With any loan, you want to choose the best option that will save you the most money. Unfortunately, both banks and dealerships don't make it easy to access the best options upfront. Because of this, it's worth getting pre-approved by a bank or Canadian Auto Brokers before you start shopping. That way, you can compare and determine which option is best.
In today’s fast-paced world, your vehicle’s real value will decline faster than the balance you owe on your vehicle loan. This could leave you liable for thousands of dollars of financial liability (or negative equity) in the event that your vehicle is written off due to fire, theft or accident – that is over and above what your insurance policy will pay out. You could still be paying for a vehicle you no longer have, and that is a financial burden you don’t need.
Companion GAP Insurance is “Guaranteed Asset Protection” and pays the negative equity up to $30,000.
Absolutely, you’re not handcuffed to the original lender when it comes to refinancing. Many people refinance simply because they don’t like their existing bank–and they can get a better rate.
Refinancing an existing vehicle allows you to get cashback to pay off high-interest credit card debt and achieve a lower, more manageable payment. This often comes as a result of a lower interest rate after making consistent payments. It’s an attractive option for those who are still in love with their current vehicle, but want to breakup with their payment for something better.
The better your credit score, the better your rate. Nothing new there, and even if you’ve missed a couple of payments–our specialty is knowing ways to help you out. This can also have tremendous positive impacts on your credit, as we pay out your old loan in full (and create a brand new one).
The process is quick and easy–In order to refinance your vehicle, you only need to meet the requirements of the new loan.
You don't need to wait a minimum period of time before refinancing your auto loan. You only need to meet all the requirements for the new loan in order to refinance. You can refinance immediately after buying—even before you make your first monthly payment. Just be sure that you actually end up with a better deal and that refinancing doesn’t cause you to pay more for your vehicle.