Financing With Whiteoak Ford Lincoln
The Financing Process
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Bad Credit Car Loans
If you’re having challenges getting approved, Whiteoak Ford Lincoln has solutions for almost every credit situation. Our financing tools and credit specialists will help you get back behind the wheel with affordable auto loans.
Whiteoak Ford Lincoln offers convenient in-house financing solutions that will get you on the road fast. We report our loans monthly to the major credit rating suppliers in Canada so your creditors know you have a car loan in good standing.
Our Finance Partners
In addition to Go Finance, our in-house finance company, we also work with other world-class financial institutions to give our customers access to the best car financing rates and widest variety of options.
Our extensive list of lending institutions includes:
APPLY FOR BAD CREDIT CAR LOANS
At Whiteoak Ford Lincoln, bad credit isn’t a barrier to buying a car.
We have financing tools and credit specials on hand to help you get back behind the wheel with affordable car loans.
Our team has helped thousands of people who have had trouble getting a car loan through conventional sources.
We’ll help you finance a car or truck with bad credit or no credit in Mississauga, Ontario or as far as BC or the NWT.
Want to make your bad credit history?
Buying a new car is a great way to establish a credit score, and Whiteoak Ford Lincoln can help you get credit for the first time. Stop waiting and get on the road.
Our finance sources provide offers to accommodate most credit profiles. Even with past problems, you will still get the credit you need, the car you want, and the respect you deserve as a Whiteoak Ford Lincoln customer.
Many Whiteoak Ford Lincoln Customers qualify for financing on their very first purchase. Even if this is the first time you’ve bought a car, we can offer you a number of options.
In-House Financing Benefits
Being the biggest auto group in Canada, we have the ability to set up our own financing solutions in order to help our customers get driving. You could say we set our own rules.
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Finance VS Lease
Which Is Better:
Leasing or Financing?
What are your goals? We all have different priorities—in cars, life, and finances.
When deciding on leasing vs. financing, what’s right for one person can be totally wrong for another.
Generally, leasing offers lower monthly payments than financing as well as the benefit of owning a new car every two or three years.
However, financing offers its own set of advantages.
Luckily, we have a team of finance experts who are happy to help you find the best option for you.
Call Whiteoak Ford Lincoln at 1-888-378-5125 to book a free consultation.
Leasing VS Financing:
For the same car, same price, same term, and same down payment, monthly lease payments will always be 30%-60% lower than loan payments. This is still true even when compared to 0% or low-interest loans.
|The medium-term cost of leasing is about the same as the cost of financing, assuming the buyer sells or trades his or her vehicle at loan-end and the leaser returns his or her vehicle at lease-end.
Some comparisons sometimes show that financing can cost a little less than leasing due to fewer fees, lower total finance costs, and the assumption that a purchased vehicle will return full market value if it is sold or traded at the end of the loan.
However, when the benefits of wisely investing monthly lease savings are considered, the net cost of leasing can be less than financing.
|The long-term cost of leasing is always more than the cost of financing, assuming the buyer keeps his vehicle after loan-end.
If a buyer keeps his car after the loan has been paid off, and drives it for many more years, the cost is spread over a longer term. That means the cost of buying one car and driving it for ten years is less expensive than leasing or buying four or five different cars over the same period.
If long-term financial cost savings were the most important objective in acquiring a new car, it would always be best to buy the car and drive it for as long as it survives, or until the cost of maintenance and repairs begins to exceed the cost of replacing it.
However, many automotive consumers have other more immediate objectives that are more important than long-term cost savings.
Frequently Asked Questions
All buyers should bring:
- Valid government-issued drivers license
- Current paystub
- Void cheque
- Contact a your Sales Consultant for a complete list of what you’ll need to buy or trade in a car with Whiteoak Ford.
Four main factors determine whether you get approved for a car loan:
- Vehicle selection—Cost, age, and mileage
- Application information—Employment history, residence, and income
- Credit history—Information contained in your credit file
- Down payment—total of cash and trade equity
Tip: For the best chance of approval, and the lowest monthly payment possible, try to select a vehicle that fits your budget and provide as large of a down payment as you can.
On approval, three factors will affect your monthly payment (in order of importance)
- Amount financed
- Term or length of contract
- Annual Percentage Rate (APR)
We offer competitive rates from a variety of finance companies to fit nearly every budget and credit profile. You can learn more about your personal finance options at any Go Auto dealership.
The rule of thumb from most financial institutions is to spend no more than 15% of your gross monthly income on your car payment.
For example, if you make $2,000 a month you should spend no more than $300 on your car payment. Monthly payments normally range from $20 – $25 per $1,000 financed.
Your credit score helps financial institutions predict the risk associated with your purchase of a car, house, credit card, etc. Essentially, it’s meant to forecast how (and if you will pay your bills.
The higher your credit score, the greater your chance of receiving a better financing offer from Go Auto.
Your credit score is a number that ranges from about 350 to 850. In general, the higher the number, the lower the risk. The systems that generate your credit score look at your credit report and take several factors into account including:
- The timeliness of your payments, including late payments
- The amount and type of debt you have
- The number and age of your credit accounts
- Inquiries created by applying for credit
- Public records such as liens and judgments
Do you prefer to drive a new vehicle very few years that will always be under warranty? That’s one advantage of leasing. Do you prefer to build up equity and drive one car for a long time? Then consider financing.
There are all sorts of factors to consider when choosing between financing and leasing. Luckily, we have a team of finance experts who are Happy to Help you find the best option for you. Call 1-888-378-5125 or any Go Auto dealership to schedule a free consultation.
You can also learn more at our financing vs leasing page.
Many Go Auto customers qualify for financing on their first vehicle purchase.
If a normal credit determination cannot be made based on your current credit history, you may still qualify for other programs, like those for recent college graduates.
Stipulations for college students vary by finance company. Check with a finance professional at any of our Go Auto dealerships for more information.