Canada Motor Car Toronto, Used Car Financing

How to Get a Better Car Loan Rate

Toronto Area Financing Advice

Getting a car loan when you have bad credit can be one of the best ways to re-establish your credit. However, the loan rate you received was probably less than fair, once you are over the joy from having a new car. A 22% car loan rate sure adds up quickly.

Well you win some you lose some - right? Nothing left to do but wait it out. Wrong. You always have options.

While the contract you signed does mean that you are stuck with that new car loan rate until you pay it off, you don't have to wait for the loan to come to term for that to happen. The best way to lower that car loan rate is to go to another lender and get a better rate. Basically, you have to refinance your car. This can save you thousands of dollars if you play your cards right.

Here’s how it works: You take out a new loan at a lower interest rate and use it to pay off your old loan (with the higher interest rate). Provided you have a good repayment record on your present loan (showing that you paid on time every time), the bank or lender should have no problems offering to refinance at a rate that is lower than your present car loan rate.

The best place to get a great deal on a new car loan rate is the internet. While traditional banks are an option, a lot of companies on the internet can generally give you a great deal on a new car loan rate. This is because the internet gives you access to a variety of special finance firms who have many avenues of revenue available and will advocate on your behalf. Watch out for application and processing fees, which can quickly add up to a real headache when refinancing your new car.

Your credit score is the most important factor when it comes to car loans and rates. The better your score, the lower your loan rate, as there is lower risk for the bank lending you the money. Your credit score is the key to getting a credit card, a great mortgage and even sometimes insurance rates. Check your credit every year and look closely for any mistakes that may have been made on it. Remember, the person deciding whether or not they should approve you on a loan is often going solely on your credit history. You can apply for a better car loan rate after as little as 6 months of solid payment history.


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Welcome to Canada Motor Car Toronto!

Whether you are looking for a bad credit car loan or just a great used car in the Toronto region, Canada Motor Car has the experience and the selection to help you. We currently have three convenient locations to help you find the perfect vehicle: Toronto, Ottawa and our newest location, Cambridge!

We have helped thousands of people in the Toronto region who had bad credit obtain auto financing for their new and used cars. Canada Motor Car's Toronto auto loan specialists are here to help you apply for an auto loan, regardless of your current credit situation. We have on-site auto finance managers ready to help get your car loan pre-approved! With so many people applying with us for their car loans, we have become recognized as one of Canada's fastest growing dealer groups!

Feel free to browse our used car inventory, for Toronto used cars, to find the vehicle of your dreams. You can search our new and used car inventory online and receive free no obligation price quotes. We also accept trade-ins. In fact, we love trade-in vehicles! Tell us about your current car and we will make you an offer! We have onsite experiences auto appraisers.

If you want some valuable background information before making any decisions, be sure to check out the informative articles regarding credit, vehicles and general car maintenance and tips. That information has been taken from our many years in the auto industry. If you still have questions look over the frequently asked questions to see if they're already covered.

Contact the Canada Motor Car Toronto location at 866-622-2475 today! You may also request information online or stop by at 2944 Eglinton Avenue East, Scarborough, Ontario, during regular business hours. Canada Motor Car Toronto is here to help you with all your auto needs.

Canada Motor Car Toronto proudly serves the following communities: Toronto, Scarborough, Pickering, Ajax, Whitby, Oshawa, Courtice, Bowmanville, Markham, Richmond Hill, North York, Stouffville, Aurora, King, Bolton, Caledon, Brampton, Newmarket, Vaughan, Mississauga, Etobicoke, Port Hope, Cobourg, Trenton, Belleville and the Greater Toronto Area.

Feel free to visit our blog, our directory resources of auto links for all things automotive or our list of partner sites.

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