[Daily Advice] Stop Overpaying For Your Car, Trade-in To Lower Rates
Ever asked yourself, “am I paying too much for my car?” Or, “how can I lower my monthly payments?”
This is the ugly truth in the automotive world — banks and dealers will not refinance your car. If you tell them you want to refinance, most won’t even bother helping.
Luckily, there is another option.
This is a loophole when it comes to car loans that nobody is telling you…
Most people can get out of a high monthly payment and into a new car while paying less each month. We wanted to understand how this works so we investigated for ourselves, here’s what we learned…
Fred, a former employee at a large Ontario dealership, told us If you are currently looking for a car and have a job that pays $1,800 or more per month, most people can get a lower monthly rate using an online service like EasyAuto123.com. They even work with all credit types, good bad, or no credit. Even with a foreclosure, bankruptcy, or repossession, there’s still an excellent possibility people can get out of their overpriced loans.
“Very few people know online services are a way to get better deals. People think they can simply refinance at a dealership, but it’s not that easy. The word “refinance” is a red flag at a dealership because refinancing isn’t very profitable. Dealers want to sell cars. But there is another way…” Fred said.
Curious, we asked Fred what can people do? “If you’re monthly payments are too high and you can not pay them right now, there’s a way out. The dealer buys your current car during a trade-in or title transfer. You can get out of your bad loan and into a newer car while paying less each month. This way the dealer gets to sell you a car, and you get a lower rate,” Fred told us.
How To Kick Your Overpriced Loan To The Curb
- Determine how much you want to pay each month.
Be realistic but identify a lower monthly payment than you’re currently paying which you’re happy with.
- Know the type of vehicle you want before applying.
Tell the agent whether you want a car, van, SUV, or truck.
- Apply using Canada’s leading online auto financing service.
We recommend EasyAuto123.com to make sure you get the lowest rates in your province.
- DO NOT ask to refinance because most dealers are unlikely to help
Tell them you want to buy a car with an $XXX monthly payment and you want to trade-in your current car.
- Know what you owe and trade-in your vehicle
Trade-in your car and get new loan for a new car.
- Drive away in a new car at a lower monthly rate than you were paying before
We weren’t surprised when drivers asked if this works.
We sent out our very own Chelsea Adams to put this to the test. After a few days of research she was very excited. “When I went through a foreclosure my credit took a hit,” Chelsea told us. “I couldn’t afford the monthly payments on my Toyota so I applied online and was amazed that I qualified for a Ford Escape for $166.72 /mo. I traded-in my Toyota, transferred the title, and got an Escape for less than I was paying before.”
Chelsea’s circumstances may vary from your own so we suggest applying today to see what you qualify for. She found that many people with bad or no credit are able to get a car for less than what they are paying using a company like EasyAuto123.com – offering the lowest rates possible.
If you would like to compare rates on cars near you and receive the benefits of this free tool simply answer a few quick questions and you will be able to explore your options. You might be surprised how quickly you can get a new car while paying less each month.
http://www.tdautoloanscalculator.com – up to date loan calculation tool from TD Canada Trust
http://www.canadianblackbook.com – 2010 Ford Escape pricing based on preferred features
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