Nov 08

What It Means To Be Upside Down In A Car Loan

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What does it mean to be upside down in a car loan in Bancroft?  This is the term lenders and car sales people use to mean that you owe more on the car than the car is worth.  This predicament is becoming more common because the last number of years has seen sellers offering low interest rates and incentives to purchase new vehicles off the lot.   The current economic climate has also made things more difficult for buyers, making upside down car loans in Peterborough more common.

Whatever the reason you may be wondering what your options are if you owe more on your vehicle than the vehicle is worth.

The easiest option, so long as you can afford your car payments, is to keep the car until the loan is paid down.  At some point the amount left on the loan will be lower than the value of the car.  Then the car will be easier to trade in for a new vehicle.

If you can’t make the payments because they are too high, you may be able to purchase a new car and trade in the old.  Even if you owe more than the trade-in value, some dealers with add the amount you owe on the old car to the new loan and finance the total for a longer period.  This can have the advantage of lowering your payments so that they are more manageable.  However, in reality you are making payments on two cars—the one that you traded in as well as the new one.

If, however, you are able to find a new car that has an incentive offer that is the amount you owe over the value of your current vehicle then you can use the incentive to cover what you owe.  This can be less risky than rolling over the debt into a new can loan, but vehicles with incentives can depreciate quickly which could leave you in the same predicament you are now, upside down in a car loan in Pembrooke yet again.

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Aug 03

Get Your Next Quality Used Car At Bancroft Motors

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If you are in the market for a used car in Peterborough and are looking for more information about used cars, buying policies, or dealerships, then we invite you to take a closer look at our Web site. Our Web site is loaded with information that can help you find the right used car for your needs, find the best prices for used cars, and start the process of getting a used car loan in Bancroft.

Here are just a few ways that you can use our Web site to learn more about getting a used car:

Inventory

Whenever you buy a large item, such as a used car, it is important to be sure that you know as much as possible about that purchase before you buy. In order to help you get as much information as possible about our huge inventory of used cars, we have a Web site that is loaded with photographs and information for each of the used cars in the lot. This online inventory includes specific information about our used cars, including information about mileage, accessories, year of the car, and more.

Trade-in

Many of our customers trade in their existing cars for a percentage off of the cost of the new used cars that they buy from us. If you think that you will be trading in the car that you currently own when you buy your new used car, then take a look at our online trade-in evaluator in order to get a general idea of how much money you could save by trading your used car in. We have a link to the Canadian Black Book, which provides approximate values for used cars. Of course, we’ll be able to tell you more information after as inspect your used car!

Credit application

Many of our customers also take out loans in order to buy their used cars in Bancoft. If you think that you will be taking out a used car loan, then start the process from the comfort of your home or office by completing our online credit application. The online credit application will help us to learn more about your financial history and specific financial situation. We can then use this information to develop the right loan for your needs.

We look forward to helping you get the best used car for your budget and lifestyle. Contact us today for more information or to get started!

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Jul 25

Car Credit – Your Options

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Car loans are an all encompassing term for the how’s and whys of financing the purchase of a vehicle. Its ambit covers loans, payments options, car refinance and leasing. It’s a complex subject so let’s look at a few fundamentals you need to understand before venturing out into these waters.

Do you have the option of going in for a secured loan? Secured loans are offered against collateral such as fixed assets or property and the interest rate is lower than for unsecured loans. However, since unsecured car loans in Bancroft are easy to come by, you may prefer to keep the secured loan option for some other purpose.

Before applying for car loans in Pembrooke get a copy of your latest loans report and fix any issues which may have a negative impact on a potential lender.
Car loans covers both buying and leasing. Leasing is cheaper, but what you get is the right to use a car for the lease period after which you give it back to the leasing company. You have not bought a car and it is not your property.

Be careful in filling out your application for car loans in Hastings. The application will be checked in detail and an honest error may appear, to the finance company, as an attempt to mislead them.
Research all the car loans options available to you but do not make multiple loan applications. These will be reflected in your loans report and may make it seem that you are desperate for a loan which may make potential lenders wary.

Getting a loan through a car dealer is usually quick and easy since the dealer knows the finance companies well and knows how applications are evaluated. He will be able to guide you on how to apply and the pitfalls to avoid.

Be realistic in planning your purchase and monthly installment budget. It is tempting to go in for a great sounding offer that will allow you to buy a car you never thought you could afford. But the bottom line to use for evaluating any car loans offer is how much you will be paying every month and how much is towards the car and how much is interest in the loan.

Prepare a budget you are comfortable with. Do not fall into the trap of availing of higher car loans in the expectation of increased income in the future. Base your planning on what is, not what will be.
At the same time, remember that taking car loans for the maximum time possible may reduce your monthly payments, but the longer duration of the loan will increase the amount you will be paying in interest.

Keep accurate records of everything – your down payment, all extra expenditures like insurance, registrations and so on, your monthly installments etc. In case of any disputes with the finance company, you have all the information you need with you.

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Dec 14

Car Financing or Leasing?

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If you’re in need of a new vehicle or used car in Peterborough, you’ve probably considered which would be the best option, which is either to get a car loan in Bancroft vs car leasing.  There are a lot of things to think about, but the central point is whether you want to own the car, or just want to keep paying for your method of transportation.

This is an important thing to decide, but you also need to make your choice as soon as possible. The worst situation you can get into is deciding to lease a car and then changing your mind later on, at which point the costs will be considerably higher than if you had just decided to buy in the first place.

This line of thinking lends itself more to buying a car than renting one. You should expect to drive around 22 000kms a year and to pay your loan off in four years. As such, you’ll only have 89 000 kms at the point where you can stop paying, and have many more kilomoeters to go for free.

Still, there are things that might push you to opt for a lease instead. It can be very nice always having a new car, it terms of both aesthetics and safety. In terms of money, you’ll reduce both your down and monthly payments, and you won’t have to worry about taking on the costs of repairs down the line.

Do keep in mind that the payments won’t stop coming, the way they would if you had bought your new or used car in Peterborough. Some people really appreciate being able to say their vehicle really belongs to them. You shouldn’t back out of a lease once you get into it, so above all, you must always know you’ve made the right decision. In the end getting car loans in Bancroft or car leasing in  comes down to preference, so there really is no wrong solution.

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Jan 12

Top 3 Reasons to Buy Your Used Car from Us

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When it comes to buying a used car in Belleville, we know that you have many options to choose from. That’s why we work hard to provide service, selection, and solutions that will make it easier than ever to afford the used car of your dreams.

Here are the Top 3 reasons that we think you should buy your used car from us:

Selection

No matter what kind of used car in Peterborough you’re looking for, it’s important to be sure that you have options to choose from. Having the right used car buying options can guarantee that you are completely happy with your used car choice for years to come. Plus, having plenty of cars to choose from can also help to ensure that you’ve done the research to know what’s possible. We have a wide variety of used cars for you to choose from. Begin your search online by looking through the used cars in our inventory, or come on down to our dealership to see which used cars from our lot may suit your needs. We look forward to showing you what’s available!

Great financing

The majority of our used car customers use our extensive financing program to help them afford to buy the right used car for their needs. Our financing program is multi-faceted and comes complete with options to help you afford to buy used cars with a loan, trade-in, special rate, and more. Get started learning more about which used car loan in Bancroft  may apply to your financial situation and needs by completing our credit application online or in person in our dealership!

Service

We provide excellent service on all of our used cars. This service begins with a complete inspection, which we perform before we put the used car on the market. Once we complete this inspection, we are confident that the used car is durable and will perform exceptionally well for years to come. However, we attach a warranty to every used car so that you can have peace of mind that your used car will continue to perform as you expect.

Contact Bancroft Motors today at www.bancroftmotors.ca  for more information about our used car buying program or to learn more about how we can help you get the right used car for your needs that will last for years to come!

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Jan 02

HAPPY NEW YEAR!!

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Happy New Year to all of our customers,  from the Bancroft Motors team.  We wish you and your family all the best in the coming year, and look forward to serving you in 2011.

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