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Your vehicle is one of those things that you depend on in your life; you require it to be reliable and safe at all times. When you first drive off in your new vehicle, you are only thinking of good days ahead. Unfortunately, cars don’t last forever, especially here in Ontario where harsh weather and road conditions can really take a toll on your vehicle. There will come a point where you need to start looking into purchasing a new car whether you’re ready financially or not.
If you’re in the market for a new car, whether it is brand new off the lot or a previously owned vehicle, there are obviously a lot of things to consider during the purchasing process. One of the biggest considerations though is the price of the vehicle. Simply looking at the sticker price isn’t enough information, as most people aren’t going to be able to pay for the car up front with cash. What that means is that you’ll need to look into a car loan, and be aware of what that sticker price means in terms of your monthly or bi-weekly payments.
Not All Loans Or Lenders Are The Same
Because you will need a car loan, it’s important to start looking around at loans and lenders well before you are ready to make a purchase. What people often don’t realize is that not all loans and lenders are the same. The repayment terms and the interest rate can differ dramatically from one lender to the next, so this is information you want to gather right from the get-go. Just like credit cards, car loans have varying interest rates.
Make Use Of The Auto Finance Calculator And Get Instant Answers
Imagine if there was a way to enter in a few details and then instantly be given an answer on what you’ll be paying for your car loan. Well, thanks to LendingArch, there is no need to wonder, as our car loan calculator can do just that. This car payment calculator for Ontario drivers allows you to key in a few basic details and then it provides you with an instant equation on what you will be paying each month. The auto loan calculator is a great way to help you set your budget in the first place and feel comfortable in what you can afford.
What Details Are Needed?
The details you’ll need to enter into the car loan calculator tool are not too specific. You don’t have to know the make and model of the vehicle, just the basics in terms of the price, the interest rate, and the amortization period (the length of time you will take to pay it back). From there, the calculator will do its magic and provide you with an answer.
LendingArch Takes It One Step Further
Once you follow the steps and input the information into Lending Arch’s Ontario auto loan calculator, you’ll get a much better understanding of what sticker price you feel comfortable with. You can then take that monthly payment quote and use it to gain additional information.
LendingArch has a section on our website that breaks down monthly car payments into four categories. These are under $250/month, $251-$375/month, $376-$500/month, and $500+/month. You can click on the category you wish to be in (use the quote you have been given with the car loan calculator too), and then it will continue to ask you a few more questions. It will ask whether or not you have a trade in, your monthly income, if you are self-employed/employed/or retired, and where you live. This information is then used to generate a personalised list of dealerships and lenders that are the closest to you.
LendingArch’s goal is to make the entire car buying process from start to finish smoother and less stressful for consumers. We are proud to be a “one-stop-shop” for Canadians who want to compare rates for loans.
What If You Have Bad Credit?
One thing that may be holding you back from going ahead and purchasing a new car is your credit rating. Many people assume that if they have bad or poor credit there is no way they can get approved for a loan.
Because LendingArch works to provide people with comparison quotes from lenders all across Canada, you can bet that you’ll find lenders who are more than happy to work with you. Even if you have bad credit, there are lenders who will look at the full picture, including where you are today (financially), and make an informed decision. Don’t just write yourself off where a car loan is concerned and make the assumption that no one will lend to you.
You can choose from huge well-known companies to smaller more niche financial institutions. It’s an approach that is customer focused so that you can get answers and find the right lender without having to jump through all kinds of hoops and spend hours researching.
If you’re in the process of trying to clear up some credit and pay off debts before you purchase your car, be sure to check out the other calculator tools on our site. Things such as the personal loan calculator and credit card payoff calculator can help you get your finances in order and help you come up with an effective plan for paying down debt.
No Need To Stress About The Buying Process
So, before you start stressing about the car buying process and what you can and can’t afford, it’s a good idea to spend some time with LendingArch’s Ontario car finance calculator tool and get instant answers. This will save you time and will eliminate hassles and frustrations during the shopping experience. You’ll be able to figure out what that sticker price breaks down to monthly and even connect with lenders right through LendingArch.