Auto Loans

 

 

How do auto loans work?

Auto loans are no different than other conventional type loans. The first thing a loan is a contract that two parties will be entering in to, therefore you have to be of legal age to even think about getting an auto loan, or a loan of any kind. So lets assume that you are of legal age, you qualify to apply for an auto loan at Edmonton auto loans. Notice I said apply, not get an auto  loan.

In the application process you have to provide personal information to the potential lender. Things like your legal name, where you live, how long have you lived there, are you a citizen of the country, do you have a job, how long have you worked at that job, do you have a house, are the utilities and telephone services in your name, do you have a valid drivers license, are you married or single, have you had a auto loan in the past, if yes what was your repayment history of that auto loan and of course your social insurance number. At Edmonton auto loans we respect your privacy your information will never be shared or sold.

Auto Loans

Seems like an awful lot of personal information to give out right and why do they need this information? This information is required whether you are applying for an auto loan or if you are applying for a mortgage or personal loan. The answers to each of these questions has a number value attached to it the more favorable an answer the higher the number you receive  the numbers are totaled up for all the answers this score is known as FICA score the higher the number the better your chances of getting the auto loan. At Edmonton auto loans we are able to help most everyone even those with bad or bruised credit.

Auto Loans

Once the lenders  have done this due diligence next they take a look at your collateral meaning your vehicle that you want to buy, in most cases if you are buying a used vehicle you will not receive the full value of your vehicle you will have to put some of your own money to buy the vehicle., with new vehicles they offer certain incentives if you have good credit you can get a vehicle with no money down and low interest. At Edmonton auto loans we will get you  no down payment or the lowest down payment and the best interest rate possible for your auto loan.

Auto Loans

The next step in the process is deciding on the interest rate you are going to pay on the auto loan, this will be directly related to your FICA score the lower the score the higher the interest rate. The reason for this is that when you score low you are seen as a greater risk for defaulting on your auto loan. Therefore it becomes a risk/reward scenario, if the lender perceives that he is taking a risk with you he wants to be paid more, hence higher interest rate. The lender also has to determine how long it will take you to pay off the auto loan. This is determined by allocating a percentage of your income towards debt servicing in other words paying all your debts, if you have too many debts and the percentage just barely covers all of your debts then it will take you longer to pay off your auto loan. Since Edmonton auto loans is a private lending firm we are not constrained by head office approvals we can make decision quickly and help you with the financing of your vehicle.

Auto Loans

OK, so now you are approved for your auto loan and you get your car or truck you have to insure and register it, but you will notice in the insurance contract that if something happens to the vehicle the lender get paid out first and if there is anything left that’s what you would get. The lender holds the title to your vehicle until the auto loan is completely paid off so it’s your vehicle in name only until you finish making the last payment, then the tile is transferred over to you and it is your responsibility to make sure that the title is transferred the lender will not do so voluntarily. Well I hope that you enjoyed this article and learned something as well. If you would like to know more you can contact us by email at support@edmontonautoloans.ca or call at 780 483-2320 or to see if you qualify for an auto loan simply fill go here and fill out a simple form it’s easy, go here now www.edmontonautoloans.ca

Edmonton Auto Loans

by Chris Shunk (RSS feed) on Jan 8th 2011 at 6:43PM

Back in 1999, about one in four new vehicles purchased were leases. That number dropped throughout the last decade until the Great Recession put leasing on the endangered species list. Automakers were losing money due to poorer-than-expected residual rates. At the same time, customers weren’t in the mood to spend money on a new car or truck. As a result, Chrysler stopped leasing altogether in 2008, and General Motors limited leasing to its most popular models.

Wards Automotive reports that while leasing has taken a considerable beating, the two- and three-year vehicle rental is now on the comeback trail. GM and Chrysler are back in the leasing business, and according to Wards, Volkswagen, Hyundai and Kia are pushing hard to increase lease transactions. Are automakers rolling the dice in an effort to move more metal? Maybe not.

With vehicle inventories in check, there’s less chance residuals will take a dive, and at the same time the certified used car programs get a shot in the arm with low-mile, warranty-equipped cars and trucks. We probably won’t see 25-percent lease rates anytime soon, but Automotive Lease Guide Inc sees the practice jumping to a 20-percent take rate by 2015.

[Source: Wards Automotive sub. req. | Image: Caitlin Regan / Flickr via CC BY 2.0 ]

View the original article here

by Jeff Glucker (RSS feed) on Jan 18th 2011 at 4:02PM

201? Audi A6 Hybrid – Click above for high-res image gallery
At last week’s Detroit Auto Show, Audi unveiled the 2012 A6, and trotted out a hybrid variant capable of achieving 38 miles per gallon and running up to 62 miles per hour on electricity alone. So when can we buy one? Audi isn’t sure.

According to Autoweek, Audi of America President Johan de Nysschen says the timetable for the A6 hybrid is still to be determined. In fact, we may not see the gas- and electron-powered luxury sedan until 2015. In the meantime, we’ll be quite happy to spend some seat time with the 300 horsepower supercharged version.

Live photos copyright ©2011 Chris Paukert / AOL

[Source: Autoweek] Filed under: Car Buying, Detroit Auto Show, Hybrid, Sedan, Audi, Luxury

Tags: 2011 detroit auto show, 2012 audi a6, a6 hybrid, audi, audi a6, audi a6 hybri

View the original article here

Edmonton Auto Loans

www.edmontonautoloans.ca Fill out the form now to get $300.00 dollars towards your next purchase and also at the same time experience our five star service.  We provide financing for our inventory as well for other dealer inventories, we can even finance private sales.  Our motto is “You Find It We Finance It”.  At Edmonton auto loans we can finance any vehicle in Edmonton or Alberta.

Edmonton Auto Loans

At Edmonton auto loans we also provide financing for machinery and equipment as well, Edmonton auto loans is a subsidiary of Taz Loans the parent company and as such we have resources to help you no matter what your need. Edmonton auto loans is a private lender and therefore flexible enough to help you where a conventional lending institute may not be abe to.

Edmonton Auto Loans

One thing we are proud of is helping entrepreneurs.  We at Edmonton auto loans understand that small business is the engine that drives our economy, we understand the needs of small business owners and we are equipped to help.  A fact that most banks and conventional lending institutions seem to miss. They are for helping big business and putting moratoriums on sectors of commerce and in so doing kill the small businesses. So if you don’t want to jump through the hoops that a bank wants you to  then give Edmonton auto loans a try you will not be disappointed. Now you can also get $300.00 towards you purchase financed by Edmonton auto loans. Just fill out the form to your right NOW!

Apply Online