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How to finance a car? 

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How to finance a car? 
Autoplex Alberta

How to finance a car? 

Estimated Read Time:
5
Minutes
Are you interested in financing a new or used car but you are unsure how to successfully go about it? Looking to find out how to get approved as soon as today? Follow along with this article to learn the nitty-gritty of financing a car.

First things first… What is financing? 

Financing is applying for credit (a loan) to purchase a new or used vehicle through a third-party lender (such as a bank). When financing a vehicle, a payment plan is created for you to pay back this credit over time. Therefore, financing a vehicle makes it easier for you to get driving today, and pay for it slowly over time. With financing, you don’t have to wait to save up the entire price of a vehicle. 

 

Why finance a used or new car? 

Financing allows you more flexibility when looking to purchase a new or used vehicle and can even make vehicles you thought you couldn't afford, more obtainable. Financing provides more payment options for you and is available in small weekly, bi-weekly, or monthly payment plans. This plan can be adjusted to best fit your lifestyle and current personal finances. With only a small deposit, and small payments you can get that new upgrade or that dream car you always wanted.

What are Down Payments? A down payment is a small amount of money you put upfront to secure the loan. A down payment is an important factor to enhance your auto loan application and make sure you get approved (however, it is not always required). With financing, a down payment is the only payment required upfront to get approved and drive away with a vehicle.

Why is a down payment necessary? Down payments demonstrate to the lender (the bank) that you are a committed and responsible client that is capable of maintaining payments in the future due to your vested interest in the vehicle. A down payment helps applicants increase their chance of being approved. However, at Autoplex Alberta we like to give our clients options, therefore even if they cannot afford a down payment, low or zero down payments are an option that can be discussed with your Autoplex Alberta representative. But please know, not all applications can qualify for zero down payment.

Other Things to Consider! 

Another factor that is important to consider is your credit score. Your credit score will ultimately help identify your approval process and interest rate bracket. BUT don’t be worried individuals with low bad or even no credit scores still have the ability to be approved. Credit score plays a big factor in the approval process, determining payment plans, and interest rates. If you have bad credit, your process will look different than somebody with amazing credit, but you can still get approved at Autoplex Alberta. In the long run, financing provides individuals with low to bad credit scores and a lower budget the ability to get a new or used vehicle. 

Can financing improve credit score?

Yes!! Fulfilling monthly payments improves your individual credit scores by showcasing financial stability and responsibility. This can be a key factor for individuals with low, bad or no credit scores to consider financing a used or new vehicle. If you finance a vehicle and stick to making your payments on-time this will improve your credit score in the long run.

How Do I Get Started?

Getting started is easy! Simply navigate to the Autoplex Alberta Finance Application page (or just click the link below). Complete the 2 Minute online finance application as complete and accurate as possible and you’re done! Its is that easy! Autoplex Alberta will do all the hard work for you and everything we can to get the best approval for you. It is important to provide accurate contact information in case we need to contact you about your auto finance approval proposal and any questions or flaws in your application. 

Apply Today! Get Approved in Minutes.

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