Skaha Ford's Exclusive Easy Deal
Understanding Auto Financing in Kelowna: What is a Co-signer?
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(Posted on Jun 13, 2022 at 01:00PM )
If you have bad credit or are just starting out, it can be difficult to qualify for an auto loan in Kelowna. Before lending you money, creditors want to be sure that they’ll be paid back – which is why having a good credit history is essential.However, having a co-signer can also help boost your chances of an approval. Read on to learn more from our Easy Deal finance team at Skaha Ford in BC.
What is a Co-signer?
Often a family member, partner or close friend, a co-signer can be added to your loan application to boost your creditworthiness. If you, as the primary borrower, default on your payments, your co-signer will be obligated to take full responsibility for the loan and make any missed payments for you.
Late payments and defaults will impact your credit score and your co-signer’s. When choosing a co-signer, both parties must agree to the terms and conditions of the loan and assume full accountability. It's a decision to not take lightly.
Do you need an auto loan but aren’t sure if you’ll be approved without a co-signer? Skaha Ford’s Easy Deal program offers convenient online credit approvals for a fast decision. Apply today! We offer financing solutions for all Kelowna drivers!
Auto Financing Terms in Vernon: What is a Finance Agreement?
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(Posted on Jun 6, 2022 at 02:11PM )
The terms and phrases associated with the purchase or finance of a vehicle can be confusing for BC shoppers. However, if you want to apply for an auto loan, it’s essential to familiarize yourself with key terminology. At Skaha Ford, we help simplify the process for Vernon vehicle buyers by breaking down the basics with our exclusive Easy Deal program.What is a Finance Agreement?
A finance agreement is what you sign when you borrow money to purchase a vehicle. It outlines where you are buying the car from and the agreed-upon price, the amount financed, interest, any financing charges, and the terms of the loan.
Suppose you are paying for a new truck through in-house financing. In that case, the dealer will retain the agreement. If you use a traditional lender (such as a bank, finance company, or credit union), that institution will collect payment. When you finance a car, you own it, but the loan provider will record a lien against it until the finance agreement is paid in full and all contract terms are met.
Want to learn more? Contact Skaha Ford in BC for answers to your automotive financing questions, or click here for details about Easy Deal.
Understanding Fixed Rate Car Loans with Easy Deal in Westbank
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(Posted on May 25, 2022 at 06:36PM )
When shopping around for car loans, you’ll likely come across the term fixed rate auto financing. This is different from a variable rate loan, where the interest percentage can change based on the prime lending rate. If you are looking to finance a vehicle – like from Skaha Ford in BC – a fixed rate loan is often your best choice.What is a Fixed Rate Car Loan?
Fixed rate auto financing is when the interest rate is secured for the entire loan term – meaning, the rate you pay for the first month of your loan will remain in place until your vehicle is paid off. If the Canadian prime interest rate goes up or down, it won’t impact your payment or fluctuate your cost of borrowing. It is a predictable amount that remains the same throughout your entire term.
Fixed rate loans are also easier to budget since your payment amount is predetermined and will not change unless you refinance. By making regular, on-time payments in full, this type of car loan can even help you improve your credit score and unlock other financing opportunities in the future.
Curious to see how much you can be approved for? Our Easy Deal program at Skaha Ford simplifies the process with our free online credit approval. Apply today to learn more!
Learn About Variable Rate Auto Loans With Easy Deal in Hedley
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(Posted on May 17, 2022 at 06:58PM )
The terms and phrases associated with the lending industry can confuse consumers, especially first-time vehicle shoppers. Our team at Skaha Ford in BC is here to cut through the complexity by providing you with the information you need to make a sound decision with our Easy Deal program.Take variable rate loans as an example. This type of loan has an interest rate that can vary (hence the name) over the term. This variation is commonly based on changing market interest rates and is related to the prime rate used by Canada's major banks and financial institutions when determining interest percentages.
Variable-rate loans are different from fixed-rate loans because the latter has a set interest rate and payment amount that doesn't change throughout the term. Auto loans are primarily fixed because they are easier for consumers to budget for and are more predictable. However, while you may benefit from lower market percentages by choosing a variable loan, it's not guaranteed that the rate won't go up, resulting in higher interest.
Want to learn more? Complete our quick and easy online finance application to help our team at Skaha Ford assess your goals and provide an affordable vehicle and terms to fit your needs.
BC: Take Advantage Of Skaha Ford’s Exclusive Easy Deal
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(Posted on May 12, 2022 at 12:31AM by Lee Byard)
Simplicity, selection, success - Skaha Ford is proud to offer our exclusive Easy Deal program to Oliver and beyond. We seek to streamline the financial process, connecting our customers to a fully automated service. Contact us today to learn more.Convenience proves the cornerstone of our Easy Deal program, with drivers able to complete each step from the comfort of their homes:
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Step One: browse our selection of new and used vehicles (including the 2022 F-150 XLT, as pictured to the right). We offer a wide range of brands, trims, and upgrades; and we will ensure you find the perfect option for your lifestyle.Â
Step Two: complete our simple financial application. This will allow us to assess your goals and offer a solution that fits your needs.Â
Step Three: discover a selection of financial and insurance products, each of which can be tailored for your budget.
Step Four: once approved, select a pick-up time for your vehicle. We will have it ready for you.
Step Two: complete our simple financial application. This will allow us to assess your goals and offer a solution that fits your needs.Â
Step Three: discover a selection of financial and insurance products, each of which can be tailored for your budget.
Step Four: once approved, select a pick-up time for your vehicle. We will have it ready for you.
The Easy Program ensures that Oliver drivers can quickly access the financial options they need - without demanding an excess of time or patience. Start the process today by viewing our available new and used vehicles.Â
To learn more about the Easy Program (or to request additional information about our financing programs) contact Skaha Ford today.
Do you have difficulty understanding the terms and phrases used in the auto financing industry, or are you a first-time buyer? Either way, Skaha Ford’s Easy Deal program is here to simplify the jargon.What is Finance Placement Fee?
A finance placement fee is a negotiable fee that some dealers charge to cover the cost of arranging financing with a bank or lender. Disclosure of these fees before signing a vehicle purchase agreement is necessary. The Annual Percentage Rate calculations must also include the charge.
Failure to disclose these brokerage fees may breach the Business Practices and Consumer Protection Act in BC and the Disclosure of the Cost of Consumer Credit Regulation.
When taking out a loan to pay for a vehicle, always review the finance agreement in detail. Be sure to pay attention to the amount financed and your down payment, along with the interest rate, term and any additional fees.
With Skaha Ford’s Easy Deal in BC, you’re in the driver’s seat. Our online-shopping program allows you to select your vehicle and financing options to suit your needs and budget. It’s an entirely transparent auto buying experience – one you should check out today! Contact us for details.
Are you looking to purchase a new ride with Skaha Ford’s Easy Deal program? When buying a vehicle, you have a few options. You can pay for the car in full using cash or sign a finance or lease contract. However, there are a few things to consider.Leasing is a popular option for cost-conscious shoppers since these contracts often have lower monthly fees. For example, when you lease a car or truck, you are only paying for the vehicle’s depreciation over the term (which, on average, is three years), and you can return the car at the end of the lease. But if you decide to keep the vehicle, you’ll have to pay the estimated residual value.
What is Estimated Residual Value?
The estimated residual value approximates how much the vehicle is worth at the end of the contract. This approximation is determined by the lender that holds the loan and is based on fair market value. If you cannot afford to pay the buyout in full, you can borrow this amount.
Are you curious about financing or leasing a vehicle? Our Easy Deal’s free online credit approval can help you make the best decision. Apply today!
Do you owe more on your vehicle than it’s worth? Are you wondering if you can still trade it in for a newer ride? You’ve come to the right place. At Skaha Ford, we offer BC shoppers our Easy Deal program, which simplifies the car buying experience and takes the mystery out of auto financing. What is Negative Equity?
Negative equity occurs when the value of the vehicle falls below the outstanding balance on the loan used to purchase the car or truck. This is also referred to as being “upside-down†on the vehicle.
When faced with a negative equity situation, you have a few options:
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1. Roll the remaining balance into a new car loan. Just keep in mind that this may increase your loan amount, which will cost more interest over the length of your term. You also need to be careful that you don’t borrow more than the vehicle is worth or you’ll be upside down again.
2. Find a way to pay the difference between your trade-in value and the remaining balance. If you don’t have the extra cash on hand, find ways to boost your income. You’ll qualify for a lower loan amount, which will save you money over the course of your term.
3. Hit the pause button. If you owe a large amount on your current vehicle, sometimes it’s best to delay your trade-in by a few months. You’ll have more time to pay down the balance to avoid negative equity.
2. Find a way to pay the difference between your trade-in value and the remaining balance. If you don’t have the extra cash on hand, find ways to boost your income. You’ll qualify for a lower loan amount, which will save you money over the course of your term.
3. Hit the pause button. If you owe a large amount on your current vehicle, sometimes it’s best to delay your trade-in by a few months. You’ll have more time to pay down the balance to avoid negative equity.
Want to explore your auto financing options? Our Easy Deal program provides free online credit approvals for a fast decision. Contact our team at Skaha Ford in Penticton, BC, to learn more.
Perhaps you’ve outgrown your sedan and need something larger for your family, or your new job requires the use of a truck. If you’re looking to trade in your vehicle but still owe money against the loan, you might be wondering what your options are if it’s not paid off. If so, our Easy Deal program at Skaha Ford in BC is here to help.The first step is determining how much equity is in your vehicle. Equity is the difference between your car’s current value and the amount you owe.
The best-case scenario is that your vehicle is worth more than you owe. This is called positive equity. When you trade-in your current model, we can apply that equity towards purchasing a new car or truck.
If you are a first-time borrower or working on rebuilding your credit score, having access to trade-in value reduces the amount you need to finance, increasing your chances of an approval and reducing your lending costs.
Are you interested to know your car’s value and whether you can trade it in for a new ride? Check out our Easy Deal program, which offers free online credit approvals to simplify your car buying experience. Contact our team at Skaha Ford in BC to learn more!
Are you looking to buy a car? You’ve come to the right place! With Skaha Ford’s Easy Deal program in BC, we aim to simplify the auto financing process by providing our customers with online vehicle shopping and credit approvals. We also break down common car loan terms to explain complicated jargon that can confuse first-time buyers. From start to finish, we’ve got you covered.What is a Credit Score?
Your credit score plays an essential role in your ability to meet your financial goals, like getting approved for an auto loan. This three-digit number is generated from the information in your credit report and can range from 300 to 900 – with 900 being excellent.Â
Your credit score shows lenders how well you manage your credit and how risky it may be to loan you money. Creditors often set guidelines on the minimum score required to borrow money. If you have a higher credit score, your chances of getting a lower interest rate are very good. However, if you have no credit history or a low score, it may be more challenging to get approved for a loan with the terms and interest rate that you want.
As Skaha Ford, we strive to get our customers the best auto financing rates in BC. To see how much you might be approved for, complete our online credit application, then click here to take advantage of our Easy Deal program.
