Canada Motor Car Toronto, Used Car Financing.

New Car Loan

Toronto Area Financing Advice

Next to buying a new home, buying a vehicle is one of the biggest and most important decisions you can make. Perhaps you have already chosen the automobile you want with no debate about the color or the options. The decision-making lies in finding a good new car loan. Although you don't need to do much research to find what type of vehicle you like, you will need to do quite a bit of research to finance whatever car you like, and there may be a few surprises in regards to new car loans.

The first thing to learn about financing an automobile is the benefits associated with buying a brand new car rather than a used one. It is actually easier to get a new car loan than it is to get a loan for a used car. One would think that a new car loan would be more difficult to acquire. However, used cars are more difficult to finance because the lenders look at the overall value of the purchase. The bank has less collateral in a used car loan than it does in a new car loan. The newer vehicle also falls under a manufacturer’s warranty which is always a plus.

A new car loan ensures that the lender will get a newer, and more valuable, automobile if the loan goes into default. While this is a negative view of the situation is does work in the favor of those of us who want a brand new car. Getting a new car loan is easier and there is nothing better than being the person who puts that very first mile on the odometer. However, the ease of getting a new car loan versus one for a used automobile can work against us, too. It is a well known fact that the vehicle depreciates once that first mile has been accumulated. The largest percentage of depreciation occurs in the first two years. You are going to make payments on a new car loan during those first two years. The ideal would be to buy a car that was two years old. This way, you are not making payments for a depreciating vehicle.

Supporters of a new car loan would say that this argument is disputable. The vehicle will depreciate in value no matter what. That is the nature of automobiles so enjoy your brand new vehicle and relax.


Whether you are looking for Toronto new cars, Scarborough used cars or an Ontario auto loan, Canada Motor Car has the experience to help you.
We have helped thousands of people with bad credit obtain auto financing for their new and used cars. Dr Credit auto loan specialists are here to help you apply for an auto loan, regardless of your situation. We have on-site finance managers ready to help get your car loan pre-approved. With so many people applying for Canada car loans, we have become recognized as one of Canada’s fastest growing dealer groups.

Feel free to browse our inventory for Toronto used cars, Ontario new cars or Scarborough used cars to find the vehicle of your dreams. You can search our new and used car inventory online, get new car pricing and receive free no obligation price quotes.

If you want some valuable background before making any decisions, be sure to check out the informative articles on credit and cars. That information has been taken from our 60 years in the auto industry. If you still have questions look over the frequently asked questions to see if they're already covered.

You can contact us at 866-622-2475, request information online or stop by our Canada Motor Car dealer locations during normal business hours. Canada Motor Car wants to help you with all your auto needs.

Canada Motor Car, Canada’s premiere new and used car dealer! Located in Scarborough, Ontario. Canada Motor Car is accessible by all the major cities including, St John’s, Halifax, Moncton, Montreal, Ottawa, Peterborough, Belleville, Oshawa, Kitchener, Winnipeg, Saskatoon, Calgary, Edmonton, Vancouver and Toronto.

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