Car Finance and Auto Loan News and Blogs

average monthly car payment canada
Average Monthly Car Payment in Canada: What Affects Them? 30 January 2024

When purchasing a car in Canada, there are several things you should keep in mind such as understanding the average monthly car payment in Canada which can help you in planning your budget effectively. To provide you invaluable insights, JourneyApproved made an in-depth analysis of the current trends and statistics in Canada. Factors Affecting Monthly […]

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how much is a down payment on a car
How Much Is A Down Payment On A Car Loan? 17 January 2024

Do you know what do you need to finance a car in Canada? One of the crucial things is a good amount of down payment. Because when you buy a new vehicle, you are doing one of the biggest investments of your life. Purchasing a car is probably the second biggest investment after a home for people in Canada.

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new car versus used car
New Car versus Used Car! Which is the Best Option in 2024? 10 January 2024

As a Canadian, you always heard about what should be your choice between a used vs new car. Here we are exploring both options for you, so you can make an informed decision and get to know if is it better to buy used car or new car.

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how to negotiate car price
How To Negotiate Car Price When Buying? 29 December 2023

Wondering if can you negotiate new car prices? Well, negotiating is a skill everybody needs to work on to save those dollars confidently at the negotiating table. The best way to negotiate car price can make a significant difference in the overall price of your car, decrease your monthly payments and also provide you various other benefits.

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how to pay off auto loan faster
How to Pay Off Auto Loan Faster? 22 December 2023

Simplifying rides with pay off auto loan faster options can be the right move for many people who don’t have extra money to purchase a car on their own. Even if you qualify for a car loan in Canada with the best rates possible, knowing how to pay car loan faster could help you to save money.

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how much credit score is required for car loan in Canada
How Much Credit Score is Required for Car Loan in Canada? 15 December 2023

The credit score for car loan depends on several factors and differs from lender to lender. Mostly traditional lenders such as credit unions and banks have credit score requirements that may range from 600 to 700. The minimum credit score for car loan in Canada may be between 300 and 600.

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average car loan interest rate in Canada
What Are Car Loan Interest Rates in Canada? 6 December 2023

A car loan is one of the easier loans to be obtained as there is an asset attached to it. It is a secured loan; therefore, getting approved for a car loan with favorable interest rates is possible as long as you know its eligibility requirements and also do thorough research.

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inflation affects car loans in Canada
How Does Inflation Affect the Auto Finance Rate in Canada? 1 December 2023

Inflation rate is the rate at which the general level of prices for goods and services is increasing, and the purchasing power is subsequently falling. The purpose of central banks is to avoid deflation and keep the economy away from falling into crisis. Inflation has affected the car loan rates in Canada in many ways.

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What is the Average Car Loan Length Discussion
What is the Average Car Loan Length in Canada? Find Your Answer 24 November 2023

The average car loan length can vary from 72 months or 6 years. It primarily varies from as short as 12 months to as long as 96 months. Many lenders offer car loan tenure in 12-month increments.

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