $500 to $1,000 per year. Young drivers don’t have long driving histories, which means that they may have to pay for premium insurance. In addition, most colleges charge for parking, which you would have to add on to your monthly fees. Before buying a car, you should sit down and determine how much money you expect to spend a month, and if it will be worth it in the long term. It’s Not Easy to Get Financing Students will have a very limited credit history and no consistent income. Because of these two very important factors, financing a car can be very difficult to do. Changing Lifestyle Some students go home for the holidays, while others are international students and intend to return home after their studies. While getting a car might sound like a good idea when you are in college, it’s important to think about the times that you aren’t and your future plans. In those cases, sometimes, having a car can easily become a burden.    If you’ve thought about those things and you’d still like to move forward to purchasing a car, below are some things that you can do to make the process easier. Build Your Credit As previously mentioned, lenders will view students as high-risk borrowers. In order to avoid having to pay high-interest rates, think about opening a low-balance credit card and make sure to always pay it. If this is not an option, you can ask a trusted family member to add you as a secondary user on their credit card. Doing any of these things will help you build your credit, which will lead to a lower interest rate at the dealership. Don’t try to Get a Luxury Vehicle While you might be tempted to look for a higher-end car, look for an older car with a good rating for safety and reliability. While it may not have all the luxurious features, you’ll know that you can count on it to get you around.  At Cheap Car Loan, we make purchasing a car an easy process. Whether you are a student or have poor credit, we have a solution for you. Contact us today to get started.   

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What Are The Factors That Make Up Your Credit Score?

Bad Credit Car Loans Surrey
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Your credit score is very important as it can determine whether you are approved or denied for credit and how high your interest rate will be. What Is A Credit Score? A credit score is a three-digit number that is auto-generated using the information in your credit report. It helps the lender to determine/predict the risk they have when they loan you money. Lenders will use your credit score to evaluate the probability of you paying back the loan amount. What Goes Into Your Credit Score? The data from your credit report is divided into five different categories: 1. Payment History - Your account payment information. This category accounts for 35% of your credit score and shows lenders whether you pay your bills and other obligations on time.  2. Amounts Owed - How much money you owe on your accounts. This category accounts for 30% of your credit score with consideration to the percentage of credit available to you that is being used. 3. Length Of Credit History - How long you’ve had the accounts open and the time since you’ve last used them. This category accounts for 15% of your credit score.  4. Types Of Credit You’ve Used - The types of accounts you have. This category accounts for 10% of your credit score and shows lenders whether you have a mixture of installment credit like mortgage loans and revolving credit like credit cards.  5. New Credit - Your pursuit of new credit. This category accounts for 10% of your credit score. Note that personal and demographic information is not weighted in your credit score. The Average Credit Score Range Excellent: 800 to 850 Very Good: 740 to 790 Good: 670 to 739 Fair: 580 to 669   Poor: 300 to 579 How to Improve Your Credit Score Below, we give you some tips on how to improve your credit score: Pay Your Bills On Time: It will take up to six months of on-time payments in order to see your credit score jump significantly. Increase Your Credit Line: If your account is in good standing, you should consider increasing your credit limit. Don’t Close Your Credit Card Accounts: If you are no longer using a credit card, it’s better to stop using it than to close the account. Depending on how long you’ve had the account and the credit limit, it can reduce your credit score if you close the account.  At Cheap Car Loan, we want to make getting a car a smooth and easy process for you. No matter your credit score, we can find a solution for you. Contact us today so that you can be on the road in no time.   

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2020 Used Car Buying Guide | Car Loans Canada

Used Car Finance Surrey
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You’ve decided that 2020 will be the year that you purchase a car. Purchasing a used car can be beneficial for many reasons, including cost savings and car predictability. If you don’t know where to start then you are in the right place. Below, we will give you a few tips that will make your used car buying experience a breeze, no matter what your credit score is. What to Look for In a Used Car Finding the car that you love is the fun part of the process. With that in mind, it’s also the part of the process that takes the longest. Don’t get discouraged if you don’t find a car that you love right away, it will take a lot of research and test driving to find the most suitable option for you. It is an investment after all and you want to make sure that it’s the perfect fit. Make a List One thing that you can do to prepare for your car shopping experience is to make a list of things that you want and things that you need. If you have children, you’ll probably need a bigger car to be able to seat them all. If you can’t get through the colder months without heated seats, you can start from there. Once you’ve made a list of things that you can’t/can compromise on, the shopping process will be much easier for you. Reliability & Predictability When you find a few cars that you like, the next step is to consider their reliability and conditions. Do a quick search of the make, model, and year to determine the dependency. Not skipping this step will protect you from buying a car that will break down soon after purchase. You should also evaluate the predictability of the car, which entails finding out its mileage to tell you how much the car has already been used. Value Sellers want to get the most from a sale that they can, which is why you shouldn’t take the listed price as the final process. When buying a used car, you should have some negotiating power, especially if you’ve done your research. Once you’ve narrowed down your favourite options, you should research third party prices for the same car model to see if the seller is willing to come down in price. If they are not, be prepared with your research findings to help you bring the price down. At Cheap Car Loan, we make it our number one priority to give all of our clients a smooth car buying experience. We have a wide variety of financing options, regardless of your credit score. Contact us today to get into the car of your dreams.   

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Buying Vs. Leasing A Vehicle: Which Is Best For You

Pre Approval Car Loan Surrey
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A vehicle is arguably the most important investment you’ll make, next to purchasing a home. Similar to the process of getting a home, one has to decide between leasing or buying a vehicle. Both decisions have financial implications, however, finances are not the only element to consider when making this significant decision. Your unique taste and lifestyle should also be considered when deciding between leasing or buying a car.    To help make your decision easier, Cheap Car Loan has laid out the pros and cons of both buying or leasing vehicles to have all of the information you need. Leasing A Vehicle Leasing is essentially renting a vehicle for a certain period of time. The following are specific advantages to this process: Less Expensive Payments: As you are only renting the vehicle instead of buying it, the monthly payments for the lease will be less expensive. There may be a very inexpensive down payment or no down payment whatsoever which would not require you to pay an upfront sales tax. When you return this leased vehicle, you may be required to pay additional charges based on the mileage, having damage on the vehicle or terminating the lease too early. Fewer Repair Costs: Often, lease terms may be covered by the manufacturer's warranty, which relieves the lease owner of having to worry about expensive repair bills. However, you are still required to regularly maintain the vehicle and pay auto insurance. Buying A Vehicle Buying a vehicle ensures that it belongs to you and you will not have to return it as you would with a lease. The benefits of purchasing a vehicle include: Paying less over time: Loan payments allow you to build-up equity for the long term for when you’re prepared to sell the car or trade it in. When you own the car and drive it over the span of several years, it actually costs less. No Mileage Restrictions: As it is your own vehicle, you don’t have to worry about paying additional costs for going over the mileage. There is no cap put on the number of miles you’re able to travel. Able to sell vehicle: As a vehicle owner, you’re able to trade it in or sell it when it’s suitable for you. You’re never stuck in having to stay in fixed, temporary ownership as you would with a car lease. Discount on the deprecation: Based on the vehicle, 20% to 40% of the deprecation happens during the first few years of ownership. When you buy a vehicle that’s only two to three years old, you’re able to pay the price that reflects a deprecation discount.   Cheap Car Loan offers cheap auto financing for bad credit car loans and auto refinance pre-approval. Our vast inventory of new, high-quality cars gives you a variety to choose from whether you have good, bad or no credit at all! Apply for credit to get started with us today https://www.cheapcarloan.ca/credit-application/  

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Four Key Questions To Ask Your Car Dealer

Cheap Car Finance Surrey
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January is a great month to browse through new year vehicle sales and find incredible deals on options you’re interested in. Maybe you’ve browsed through vehicles online, brushed up on ways to effectively negotiate and seal the deal; however, nothing compares to an authentic in-person discussion with a car dealer.    Whether it’s your first time or you avidly stop by car dealerships all the time, it’s useful to know if you’ve been asking the right questions and if not, what you need to be asking. Before you ever sign on any dotted line, ensure you’re asking these four key questions to your car dealer.   1. What Is the Complete Cost of This Vehicle? When you enter a dealership, you may see the MSRP (manufacturer’s suggested retail price) first. However, this is a different amount than what you’ll have to pay to get the vehicle out of the door. The MSRP may be higher or lower than that amount depending on whether the model of the car is very popular and in high demand. In addition to these price quotes, you should anticipate paying the sales tax, a licensing fee and a documentation fee. Ask the dealer how much your documentation free would be and whether or not the price is negotiable.   2. What Is The Warranty Coverage For The Vehicle? Most cars will come with a simple “bumper-to-bumper” warranty from the manufacturer which covers simple repairs to factory parts for a specific duration of time. There may be another “powertrain” warranty that covers the transmission, engine and additional moving parts and extends longer than the basic warranty. Warranties often vary by each manufacturer, model or year of the vehicle and sometimes dealers may extend certain warranties that last longer than the factory warranty.    3. Are There Aftermarket Features Added Onto It? There may be additional features installed on the vehicle such as an auto-recovery system or tinted windows. These additional costs may have already been included in the price of the vehicle without you being aware, so ensure you inquire and review the contract thoroughly. If you don’t desire the add on, you can find another vehicle that does not have these additional features or negotiate the price of the features.   4. Will The Dealer Take Your Current Vehicle As A Trade-in? Not all car dealerships will have this as an option, but Cheap Car Loan certainly does! Whether you’re looking to buy a new vehicle or need some extra cash, fill out our trade-in form to see if your vehicle will make a good addition to our inventory!   Cheap Car Loans is your source for auto refinance pre-approval, instant auto loan and bad credit car loans to ensure you get access to a payment system suitable for your budget! Browse through our inventory full of high-quality used vehicles at the best rates possible. Ready to see the vehicles in person? Stop by our Surrey location today for a test drive or send us a message at https://www.cheapcarloan.ca/contact-us/!    

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Things Not To Do At a Car Dealership

Instant Auto Loan Surrey
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Buying a car can be a very complicated process and if you don’t know what to do, the experience will be more difficult. The next time you walk into a dealership, here are a few things you should not do because you’ll be hurting your chances of getting a good deal and landing the right price.  1. Don’t walk into the dealership without a plan. If you don’t know exactly what you want, spend some time figuring it out because without a plan, you may agree to a car that is simply not in your budget and your bank account will take a huge hit. Buying a car requires thought and should never be an impulse purchase because you will regret it. Know the details surrounding your situation, including the amount of money you are able to put down, how much your current car is worth and the selling price of the car you have your eye on.  2. Don’t let a pushy salesperson convince you to buy a car you don’t want. Dealerships will want to sell vehicles they have in stock but that doesn’t mean you have to buy that particular model. They will do their best to push a certain car on you regardless of the fact that it’s not in your best interest so you must be firm about what you want so that you get the car that’s best for you and not the one the dealership wants to get rid of.  3. Do not allow the dealership to run a credit check unless the deal is complete and you’re sure that you want to go ahead with it. Dealers will have to run a credit check eventually if you are planning on financing your new car with a loan but doing it in advance will affect your credit rating negatively so do not give them permission to do this unless you’re certain you’re buying the car.  4. Do not feel pressured into buying the car at that very moment. The experience of buying a new car can be stressful and many consumers want to get it over with as soon as possible but this could work against you. Feeling pressured to buy or wanting to rush through it, will affect your ability to negotiate, which will result in you purchasing a car you did not want to buy or a price you can’t really afford. Take your time so that you don’t regret your decision and remember that it’s okay to walk away and come back later on.  Cheap Car Loan can make this experience a lot less stressful by providing instant auto loans. We offer auto financing and cheap car loans even if you have bad credit, so whether you’re after a used car, want to refinance or need pre-approval, contact us today for all of your car title loans and financing needs.   

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Myths About Poor Credit And Car Loans

Bad Credit Car Loans Surrey
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If you are in the market to get a new car, you might need to take out a car loan to help you with payments. If you have poor credit or no credit, don’t fret, there are many rumours out there about that dooming for life, but that is not usually the case. Below we debunk the most common myths about poor credit and car loans. Myth 1: Judged for Bad Credit Bad credit can happen to anyone, and it does not equate financial illiteracy. The fact is that people make financial mistakes and life gets unpredictable sometimes. Ultimately, it is not about how bad your credit score is, but how you are working on improving it. There are various ways you can do that: First, you should check your credit and if you notice any discrepancies, report them right away. Second, you should start paying bills on time or even earlier, which shows that you are serious about getting your finances in order. Third, develop new financial habits, like creating a monthly budget and allocate every dollar coming into your home. Myth 2: Cash Is The Only Way Having a poor credit score does not mean that the only option you have is to pay for your car in cash. Having a car gives you access to other options such as employment or housing. Saving for a car not only takes time, but requires serious budgeting and energy, and can also jeopardize your credit long-term, as your allocating money toward the purchase instead of other necessities. In the bigger picture, paying for a car in cash is the most stressful way to obtain new wheels. Myth 3: I Have To Have A Downpayment While having a downpayment is encouraged, as it can help you secure a loan and reduce the interest, but it is not a requirement. A downpayment only changes the car loan terms and what kind of vehicle will be available to you, not the chances for getting approved for a loan.  Myth 4: No Lender Will Work With Me This is the number one misconception. There are a number of lenders that specialize in working with people poor to no credit. Myth 5: Getting A Credit Loan Will Make My Credit Worse While getting a new car will increase your debt, it does not necessarily negatively impact your credit. If you are paying your monthly payments on time, then over time, the car loan can actually help increase your credit score. Ultimately, the only negative of having poor credit when in the market for a new car is that you may have a higher interest rate. Shopping around different lenders would be to your benefit, as you’ll be able to see different options and make the best decision for your needs.   If you are in the market for a new car, come to Cheap Car Loans. We make your experience stress-free, whether you have great or poor credit, we help you navigate the best way to obtain the car of your choice.  

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What Can A Car Dealership Do For You?

Car Title Loans Surrey
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Are you looking to get a new car, but are intimidated by car dealerships? There is nothing to be afraid of as you both share the common interest of getting you into some new wheels. Whether you’re looking for a new car or looking to trade in your current car, car dealerships offer many different services that can make any auto buying experience a great one.  Poor/No Credit  If you have poor credit or no credit at all, a car dealership can still help you get a new car. They understand that bad credit can happen to anyone and is the result of various factors such as being a new immigrant or life hardships, such as divorce. They work with you to help you understand credit loans and finance options, to see which route would work best for you without jeopardizing your credit. Used-Car Financing  There is a misconception that the best way to get a car is through cash. The truth is, there are several ways that you can get a car that won’t put you financially at risk, such as financing. Financing is when you put down a downpayment, and you pay the card off monthly. With this option, you are able to spread your payments over a few years and alleviates the financial pressure of long-term saving for a car. Keep in mind, the larger the downpayment, the lower your monthly payments will be.  Many car dealerships have relationships with lenders, which means they can shop around for you and help you secure the lowest rates with flexible terms. In-House Financing  If you are unable to secure financing with a lender, many car dealerships offer in-house financing. With the “buy here, pay here” financing option, you cut out dealing with and getting approved with big lenders (such as banks), and only work with the car dealership. Sometimes, there are even offered without a credit check, which can be great, especially for those who do not have an established credit history. If you choose to buy and finance through a lender, they will verify your income and your place of residence, and determine the loan amount that you qualify for. After that process, they will be able to show you cars that are within that price range.   Car dealerships want to help you find a car and gain the mobility that they want. Whether you want to expand your employment options or are looking to move, they want you to be able to freely do so. They make getting a new car experience, instead of a process. If you are thinking about getting a new car, here is a list of things to consider.  If you are in the market for a new car, contact Cheap Car Loan. With many cars to choose from, with affordable prices, you’ll have the car of your dreams, with a great price-tag to match. We make getting a new car a smooth, stress-free experience.

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Things to Consider Before Choosing Your Vehicle

Cheap Car Finance Surrey
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Choosing a new car is fun but also requires some research to ensure that you select the right vehicle. Here are a few things you need to consider before finalizing your decision: Figure out a budget. Without a price point in mind, you will have a difficult time shopping around and you will also be wasting a lot of your time. The first step is to figure out how much you can spend on a car so that you begin your shopping process accordingly. You should also know how the payment will be financed so that you’re prepared and know whether you’ll be dealing with the dealership directly or the bank. Test drive the car you want so that you get a feel of it. Liking a car is one thing but driving it is another and you may not feel the same after getting behind the wheel. Drive-in different areas such as the highway, side streets and be sure to do a couple turns so that have a very good idea of how the car responds to you. Realizing it’s not the right car once you’ve already purchased it is a problem you want to avoid. Be realistic about your situation and choose a car accordingly. While a sports car may be something you’ve always wanted, it’s probably not the most suitable if you have a family. The car you choose must suit your lifestyle and be able to accommodate your needs and any car that cannot do these things should not be considered. Read reviews regarding the specific model you are interested in. It never hurts to do your own research and the internet can provide you with a lot of important information about the model itself, as well as how other drivers feel about it. You may learn something you did not know that can affect your decision, so taking the time to do this is important. Negotiate. Once you have narrowed it down and feel good about your decision, see if there’s room to negotiate a lower price because when it comes to cars, the sticker price is not always the final price and you may be able to lower it if the dealership is willing to negotiate a better deal with you. Even if you don’t get it down to the price you had in mind, at least you’ll know you tried. When the time comes to choose a car, Cheap Car Loan can help with all of your auto financing needs. They can help with a number of services, including providing car loans for those with bad credit, cheap auto financing, car title loans, refinancing, pre-approvals and even financing for used cars as well. Give them a call to start driving your new car today!  

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Want To Buy A New Car? Four Financial Benefits To Buying It Used

Used Car Finance Surrey
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Did you know that once you buy a brand new car, you instantly lose 10% of its value just because you drove it home and off the lot? That new car smell may be drawing you in, but the finance bill attached to it should certainly draw you out. Investing in a used or “slightly used” car is often the more practical, exciting and often times more beneficial choice.  Before you pay full price and start worrying about debt, consider the advantages of buying a used car. Check out Cheap Car Loans’ guide below: 1. Less Depreciation Cars are an expensive investment and finding one within your budget may be challenging. New cars have much higher deprecation than used cars because they’re hit with the initial deprecation applied when purchasing and driving the car from the dealership. Used vehicles depreciate far less quickly than a new vehicle, especially a car that is about two to three years old because the majority of deprecation has already happened.  2. Avoid Extra or Exaggerated Fees Many new vehicles have additional costs that are often hidden, including shipping fees, dealer preparation fees and even destination fees. A new driver may feel deceived when this occurs, which is another reason to opt-out of new and go for used! When you purchase a used car, you are often avoiding the random, often unnecessary fees. At Cheap Car Loans, all of our used vehicles have their features included in the description of the car so you’re aware upfront what the cost includes with no sneaky fees! 3. The Original Warranty May Still Be Accessible You can get an additional warranty on a used vehicle; however, many used vehicles still have the original warranty remaining. Another way to save you money is to use the portion of savings remaining from not buying a brand new vehicle to spend it on a warranty that covers more than 100,000 km. That can be extremely beneficial for first-time buyers that want to keep their car for several years. 4. Qualify For Lower Car Insurance Rates It goes without saying that with a new car comes with increased vehicle insurance rates. It costs less to insure a used vehicle that’s been involved in an accident than a new car. Collision coverage in a used vehicle is also far less expensive, and you can even opt-out of it and drop the coverage from your insurance plan entirely. It’s to your benefit that a used car is viewed as less valuable, so take advantage! You can have the benefits of old and new with one of the Cheap Car Loans slightly used vehicles. We have an inventory full of 2019 models that come equipped with advanced technology without the high price. Need an instant car loan or pre-approval car loan for one of our vehicles? Fill out our online credit application; whether you have bad credit, new credit or no credit, we’ll help you get approved!  

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What Makes A Strong Relationship Between Dealership & Customer

Auto Financing Surrey
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Have bad credit and worried about getting a car loan? Don’t be discouraged, getting the new car you want is still possible; it’s all about finding the right auto loan finance company to help. Don’t accept a lender telling you that your car loan application was ‘declined,’ let Cheap Car Loans do the work to get you approved. We form strong relationships with both our customers and with dealerships! With a wide variety of car brands to choose from, you can pick your favourite and get closer to being on the road.   Cheap Car Loans values the strong relationships we build with our customers and dealerships. Our goal is to make it easier for you to get your loan and get that car, so let us get started. Here’s how car loans help dealerships form strong bonds with their customers: Part Of the Experience Is Digital Browsing online for a car is convenient, easy and fun! Cheap Car Loans understands that, which is why we have a wide variety of new and used cars to browse from in our inventory. Partnered with the CarStory dealership, we offer listings on over 150 vehicles! The Cheap Car Loans website makes it easy to browse through each vehicle and learn all about its colour, make, kilometres and price in an instant! You can even schedule a test drive online and get pre-approved in an instant! We know your time is sacred and that’s why we make the retail experience easy to meet your expectations! A Friendly Customer Service Team We know that the image of a “car salesperson” hasn’t always been portrayed positively. Cheap Car Loans makes amazing, everyday efforts to disprove that by having a friendly and knowledgeable team of professionals. We genuinely care about getting you the best pre-approval car loan, and partnered with an affordable dealership like CarStory, a great car!   Personality and attitude are very important, and our team works to advance change and offer you effective service. Here to guide you through the process of getting a loan, we always make your needs number one! We want you to name the price and we’ll work to get exactly what you want. Each member of our team is licensed, highly trained on the varying aspects of auto sales and knowledge on each make and features of our vehicles. Whether you want to customize what’s available or love what you see, we are passionate about making this experience easy and effective. Importance Of the Test Drive With a quick click of the date, time and typing in your information, you can schedule a test drive in seconds. It’s one thing to see your dream car online, and another to get to drive it on the road. Our sales team will ensure an amazing test drive so you can get a sense of the quality of the car to see if it’s for you. Bad credit or no credit, Cheap Car Loans can get your instant auto loan today. Give us a call to get started on getting your new vehicle!

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Looking for a Used Car in Canada? See Why it’s a Buyer’s Market Now

Used Car Finance Surrey
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The used car market is gradually tilting more towards buyers now. One of the biggest reasons is an online marketing that provides more transparency and fairer car evaluation, pushing the best prices forward. There are many sites that are responsible for this growing trend: Kijiji Canada provides reviews of dealers and market pricing information from Carproof, among others. The company provides transparency in price and analysis behind them. It has over 500,000 vehicle listings in the Canadian market. Autotrader, based in Etobicoke, lists about 444,000 vehicles on their site, giving buyers a great opportunity to take their pick from a wide variety of retailers. Why More Used Cars are Being Sold than New Cars About two million new cars were sold this year, reports say. On the other hand, the used car market recorded three million sales last year, adding half a million more this year so far. As the quality of the vehicles improves by leaps and bounds, lasting much longer in better condition, a potential lifespan of four to six owners has been added to each car from just two or three in the previous years. Auto experts say that it takes about 23 years for a vehicle to go off the road now while previously they lasted for about 10 to 12 years. The margin for used cars is also about two to three times higher than new cars. Just a decade or so back, the used car market was considered unreliable. But things have changed now, car dealers say. Better access to data encourages used car retailers to be more honest and competitive about their prices. They are required to justify the reasons behind their pricing so the market is more competitive. With a large amount of information available on vehicle models, comparable sales, accident reports and numerous metrics, negotiations are based on actual information, not dependent on the seller’s words. Cheap Car Loans Located in Surrey, British Columbia, we serve clients in Langley, Abbotsford, Fraser Valley and Metro Vancouver. Check out over 150 units in our stock and more to come as vehicles are sold. Whether you are an international student, new to Canada, families looking for an affordable second car or professionals searching for a delivery vehicle, we offer attractive vehicles for you to choose from. Consult our in-house finance team, for instant loans and approvals. We can even help you get pre-approved. Whether you have new credit, low credit or no credit, just choose your car and price, and leave the rest to us.

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The Best Time For You To Buy Your New Car in Canada

Instant Auto Loan Surrey
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Thinking about buying a brand new car soon? The time of year you purchase a vehicle may seem trivial, but it can make a significant difference in the amount you pay. You may have everything prepared to buy your new car, but poor timing can make you wish you never bought it at all. That’s why it’s important to do your research in understanding if there are any potential discounts, bonus features or ways to save on the vehicle before you buy. We know this may sound overwhelming, and that’s why Cheap Car Loans has done the work for you.   Here are a few tips on how to help you choose the best time to buy a new car in Canada. At The End of the Month Some dealerships run on the sales quota system, which means giving their employees a bonus if they meet their monthly target. Visiting a dealership during this time, often towards the end of the month, may score you a lower purchase price on a vehicle. Sales employees are working to meet their quota and may be more open to offering lower prices or better terms on a loan. Before Closing Visiting a car dealership just before it closes for the day may not seem like a practical idea, but it could secure you a great deal. Salespeople work especially hard during the day and similar to most working people, are ready to go home. Stopping by the dealership before closing may work to your advantage, because a salesperson may drop the purchase price to wrap up the deal sooner. This primarily works when you go into the dealership knowing the exact car model you desire. During the Holidays Black Friday sales are no longer limited to malls and have extended to sales at dealerships. There are often discounts or add-ons during this time or even just ahead of it. Boxing Day is also another holiday that offers deals for potential buyers, especially because the wintertime is a slow time for dealerships. Before The New Model Hits Car manufacturers will often release their new models during the fall, which forces dealerships to try and sell the previous models still in stock. This is due to space constraints as well as showing off new inventory. There may be some discounts on the previous models for buyers to grab. During Weekdays Most people visit car dealerships when it’s convenient for them, with more time to browse often on weekends. Therefore, visit a dealership on off-peak times, especially from Monday to Wednesday. These are often slower days and may make negotiating for a lower purchase price significantly easier.   Cheap Car Loans can get your instant auto loan approval and even a pre-approval to get you your vehicle today. Our priority is to make your car buying experience smooth, exciting and without stress. Whether you desire new, used or trade-ins, we have a variety of vehicles to choose from and a finance team to help every step of the way.

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