Understanding Car Loans
Finding a car loan in London Ontario should be stress free and easy.
There are three main components used when calculating your car loan:
Principal is money that you originally agree to pay back. In the automotive industry this refers to the total cost of a vehicle, including any fees that a lender or dealership may have for the car loan.
The term is the length of time that you will be making payments on your loan. Terms are usually between 36 and 72 months. Shorter and longer terms are possible but other factors come into consideration.
The interest rate on a car loan is the percentage that the lender is charging you to borrow money. These rates vary depending on what type of vehicle you choose and the risk perceived by the lender.
When you apply for financing for a vehicle you are getting a loan directly from a bank, dealership, or credit union to buy the full value of the vehicle. The term, the interest rate, and monthly payments can be negotiated. There are many benefits to financing a vehicle from Slash My Rate which include:
- No Restrictions – because you’re buying the vehicle, you own it, which means you have no restrictions on how you use or customize your vehicle.
- Early Loan Termination – you can pay off the full remaining value of the loan without any extra fees or penalties.
- Flexibility – you can get a car loan for used vehicles rather than just new ones and you can resell and use the value to pay off your loan early.
Apply for Your Car Loan
Applying for a car loan in London Ontario couldn’t be any easier. Slash My Rate uses a 3 step process that gets you on the road as soon as possible. It only takes 2 minutes to get started and once we have all the information we need, we’ll be ready to rock!