Many Canadians are finding financing arrangements for a used car difficult to achieve due to unreasonable repayment terms that do not fit with their financial budget. Most Dealerships that are offering financing require a minimum downpayment, or offering higher interest rates that make repayment terms unaffordable.
What many Canadians don’t realize is that there are financing options available outside of the dealership. Lower competitive rates and longer repayment terms can help make payments affordable. Car Loans Canada is a terrific site to help match lenders to Canadians looking for purchasing options. Residents new to Canada with little to no credit score, or residents with past credit delinquency, Car Loans Canada can help find the right deal for them.
Canadians should try to avoid offers from lenders whereby the repayment term exceeds 5 years. Although payment may be more manageable, the older vehicle may soon become devalued where you would require a newer vehicle while still maintaining a loan balance on the existing vehicle.
The Toronto Electrical Utilities Credit Union will also offer financing arrangements for a used car without a downpayment at competitive rates. Our repayment terms will help keep your payment low and affordable, and our quick approval process will have you signing the paperwork in less than 1 business day. The Credit Union’s 5-year terms offer the perfect balance of lower payment with the depreciating car/loan.
