Category Archives: FINANCING

How much can I Afford for a Vehicle?

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Posted on Jul 5, 2016

How much can I afford

 

Before entering a dealership, you should first take the time to figure out how much you can afford on a car. When budgeting for a vehicle, it’s important to take multiple factors into consideration, and not focus solely on the loan payment.

 

Below are four things you should consider when calculating your monthly car payment:

 

Loan Payment

 

To determine your loan payment, you’ll need to consider the value of your trade-in, the value of the vehicle you’re purchasing, the term of the loan, finance rate, and down payment.  If this seems a little over your head, there are a number of car loan calculator tools available online to help you out.

 

The best way to lower your loan payment is to put down as much as you can up front. It will be tough to see your hard-earned savings disappear, but it’ll also cost you less in the long run, as you’ll be paying a smaller amount in interest.

 

Also remember that the longer the loan, the more you’ll be paying in interest. Even if you can’t afford a large down payment, you should at least do everything in your power to shorten the length of your loan.

 

Insurance

 

Considering you can’t legally drive without insurance so make sure to include it in your monthly car budget calculation.

 

If you feel strapped for cash, it should be noted that there are ways of lowering your insurance payment, such as raising your deductible, lowering your premium, and/or bundling your insurance together.

 

Maintenance

 

 

While most maintenance costs are often unforeseen, it’s still important to budget in case a problem arises. Look at your bank statements to determine how much you spent on repairs over the course of last year, and divide that figure by 12. This should give you a rough estimate of how much you’ll need to budget for your new car.

 

Don’t forget to also set aside money for oil changes and the occasional car detailing.

 

Gas

 

If your commute to and from work is more than an hour, you’ll likely be racking up a considerable gas bill by month’s end.  For many commuters, their gas bill is the most expensive cost in their budget, with some individuals spending between $200-300 per month on fuel.

 

If you feel you spend too much on gas, you should strongly consider looking at vehicles with good fuel economy ratings.

 

The Benefit of Budgeting

 

If you know your monthly budget ahead of time, you’ll know which vehicles you can actually afford, and won’t waste time at the dealership looking at expensive models.  Ideally, your monthly budget should not exceed more than 20% of your income.

 

Everyone may want the car of their dreams, but being strapped for cash simply doesn’t make it worth it. Too many people make the mistake of treating themselves to a vehicle out of their budget, and are surprised later on when they realize they cannot afford it.

 

 

What is CarProof and why do I need it?

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Posted on Nov 14, 2013

Carproof History Reports

 

All CarProof reports contain 8 sections (report summary, report findings in chronological order, accident collision and damage details, lien status, Canadian registration and branding, stolen vehicle check, important records and other records)

 

The report summary offers a quick overview of the history most buyers are concerned about when buying a used car such as information regarding accidents, current debts registered against the car, information regarding what provinces the car has been registered in as well as if the car has ever been registered in the United States.

 

The second section is report findings in chronological order this offers the list of details that CarProof has on the car. This includes registrations, emission test results, accidents and any other information relevant to the vehicle. Also included in this section will be the dates of the events and the odometer reading that was recorded at the time of the event. If any of the events in this section offers more in-depth details then the brief overview you can click on the event to open a sub screen showing the information.

 

The third section is accident, collision and damage detail offers 4 sub-sections(police reported accidents, accident/damage estimates, insurance claims and other damage records) this sections shows if the car has been in an accident, has had any work or an estimate from a body shop or has had any insurance claims.

 

The lien status section of the CarProof provides information on current debts on the vehicle. This is very important as the debt follow the vehicle and not the owner, if a lien is registered against the vehicle the company or individual that holds the lien has the legal right to the car until the debt is paid.

 

The fifth section of the report is Canadian registration and branding shows what provinces the vehicle has been used in as well as the type of use. This area will tell you if the car has been a rental, used by the police, as a taxi or any other special uses other than a personal vehicle.

 

The stolen vehicle check section of the CarProof simply shows if the vehicle is currently reported to the police as stolen.

 

The seventh section is the import record and will give you any information regarding the import and export records between the United States and Canada.

 

The final part of a CarProof is other records and will show any information that can be provided that is not categorized above such as know defects with the car.

 

NewRoads provides a CarProof report at no cost to you on all used vehicles and is just another way to assure your safety and security on your search to find new roads.

 

 

Bad Credit Car Loans | Getting Started

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Posted on May 6, 2013

Bad Credit Auto Loans in Newmarket

 

Credit problems can happen to any of us, we’ve designed our NewRoads Credit program with this in mind.  Here is how you get started with getting you and your credit back on the road…

 

What You’ll Need to Bring

 

All buyers should bring a valid Ontario Drivers license, a current paystub, and a void cheque or a stamp debit form. Different financing companies may require additional documentation, so you may want to contact a Chris Kitchen, NewRoads Credit Manager for a complete list of what you’ll need to purchase your next car from NewRoads Automotive Group.

 

The Financing Process

 

NewRoads Automotive Group offers a simple, up-front car financing process. In just a few easy steps, you could be on your way towards owning your next car.

 

1. Complete a quick credit application

2. Determine your budget, your pre-approval only takes a few minutes.

3. Select the best vehicle that suits you and your family needs

 

How it Works

 

We have helped many Canadians like you to get approved for car or truck financing regardless of the credit history. Not only can help you get the financing you require. Your credit history is being established or restored. So how does that work?

 

We are rebuilding and reestablishing, your current credit back into good standing.

 

Our advisers have leverage with Canadian top lenders due to our volumes and diligence with all our clients to get you competitive interest rates and better terms for whatever your credit history might be.

 

We also have access to inventories of thousands of competitively priced vehicles and work closely with you to get you the right vehicle.

 

Our process is quick, our experienced staff is highly trained and professional, and your file details are confidential. Fill out a quick form for a no obligation quote and a professional advice.

 

Applying is 100%, private and confidential as well it’s free and you have nothing to lose. Try us today!

 

We also specialized for applicants that are either a sub-contractor or self-employed.

 

 

Tips for getting a Car Loan with Bad Credit

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Posted on May 6, 2013

Find New Roads Newmarket

 

Tips for getting a Car Loan with Bad Credit

 

How to get a car loan with bad credit tips from NewRoads Automotive Group. We’ve come up with some tips for what to do, and what to avoid when getting a car loan with bad credit.

 

Be Prepared before you apply to get a Car Loan with Bad Credit

 

The best car loan tip you will ever get is to be prepared. Assemble any loan information that may be requested before you apply to get a car loan with bad credit. Even though you may not need to provide more financial information, it is best to be prepared just in case. Car loan lenders are more receptive when a customer provides them with requested information immediately. Being prepared gives a good impression to get a car loan with bad credit.

 

Possible information includes copies of pay stubs, current bills showing present balances and other documentation that verifies your finances. If you are not prepared with this type of information, it makes you look disorganized when you apply to get a car loan with bad credit.

 

Be Honest when you apply to get a Car Loan with Bad Credit

The biggest deal killer is when the car loan lender is lied to. In fact the 1% we turn down is usually when we encounter a customer who fabricates the facts. This is not how to get a car loan with bad credit. We all make mistakes and a lender appreciates the truth when you apply to get a car loan with bad credit.

 

Be Realistic about your budget BEFORE you get a car loan with bad credit

Before applying to get a car loan with bad credit, figure out your budget and be realistic about what you can afford. Having a budget lets the car loan lender know what your comfort zone is. There is no benefit to anyone if you buy a car and can’t afford the car loan.

 

For some people with bad credit, a car loan will enable them to make additional income or revenue. This is one of the best reasons to get a car loan. If applicable, be sure to mention this when you apply to get a car loan with bad credit.

 

Use supporting financial information to bolster your chances of getting better loan rates. If a car loan means you can make more money a, To Whom it may concern letter from your employer along with a ballpark figure on the revenue increase anticipated will help your cause. Something like this shows you are organized and a lower risk and a good example of how to get a car loan with bad credit.

 

Don’t procrastinate when it comes to getting a Car Loan with Bad Credit

 

Some people procrastinate getting a better car, even though they know their current car is on its last legs. This often results in panic when their car finally dies. This is not the best way to get a car loan with bad credit.

 

Instead of procrastinating give us a call or use our easy credit application on how to get a car loan with bad credit.

 

Used Car Prices

Used car prices are influenced by a lot of factors such as mileage, age and the general condition of a used car. High, low and average car prices for example are based on these factors and more. Carco has some tips on prices of used cars.

 

Condition and Used Car Prices

The condition of a used car directly affects the price. If the used car is in mint condition with low mileage then it will fall into the high price category for the particular make and model. On the other end of the scale, if a used car is a rust bucket then it may only have salvage prices.

 

Brand, model and year also affect used car prices

 

Tied in with condition and used car prices is the history of a specific brand, model and year. Some brand models have excellent reputations for safety and reliability. However, some models built during specific years are known lemons with a history of recalls and repair bills. Used car models with a reliable track record retain their value more and have higher used car prices.

 

Used Truck prices versus Used Car prices

 

Usually a truck will hold their value more than a car. There are more commercial buyers looking for used trucks as they can generate instant revenue. Just because a certain truck model holds it value doesn’t mean your car will even if it is the same brand. Used truck prices are higher than used car prices.

 

Regional demand affects used Car Prices

Used car prices are affected by where you live. If you live in the far north trucks are usually the preferred type of transportation. In this case used truck prices can be significantly higher than used car prices. If you are located in southern Alberta, cars are more in demand and have higher used car prices.

 

Have questions about used car prices?

Don’t hesitate to ask. The points above are just a few of the factors that determine used car prices. NewRoads Credit Manager Chris Kitchen can answer any questions you may have or request a call about used car prices.

 

 

Financing a Used Car with Bad Credit | FAQ

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Posted on May 6, 2013

Bad Credit Car Loan Financing FAQ

 

FINANCING A USED CAR

 

When financing a used car, we’re often questioned about bad credit car loan financing for used cars.  The NewRoads Automotive Group provides bad credit car loans so we are taking this opportunity to answer frequently asked questions on financing a used car. If you still have questions or concerns you can contact NewRoads Credit Manager Chris Kitchen, give us a toll free call or use our contact form for information on financing a used car.

 

FAQ – FINANCING A USED CAR WITH BAD CREDIT

 

How will my bad credit affect me financing a used car?

The answer depends on the circumstances surrounding the bad credit. A divorce for example usually results in some major life changes and it is perfectly understandable that someone’s credit will be affected. We usually find that with many people a major event or events like job loss are the reason most have bad credit. Financing a used car with bad credit is easy with NewRoads Automotive Group and we have a 100% approval rate.

 

What does a Bankruptcy do to my approval chances in financing a used car?

For NewRoads Automotive Group it doesn’t matter if you are discharged or still in bankruptcy when financing a used car. We see a bankruptcy car loan as an opportunity for our customer to rebuild their credit and a start fresh. Ask NewRoads Automotive Credit Manager Chris Kitchen to provide more details when financing a used car.

 

I don’t have any credit. Can I still apply for financing a used car?

Yes. We are always interested in financing first time buyers. NewRoads Automotive Group is also a great way to build a credit rating.

 

Is my car financing application information secure?

This website employs Extended Validation secure socket layers to protect your confidential information. When financing a used car with NewRoads Automotive Group you can be assured your private information remains private.

 

How long does it take to receive a response to my financing application?

20 MINUTES during regular business hours. This is not a typo. Financing a used car with NewRoads Automotive Group is fast. NewRoads Automotive Group is a direct lender so we don’t need a couple of days to find a lender when financing a used car. Regular business hours are 9am to 9pm Eastern Standard Time. Monday – Thursday Friday – Saturday 9am-6pm Closed Sunday

 

Are there any fees or obligations when applying for car financing with NewRoads Automotive Group?

No. Our car financing application is completely free. You are under no obligation to purchase.

 

How much can I borrow when financing a used car?

When financing a used car with NewRoads Automotive Group you can borrow any amount based on your ability to repay. Credit Manager Chris Kitchen  will be able to give you a quick answer once you have submitted your financing application.

 

What happens if I change my mind about financing a used car?

You are under no obligation to proceed when applying for financing a used car.

 

What is a Subprime Auto Loan?

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Posted on May 6, 2013

What is a subprime auto loan?

 

What is a Subprime Auto Loan?

 

A type of auto loan approved for people with lower credit scores or limited credit histories. There is no official credit score for prime versus subprime, but it should be noted that these loans carry  interest rates based on year, mileage, and credit history.

 

A car payment is an excellent way to build credit. By applying for a subprime auto loan, car owners can begin the process of repairing and rebuilding their credit so that in the future loans can be secured with the best terms and prime rates. Subprime auto loans provide the opportunity to purchase a car in spite of a bad credit history, and the opportunity to make scheduled payments in order to improve credit history.

 

Auto Loans Approved within 2 Business Days

 

Once you have submitted your online credit application, NewRoads Automotive Group will work hard to earn your business and get you the best approved in a timely and a prompt manner. You will receive a confirmation email immediately and customers have been approved as quickly as 5 minutes, from speaking with our credit department.

 

Subprime Car Loans are Easy

 

Just because you are applying for subprime car loans doesn’t mean you should receive subprime service. NewRoads Automotive Group loans are easy, fast and we treat our customers with respect. You will receive a call from a NewRoads Automotive Credit Manger  within 20 minutes after you submitting an online subprime credit application.

 

With a 100% approval rate on subprime car loans a NewRoads Automotive Group professional will be able to give you options. NewRoads Automotive Group has hundreds of cars or trucks in stock in Ontario Canada. Our used cars are inspected and repaired prior to sale. We also offer warranty and WalkAway Insurance on used cars purchased through our subprime car Department.

 

NewRoads Automotive Group is a direct lender, which means we don’t shop subprime car loans for another lender like most of our competitors. When you deal with NewRoads Automotive Group you are dealing direct with the lender. Also our NewRoads Automotive Group professionals are fully experienced in all aspects of subprime car loans.

 

Questions about Subprime Car Loans?

 

A NewRoads Automotive Group professional would be pleased to answer any question or concerns you may have about our loans. You can call our toll free number at 1-877-273-1880.

 

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