Vehicle Depreciation

My Car Loan Online offers an introduction to depreciation of vehicles. Car buyers are concerned about the depreciation of their car value over time. If you are purchasing a used car, it is better that you grasp the concept of vehicle depreciation. While you pay retail the moment you purchase a car, it is only worth wholesale price when you drive off in it. Here, are some basic tips regarding depreciation.

In the first year, a car loses 15-20%
In the second year, a car is valued at 80-85%, after its value in the first year
And in the third year, the car is valued at 80-85% after the value of the second year

Canadian Car Loans
A new car, however, will depreciate significantly in the first year because; retail price has been paid on it. The wholesale value can be recovered once the car has left its lot. My Car Loan Online provides access to a group of dealers and lenders who are willing to offer a pre-approved car loan, as well as ensure you gain access to accurate evaluation in the trade-off. Our network has been successful at putting the interest of our customers first.

We have satisfied thousands of customers in the last several years with My Car Loan Online specialized lenders. Apply for our credit application now!

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Auto Loan Interest Rates

Auto loan interest rates in Canada are based on the amount and terms of the loan. With increased terms, the interest rates also increase. This is as a result of vehicle depreciation. The value of a car depreciates in the first few years, which makes it a risky choice for any lender to recover from. Therefore, low interest rates are offered on short term loans.

Interest Rates and Car Loans
If a borrower has a good credit score, long term loans may be a suitable option. Long term loans do not require high monthly payments. However, if a borrower has bad credit or past bankruptcy, the interest rates he will be offered may be higher.

My Car Loan Online provides its customers useful resources to find the best interest rates to suit their specification and budget. Interest rates vary depending on the individual’s circumstances. However, becoming informed about auto loan interest rates and how they affect your chances at obtaining a loan will help you determine which type of loan is most suitable. First, be aware of your budget and how much you can afford. Agree to terms and rates that you can live with. Take a look at our offers on My Car Loan Online, and apply for your credit loan application today!

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Best Month To Buy A Car

The consumer’s goal is to obtain the best possible deal, whether you are looking for a used car or new car. You can accomplish this mission with My Car Loan Online. Does the best month factor come into play when buying a car? Yes, it does!

The Best Day to Buy a Car
It is said that the end of the month is the best day to purchase a car. The dealer has been provided with incentives and quotas from the factory. The ‘stair-step’ program is once such incentive. At the end of the month, incase the dealer has not completed his quota, he will be eager to deal with you. So the best time to buy a car is the last few days of every month, when the dealer must complete his quota to meet the manufacturer’s requirements.

The best month to buy a car is in December. The story remains the same. The dealer is wrapping his yearly quotas, and in case of remaining stock, he will be taxed. The dealer is desperate to wrap up before the end of the year.

The best way to decide the best month and date is by reading useful resources available on My Car Loan Online. We are armed with expertise in auto purchasing and we guarantee you will not go wrong.

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Car Maintenance Tips

The most vital element of car maintenance is keeping your vehicle clean. Here, are several car maintenance tips.

  1. Clean the tires and body using separate cloth, so that the debris collected from the wheel doesn’t scratch the vehicle paint.
  2. Use proper cleaning products and a stiff brush when cleaning the car tires. This way you can remove the blackened front rims and brake dust.
  3. Avoid using household cleaners. Car cleaning products are specifically designed to keep the wax and finish in place.
  4. The rear generally accumulates the most amount of dirt; clean this area last.
  5. Use clean water to rinse the cloth regularly to avoid damaging the finish.
  6. Rinse the body thoroughly, including the fenders and wheels. Once you have a dry and clean surface, follow the directions of the manufacturer and apply the wax.

Car Maintenance Schedule

While keeping the car clean is vital, so is regular vehicle maintenance. Create a maintenance schedule and make certain you stick to it.

  1. Perform monthly checks for tire condition, inflation, lights, engine light, window washer fluid.
  2. Perform three months check for fluid, battery, automatic transmission, belts, oil and filter, engine air filter, fuel filter and cables.
  3. Perform six months check on polish and wiper blades, chassis lubrication.
  4. Perform twelve months check on cabin air filter, brakes, coolant, steering and suspension and spark plugs
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Auto Lease vs Purchase

Each individual’s needs provide the answer to auto lease vs purchase. When it comes to purchasing a car, it all depends on the borrower’s priorities. Leases and loans come with their positive points and negative ones.

Car Lease Financing and Auto Loans
There are a few major differences between the car financing and auto loan. In the case of car lease financing, the borrower is paying for the vehicle depreciation during the lease term. In case you purchase the car, you are paying for the cost of the car alone. This is one reason why you can obtain lower monthly payment on car lease financing than on auto purchase loans. The financing charges are included in the lease payment. You also pay interest on the money, which has been tied up for the car by the leasing company.

In the case of auto purchase loan, your payments are towards depreciation and interest as well as equity. Once the auto loan has been paid off, you can resell your vehicle and regain the equity. However, in the case of a car lease, the car is handed back to the dealer with you getting nothing.

Learn more about car lease financing and auto loans at My Car Loan Online. Our auto loans can be obtained by borrowers with good credit, bad credit or even bankruptcy. Apply today!

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Auto Loans In Canada

When you begin your search for auto loans in Canada, it is ideal if you are already aware of how much you can afford and what kind of vehicle you want. Be thorough in your research, as this will ensure you don’t fall for the first dealer when making a decision. Use the Canadian car loan calculator at My Car Loan Online to figure out the specific monthly payment and interest rate. The loan you take on must be one that you can live with thereafter. While long term loans and 0% car financing are two suitable options, be careful whom you deal with. There are dealers and companies looking to lure vulnerable borrowers with false promises.

Canadian Auto Loans
Car loans are considered a riskier bet than mortgages by lenders. Therefore, borrowers will find that lenders often charge high interest rates, mostly in cases of bad credit. Doing a check on auto loans in Canada is useful to the borrower. My Car Loan Online provides useful resources to borrowers to become more informed of the process involved and what the next step might be.

Apply for a Canadian auto loan today. Once you are ready, complete our easy to fill credit application. You will be contacted by one of our suitable lenders, within 24 hours, willing to offer you the best terms and interest rate.

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Best Auto Loan Rate

To obtain the best auto loan rates, you must first assess your own financial situation and budget. In Canada car loan terms and rates vary according to the borrower’s credit score and payment ability. The higher income and a good credit rating you have, the more likely you can obtain a bigger auto loan with a lower car loan rate.

When considering an auto loan, it is essential that you consider vehicle depreciation. The quicker your car loan is paid off, the less likely you will be stuck with a vehicle worth little. Avoid pitfall such as these, and use the resources available at My Car Loan Online. Our website is designed for prospective car buyers who seek auto loans. When it comes to searching for the lowest interest rates, it doesn’t get better than My Car Loan Online.

Auto Loan Rates
If you are unaware of all your options, obtaining a car loan can become burdensome. It is tempting to jump at the first offer; however, this could be a pitfall. Obtain the services of a car loan company such as My Car Loan Online that would assist you in getting attractive terms and interest rates. We give you a wide choice by connecting you to our group of dealers and lenders. Become pre-approved with our guaranteed auto loan. Fill out our application now!

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New Car Loan

In recent times, the car loan industry has been offering the consumer more options when it comes obtaining a new car loan. The main goal of these institutions is to attempt to include consumers of all types looking to purchase their new car, whether they have a bad credit score or not. Today, borrowers with bad credit, no credit or even bankruptcy can obtain a new car loan. My Car Loan Online has a group of dealers and lenders who specialize in offering car loans for any situation.

Canada New Car Loan
My Car Loan Online is a useful resource for borrowers looking to obtain a new car loan with attractive terms and rates. This process is simple; therefore, it is in the user’s best interest to take advantage of it. This is how it works;
First, fill out our credit loan application online. It is an easy to complete loan application. My Car Loan Online will submit your application to our network of dealers and lenders. These lenders will contact you within 24 hours with a pre-approved loan and their best new car loan rates.

Car Loan Rates
It is essential that you look at car loan rates closely. The terms and interest rates will determine your monthly repayment. My Car Loan Online will assist the borrower with helpful information on the best kind of loan that will suit your budget.

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0% Car Financing

0% car financing has become a success in the auto loans industry in Canada. In fact, this form of financing has been copied by the credit card and furniture industries, as well. Research according to the National Automobile Dealers indicates that only one third of borrowers qualify for this form of financing. Generally speaking the borrower must have a perfect credit score to qualify. Therefore, these borrowers in most cases overpay without bothering to negotiate. They assume that they have received the best deal.

The 0% financing is often considered one of the best auto loan rates in the car loan industry. This form of financing is followed by the clause “or $10,000 cash back”. This means that you opt to lose $10,000 cash when you sign up for 0% car financing, which equals the borrower’s actual cost.

Securing 0% Financing
The best method to secure an auto loan under 0% financing is to fill out a loan application at My Car Loan Online. Our credit application poses no hassle and is easy to complete. This process is for the borrower, whether they have a good credit, bad credit or no credit score. We will direct you to our network of lenders who will guarantee at securing the best terms and rates available. Without spending your time researching, you can spend it on searching for your dream car with My Car Loan Online.

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Getting Out Of A Car Loan

In certain cases, a borrower may realize that they are over paying for an overcharged loan, which is more than what the car is worth. This is known as the upside down car loan. A situation such as this can occur when a lender has taken advantage of a borrower with a bad credit score. If possible, the borrower must get out of a car loan such as this. To avoid further pitfalls, a borrower must use a reputable service such as My Car Loan Online, which will direct you to the proper lenders. If you have a need to get out of a car loan, you must be careful and void getting into a worse situation than the one you are currently facing.

Refinancing Auto Loans
First, decide whether you want to get out of the car loan entirely. Check if you need to pay pre-repayment payment penalties on your current loan. Refinance your loan which does not include pre-repayment penalties and offers a lower interest rate.

Next, decide the monthly payment that will suit your budget. Provide the lending institution your back up payment proposal. Instead of having your vehicle repossessed, check with your lender what they are willing to provide.

You can either sell your car to a family member of friend. However, the lender will have to approve the new owner. You can also sell your car privately, instead of having the dealer repossess it. As a final resort, you can hand over the car to the lender.

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