- Why should I finance through your dealership, and not through my bank?
BETTER INTEREST RATES! Because of the large volume of loans we process our rates tend to be better based on our great relationships! In many cases the interest rates we offer you are lower than those a bank/credit union branch can offer. CONVENIENCE! When you allow us to act as your bank, you avoid the multiple trips it may take to obtain and finalize a loan at your branch. You will experience the "one stop shopping: convenience. We are open at all times to process a credit application. You simply sign your documents when you return to pick up your vehicle.
- What is the difference between a "fixed" and "variable" rate?
A fixed interest rate means that the interest rate stays the same (locked in) for the term you select. A variable interest rate (also known as a floating or fluctuating rate) means that the interest can go up or down during the term of the loan agreement.
- Why shouldn't I use my line of credit?
There is no protection from the "floating" interest rate attached to your line. The bank can reserve the right to increase your rate at any time. Your line of credit payments may be structured as "interest only." Although this may seem convenient and affordable; it can also become a trap where you become comfortable paying the lower amount each month, yet you NEVER PAY DOWN THE BALANCE OWING! A fixed rate conditional sales contract guarantees a regular payment reducing the balance, and frees up your Line of Credit to use for home repairs, investments, weddings or even a vacation!
- What happens when I wish to pay off my loan early?
Our Dealer Plan loans are Conditional Sales Agreements (C.S.A) which are loans that can be paid off at any time without interest, penalties, or service charges. You simply take your contract into any branch of the bank holding the loan and pay it off when you feel comfortable doing so
- How do I make my payments?
Upon signing your bank documents, you will provide to the dealership Finance Manager a VOID CHEQUE which will be forwarded with your paperwork to the bank. Nothing too difficult there!
- Can I "protect" my family should something happen to me?
We are proud to offer you affordable life and disability creditor insurance packages. With life protection, in the unfortunate event that the purchaser dies before the end of the loan period, the remaining balance is paid off by the insurance carrier. And, with disability protection, the loan payments are made by the insurance company directly to the bank should illness prevent you from working.