With the average price for car models listed above at reaching $25,000 and the average price for trucks and suvs at around $30,000, most residents of Toronto turn towards auto financing as their primary option for vehicle purchase.
There are many advantages and disadvantages when it comes to choosing auto financing as a means of buying a vehicle. Let’s take a look at some of them:
In summary, auto finance is a balancing act filled with its own merits and pitfalls. It can get you a better quality of vehicle that you otherwise won’t be able to afford. Conversely a less than ideal car loan can really throw a wrench in your finances, leaving you in a financial hole that you’ve dug for yourself.
Regardless of the choices you make, the most important thing is that you know what you’re getting into. Always do your research and due diligence in order to choose the best car loan option that suits your needs.
Car loans vary depending on who you approach for auto financing. However, there are three basic factors that you should always consider:
These overarching concepts should act as a guide whenever you plan to take out a car loan. In theory, you can compute the exact amounts that you’ll be spending for the duration of paying back a loan.
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Forbes Magazine recently ranked Toronto in the list of top ten most economically powerful cities in the world. Manufacturing, technology and finance are currently booming in the city, making it an attractive destination for people with a career in those fields.
Toronto is one of the most vibrant cities in Canada, which is brought about by a diverse and immense population. The city not only dances to the beat of thriving businesses, it is also considered as a global hub for art, music, sports and culture.
Sports teams such as the Raptors and the Blue Jays, as well as musical artists Neil Young and Drake, are Toronto names known all over the world. Meanwhile, Toronto’s CN Tower is hailed as one of the Seven Wonders of the Modern World. For those looking for a more natural landmark, Toronto is situated on the northwestern shore of one of the Five Great Lakes of North America, Lake Ontario.
All things considered, it’s safe to say that there won’t be a shortage of places to visit, people to meet, and things to do whenever one is in Toronto.
Despite being dominated by infrastructure and development, Toronto still comes in as the fourth-most livable city in the world. It scored perfect 100 marks in three of the list’s five major categories, namely Stability, Healthcare, and Education.
In the other two categories: Culture & Environment as well as Infrastructure, Toronto managed to notch 97.2 and 89.3, respectively. Heavy traffic caused by a large number of vehicles is a pet peeve for people living or visiting the metropolis. In fact, the section of Highway 401 which crosses Toronto is considered as one of the widest and busiest highways of North America.With all this being said, here are some of the pros and cons of living in Toronto:
There you go, we’ve laid down all of the things you need to consider when thinking about living in Toronto.
It’s no secret that Toronto residents love their vehicles as much as they love driving. In fact the city has hosted Canada’s largest auto show at the Metro Toronto Convention Centre since 1974.
As a busy metropolis that’s sure to entail a lot of driving around, it’s probably practical to choose a city car when in Toronto. Here’s a list of some of the most popular sedans driven in and around the city:
Toronto is known for its warm and humid summers with plenty of rainfall. Wintertime, on the other hand, is considered as particularly harsh; with sub-zero temperatures and snowstorms abounding in the winter months. For these reasons, these rough and rugged vehicles have gained popularity:
Along with paying off your loan, you should also be ready to take on additional expenses associated with owning a car. These extra costs are inevitable, and is oftentimes just as important as setting aside a budget for vehicle purchase.
In addition to all these, all vehicles are subject to depreciation. As a rule of thumb, the value of a vehicle is reduced by 20% per year. Car owners should be particularly mindful of depreciation if they’re planning to sell their car after a certain number of years.
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Now that we’ve covered the foundations of a car loan and the costs associated with owning a vehicle, we can proceed to the biggest factor in securing auto financing: credit rating.
There are many considerations when it comes getting a high or low credit rating. This includes:
A low credit rating not only determines eligibility for a car loan, it also determines interest rates. The better your credit rating the more you can negotiate lower interest rates for your car loan.
On the flip side, people with low credit score must make do with higher interest rates.
An individual’s credit score ranges from 300 to 900 and is the primary basis for creditors when it comes to evaluating a loan application. In a nutshell, this is what you can expect if you fall under a certain range:
Along with having a poor credit score, there are other factors that creditors will look at when considering your loan application:
If you’ve been rejected for a car loan because of bad credit, no credit, or any of the reasons listed above, there’s no need to fret. Residents of Toronto can still get auto financing as long as they have these three requirements:
Fortunately for Toronto residents, you can easily access our online application with your computer or smartphone. The process takes 30 seconds or less to accomplish!
Filling out the online application is divided into three simple steps:
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