There’s no denying that wanting something and being able to pay for it often comes down to affordability.  Along with basic needs are things that we want and desire. More often than not, the only thing separating the two is the ability to afford them. 

Credit used to be something people took for granted; if you wanted something you couldn’t afford, you simply borrowed the money and made your purchase, but that formula has recently changed.  Today, credit is often associated with debt and/or living above one’s means: it has a stigma of risk associated with it that oftentimes is neither fair nor deserved.

Over the last year, the economic picture in Canada has remained extremely stable, especially compared to many other markets which endured tremendous uncertainty and losses.  Canadians are by and large fiscally conservative; we like to know our money is safe and aren’t very eager to risk it unnecessarily.

That’s why our governments maintain very high regulatory standards that ensure our credit markets don’t engage in questionable lending practices that led to the kinds of cash flow issues the United States and other nations recently saw which resulted in the economic crisis.

While so many other countries were facing severe market disruptions, credit continued to be available to Canadian consumers with little or no risk involved, which is what we’ve come to expect.  It’s this level of confidence in our financial markets which helped Canada to remain fiscally calm while other markets were riding through rough seas.

It’s also why credit in our country is not seen as a quick fix remedy for cash flow issues, but more of a financial option to be taken seriously when necessary.

That said, some people may have fallen victim to the economic downturn in which case their ability to get credit via conventional means (banks & other lending institutions) has become a challenge.

This is where United Auto Credit can help.  We provide car financing and auto credit for consumers with bad credit and who may have difficulty getting car loans because of it.  We take the hassle out of the car loan process so that you can buy the vehicle you need at a price you can afford.

Contact United Auto Credit or fill out an Online Auto Loan Application today to find out how we can make your credit issues a thing of the past.  Providing Bad Credit Credit Loans in Ontario.

As anyone applying for credit knows, your credit history can be a positive that helps secure a loan, or a negative that prevents you from getting one.

For many people, loans are the only available option for making purchases that require a large sum of money, such as a home loan, car loan or small business venture loan.

The most common reason such loan applications are denied is because of bad credit history, meaning that, in the past, an individual did not make good on payments they were responsible for.

Generally, this doesn’t include missing one or two water bill payments, although in some cases it might, but would definitely make you a bad credit risk if you missed 5 payments in as many months, or defaulted on the monthly fees for a new dishwasher or big screen television.

A lot of people make the mistake of thinking that buying on credit is the same thing as applying for credit, but it’s not.

When someone buys a car on credit, it means that they enter into a contract with the dealer for a down payment on the vehicle and agree to pay the balance on a month to month basis until the full value of the car is paid.

Applying for credit means that, in order to buy the car in the first place, you need to get the money for the down payment from a lending institution like a bank or a financing company.

Even though they are different financial transactions, they can greatly affect each other; if you purchase the car on credit, and fail to make your monthly payments, you can not only expect to have the car repossessed, but it will make it extremely difficult for you to secure any future loans to buy other items, as you will be considered a bad credit and loan risk.

If you are approved for a loan to buy the car, but default on your payments to the lending institution, then once again you’ll lose the car and you will also be judged to be a bad credit risk, meaning your chances of being approved for any future loans will be practically zero.

This is where United Auto Credit can help.  We specialize in providing auto loans for people considered a bad credit risk, those in bankruptcy or collections,  those with disabilities and/or new arrivals to Canada who have difficulty getting car loans. 

We make the process easy so that you can get a vehicle that fits your needs and have you on the road in hours, not days or weeks.

If you have bad credit and or looking for a car loan, Contact United Auto Credit  today: Providing bad credit car loans in Ontario.

In 2008, over 13% of North American consumers who intended to buy new cars actually bought used cars, up from 8% just over five years ago.

George Iny, president of the Automobile Protection Association, says that car buyers “are now looking at used lease returns, which drives up used car prices.”  Yet, despite higher used car prices, demand remains high.

In particular, Iny mentions good deals to be had in the SUV and entry-level luxury markets.  For example, a used Infiniti G35 was recently selling for $8,000 less than a comparable BMW 3-Series, still a great value.

Iny notes that the best used car deals can found in the used domestic midsize cars and minivans which, as Iny says, are still priced well below market value.  A 3 year old Dodge Caravan can be found for less than $9,000; or, about 1/3rd the purchase price when it was new.

Another reason that domestic products are priced lower than their non-domestic counterparts is due to lower demand for domestics.  As well, buyers fear the high cost of repairing transmissions and air conditioners after the warranty expires.

To prevent costly repairs down the road, consider aftermarket warranties for used cars.  “Certified” programs by manufacturers have gained favor and do offer peace of mind.  That said, be prepared to pay more for used car certifications.

For those looking for an affordable used car, used car warranties and/or used car financing, Contact United Auto Credit today.  Providing used car loans and financing in Toronto, Ontario for those with bad credit, bankruptcy issues, collections, disabilities or who are new to Canada. The process is easy, lets you choose the car that fits your needs and is designed to get you driving again in a matter of hours.

The executive director of CarHelpCanada.com and host of CP24’s Auto Shop, Mohamed Bouchama, says that “Used car prices are starting to go up.”

New cars are not selling well and, as a result, new car dealers are bidding up the prices at used car auctions to fill their lots.

According to Bouchama, “Prices are $1,000 to $1,500 higher than they were a few months ago.”  He goes on to say that “The independent lots can’t even get used cars because the franchisees are outbidding them.”

To survive consumers’ shift from new to used cars, a number of former new car dealerships are transforming themselves into used car dealerships.

Traditionally, used car sales have always helped retailers to offset the low profit margins on new cars.  For example, the average margin for the dealer on a used car is $1,800 to $2,200.  On a new car, it’s closer to $1,000 to $1,200.

Combined with the fact that leases are becoming costlier and more difficult to come by in these times, dealers are stocking their lots with used cars and directing returning lease customers there, where it’s much easier to finance an affordable vehicle; albeit used.

For those looking for an affordable used car and/or used car financing, Contact United Auto Credit.  Providing used car loans and financing in Toronto, Ontario for those with bad credit, bankruptcy issues, collections, disabilities or who are new to Canada. The process is easy, lets you choose the car that fits your needs and is designed to get you driving again in a matter of hours.