Do you have questions about getting a car on credit? Start here.
Every time you apply for credit you affect your credit rating. Applying for credit at multiple institutions at the same time can negatively affect your rating. We don't want to put you in that position. We'd like to learn more about your needs and what you can afford. Our expert business managers and knowledgeable salespeople are here to guide you into the vehicle that's the best fit for you and your financial situation so we'd encourage you to contact us before submitting your credit application.
Here are some typical questions:
Am I eligible for financing or leasing?
The most important factors that will determine your edibility for a car loan are:
Job stability: this tells the lenders that you will be able to meet you obligations for the term of the loan.
Credit Rating: this is a measure of your financial health. You have history of paying your bills on time and you have a debt load that is manageable given your income.
Affordability: can you reasonably afford monthly payments on top of your current monthly expenses and income level?
What if I don't have a credit history?
You might be an excellent money manager with a good job but have never had a credit card or other type of loan that you are currently servicing. If you're a young person just starting out you may find yourself in this situation. You may need a co-signer. A co-signer takes responsibility for the loan if you become unable to meet your obligations.
What affects interest rates?
Make, model and even trim level
Length of term (how long you will finance or lease the vehicle for)
Date: rates change on a regular basis. For example, Honda Canada Finance may offer 2.9% on Civics for August 2010. If you sign that contract during August 2010 that is the rate that you Civic will be financed at. Usually the rate is fixed for the entire term of the contract.
Lending institution: Different lending institutions will offer different rates. T&T Honda is an authorized representative of all major lending institutions including Honda Canada.
I still have questions. Who do I talk to?
Please feel free to give us a call or drop us a line. We want to make the process of leasing or purchasing a vehicle as clear and as comfortable. We?ll do our best answer your questions. You can reach us at 1-888-606-4540 or contact us online.
If you're currently leasing or financing with Honda Canada Finance you may want to contact them directly at 1 800-387-5399.