September 20th, 2011
This article deals with the two main categories of automotive warranties offered in Canada today, it will explore some of the differences and offer few examples for you to make an educated decision.
Automotive Warranties offered in Canada are confusing at best to an average consumer; they are designed to be that way, something that is very similar to an insurance policy. It can be easily mistaken and misunderstood if the purchaser is not knowledgeable about automotive technology. In essence these types of products are underwritten by an insurance company. In layman’s terms if you pay me few hundred dollars right now, when your vehicle requires repairs (depending on the component and reason for the breakdown) we may or may not cover the cost of your repair. The two main categories of warranty you will encounter today in the market place are called “comprehensive coverage” and “power train”. Let us look into the comprehensive coverage first.
Comprehensive unlike the word used to describe the product is not the same as “bumper to bumper” coverage. The typical sales pitch on these products would be “if anything breaks down on your vehicle, we will cover the repair cost.” however there are many fine prints on these types of contracts that will often lead to misunderstanding and frustration when you try to make a claim.
First of all no warranty will cover items they called the “wear and tear” items. This includes the most often changed items on your vehicle. The list includes your brake rotors, pads, tires, AC Freons, or insurable items such as windshield, body panels, so on and so on. So what does comprehensive warranty really cover then you ask. Well the correct technical answer is “the warranty will cover the part and labor cost on any manufacture defect” in another word “if the item in question are not designed to be frequently replaced due to wear and tear” it will be covered under this warranty. For example if your CD player stopped functioning, it will be a warranty related item. However if your CD player stopped working due to your buddy trying to install a new system for you it will not be covered.
The service department of a dealership usually investigate the claim by booking your for one hour labor upfront, after if they can determine it is a manufacture’s defect, your cost for the hour labor will be waived. However if the verdict is “guilty” you will be on the hook for about $100 for the mechanic’s labor. Any new vehicle will come with some sort of warranty when they are sold, depending on the manufacture, it will vary from 3 years or 60,000 km up to 5 years or 100, 0000 km. If you are insisting on purchasing an extended warranty, it is always the best option to buy it from the manufacture itself, rather than any aftermarket product.
Power train warranty on the other hand only covers the power train components of your vehicle. This will usually include all internal mechanical parts along with gaskets and seals on your engine, transmission and differentials. Power train warranty usually runs a much longer period, starting from 5 years or 100,000 km to 7 years or 160,000 km depending on the manufactures. Same diagnostic procedures will also apply to the power train warranty if any claims are made.
Author Rick Tao Li, for more useful articles like this one please visit us online at http://www.usedcarsscarborough.com
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August 17th, 2011
This article looks into the world of sub prime or bad credit financing for cars, if you are in need of a bad credit car loan, this may help you to make the right decision.
Having one’s own car is the desire of every individual in this world but the only problem is money these days. These days, many people are struggling for their jobs and monthly living because of the previous recession session. People have seen worst financial sessions in the previous years because the whole country was in a phase of bad economy. Many people lost their jobs and businesses and that was the time when people lost their credit history and credit scoring. At that time, paying back credit card and other loans was very difficult and many people failed to pay them because of low income.
The credit history and credit scoring are the most important factors in our life because 97% of the entire population is requiring financial assistance for their business and cars. Once the credit history is disturbed, the financial institutions assume it a risk to sanction new loans to those consumers with bad credit history. This is happening at many places and regular financial institutions are very conscious about sanctioning new loans for anything.
Regarding bad credit car loans, although it is a secure loan but many financial institutions have faced a massive loss due to credit card and personal loans. These money lenders are very conscious and they do not allow people to take another loan for anything either it is secured or unsecured. This is because of those people who found it easy money and used it on different unnecessary purchasing and finally they found it difficult to pay back. Those people not only ruined the trust of financial institutions over the people but they also lost a financial facility which they could use from time to time.
Now that bad phase has been over and people are now enjoying good financial health but the marks of late payments and non payments are still on their credit reports. This is a fact that whenever a consumer will apply for any loan, the creditor will check his credit history first. If the credit scoring is not satisfactory, then the loan will be rejected at the first time.
Will you not be able to take a car for rest of your life? No, this is not true because there are still many companies which are issuing bad credit car loans for new and used car. All they need is a valid source of income, documents of the car and other minor formalities. They do not consider the credit history for the new loan and they do not have any issue if the credit scoring is not good. They understand that bad credit car loans are a secure product and their money will be safe. You will have to fulfill all their requirements and then pay them the money for the insurance of car.
Now buying a new or old car is not difficult due to the availability of private money lenders. You can either buy new or old car on very low markup rates as the process of approval of loan is also very simple and easy.
Thank you for reading this article, it is brought to you by SOS Car Loans. Visit us online at http://www.soscarloans.com or http://www.usedcarsscarborough.com for more useful articles like this.
Tags: used cars Brampton, used cars Mississauga, used cars Oshawa, used cars Pickering, used cars Scarborough, used cars Toronto, used cars Whitby
August 13th, 2011
This article showcases some of the commonly encountered issues when it comes to used car warranty in the Canadian automotive market.
Warranty on a used car is dramatically different compare to a new vehicle, the catch phrases such as “bumper to bumper” or “power train” warranty can be very confusing for some one without any automotive knowledge. When you purchased a brand new vehicle it will most likely come with minimum 3 years or 60,000 km comprehensive warranty. This type of warranty is backed by the manufacture and recognized by any dealership that carries the brand across Canada. The new vehicle warranty usually covers everything on the vehicle for mechanical failure, this includes both parts and labor cost on the repair. However it will not cover items such as windshield, brake pads, rotors or tires. Any wear and tear items still fall under the responsibility of the owner. But aside from the regular maintenance and service items, your new vehicle warranty pretty much covers everything else in between which will offer you piece of mind.
This is very different when it comes to a used car purchase, due to the age and mileage of the vehicle, a comprehensive warranty will cost a lot more compare to a new car. If you insist on that added piece of mind you can go ahead to purchase a comprehensive warranty from the selling dealer at a much higher cost, but it is not recommended. Many used cars on the market today offer a power train warranty, some on 6 months term, some on 12 months term. These free of charge power train warranties are virtually useless since they only cover major components of your engine and transmission. If you ever need the warranty, you will have to go through a lot of paperwork and headache just to make a claim. Don’t be fooled to make a purchase based on these aftermarket power train warranties, they are virtually impossible to make a claim against.
On the other hand power train warranty shouldn’t be confused with Canadian safety standard certificate, the Canadian safety standard certificate along with emission test are required every time an ownership is transferred. This certificate is some times referred to as the “safety papers”. It is a small list of 36 items a certified technician will check through to make sure the vehicle is safe to operate. This includes items such as windshield cracks, driver side window operation, light bulbs, brake pads, suspension and tires. It is not to be confused as a warranty or any additional coverage on the vehicle.
The next time you are looking for a used vehicle, don’t let the power train warranty fool you into making a decision you may regret. The best approach is to purchase a quality used car by performing an inspection from a third party mechanic. After all what good does it do if your warranty is difficult to claim or worse it comes with a deductible you will need to pay out of your pocket.
Thank you for reading this article, it is brought to you by Used Cars Scarborough, your used car experts and bad credit car loan provider in the Scarborough area. To visit us online or for other helpful articles please go to http://www.usedcarsscarborough.com or http://www.nocreditnoproblem.ca
Tags: used cars Brampton, used cars Mississauga, used cars Oshawa, used cars Pickering, used cars Scarborough, used cars Toronto, used cars Whitby
August 10th, 2011
This article explores some of the similarities as well as differences between the ever more confusing subject of bad credit and no credit car loans.
With today’s economic downturn and ever rising unemployment rate across North America, the so called “sub-prime” or bad credit car loan business is growing exponentially year after year. With this out of control growth in the sub-prime market followed by “in your face” advertising, it is difficult to understand and to distinguish the differences between these high interest rate car loans. In this article I will attempt to demystify some of the concepts between them and hopefully this will offer you some guidance next time you are looking for such service. First of all let’s put things in perspective once for all. Popular phrases you see in today’s advertising such as “bad credit”, “no credit”, “new credit”, “new to the country”, “recently divorced”, “bankruptcy” all fall under the category of sub-prime. Sub-prime just like the word suggest is below prime, prime good credit, sub-prime logically is considered bad credit. This invisible dividing line lies in your credit score, any credit score that is below 640 is automatically considered sub-prime.
Sub-prime itself divides into two major categories, bad credit been one, no credit been the other one. The only difference between the two is bad credit means you have credit history, due to late or missing payment, or defaulting on a previous loan, you are now considered to be a risky applicant in the eyes of the banks. While no credit means exactly that, you have no credit history behind you. This will apply to students, new immigrants, anyone who has no credit card in their name or no credit history. This type of credit is equally as bad in the eyes of the lender. The only other type of car loan is considered to be no credit required, or no credit check car loan services.
The no credit required or no credit check car loans are the types of car loans where the lender will not require any credit at all to offer you an approval. The risk factor in these types of loans is extremely high, but the funds are mostly coming from the private sectors instead of your typical lending institutions. In another word these loans are coming from some one much like a loan shark rather than the banks. These types of loans will not require any credit at all, but it should be reserved as your last resort, because even these no credit check car loans will keep track of your payment history. If you default on your payment at these types of car loans, you will not be able to obtain a car loan again! So consider your options carefully before applying.
Thank you for reading this article it is brought to you by No Credit Check Car Loans Toronto, to visit us online for more useful articles please go to http://www.nocreditcheckcarloans.ca or http://www.usedcarsscarborough.com
Tags: used cars Brampton, used cars Mississauga, used cars Oshawa, used cars Pickering, used cars Scarborough, used cars Toronto, used cars Whitby
August 4th, 2011
This article will help you to determine when to apply for a No Credit Check Car Loan as well as some of the conditions you should be aware of.
Want to buy or lease a car? You bad credit history can create serious problems in your way of availing any opportunity. In fact, the individuals who have got bad credit history often have to go through frustrating situations while dealing with the financial stress and rejection of loan applications. Most of the creditors are very strict about the lenders who have got bad credit, and therefore do not prefer to lend them with any type of loan. In such a scenario, finding bad credit car loans can be a real challenge.
It’s actually the time for you to find the car dealers who are lacking their business, and are ready to lease or sell their cars to the subprime borrowers as well. You might have to cost a higher interest rate if you successfully find such a dealer, but ultimately you have a facility in your hand; and by repaying the loan payments on time, you have a chance to improve your credit history as well.
So realistically stating, in such a situation, before applying for bad credit car loans, you should initially review your credit reports as well as your current financial status. You need to analyze the past credit reports in order to figure out the mistakes that were made by you, and which caused you to reach on the verge of financial setback. In simple words, you should find out the degree of bad credit that you are suffering from. Being bankrupt or becoming a victim of home foreclosures are the worst situations; so you will require more time for repairing such an history compared to few late payments of the loan.
Here we have few solutions for you that might be of help for you in availing bad credit car loans;
1. Take some time to improve your credit history, and improve your FICO score. The car dealer or leaser might not review your entire credit history; and thereby with few months of on-time payments you can present a viable FICO score to the creditor, so as to increase your chances of getting the loan.
2. Find the lenders in your area who deal with the bad credits. Today, there are several companies who are working for providing assistance to the people who are in crisis because of bad credit history. Taking assistance from such a company can help you out in overcoming the bad situation, and hence availing one of the suitable bad credit car loans.
3. Another solution that has now been recognized as a great way of getting over the bad credit history is that of the Lease transfer. Most of the companies do not have very strict rules in case of Lease transfers or Lease assumptions, and hence it’s a worth availing solution to avail bad credit car loans.
4. If none of the solutions works for you because of a high degree of bad credit history, then consulting your friends and family for lending you cash would be a better option. Your family members know you the best and will trust you with your circumstances as nobody else could.
Thank you for reading, this article is brought to you by SOS Car Loans, please refer to our websites for more useful articles like this one at http://www.soscarloans.com or http://www.nocreditnoproblem.ca
Tags: car loan with cash job, cash loan, no credit check car loans, no credit check car loans Toronto
July 28th, 2011
This article will help you to determine when to apply for a No Credit Check Car Loan as well as some of the conditions you should be aware of.
People who have been striving to find the ways of availing a loan type that can allow them to lease or buy a car have to go through several complex situations. Because of the prevailing financial crisis and lots of economic problems; today most of the individuals and businesses are struggling with the bad credit history and are looking forward for the viable ways to overcome the problems. If you want to buy or lease a car, and you have got a bad credit history then you might be in need of applying for No Credit Check Car Loans.
When to apply for No Credit Check Car Loans?
- You have got a bad credit history because of the loss in business, inability to make credit card payments on time, bankruptcy, home foreclosure or other such situations. All these things would lead you towards a stressful situation, and most of the creditors wouldn’t trust you for approval of any type of loan. So, here you are actually in need of availing the No Credit Check Car Loans, as these would allow you to get your dream car without any kind of credit verifications and aggravating history checks.
- If you have no credit history at all, then the financers might also not trust you for approval of a loan. In such scenario, no credit verification with No Credit Loan can save you.
- If you have applied for several loan types already, and now you are tired of getting disapprovals and rejections all the time.
- If you have got enough credit checks, and you are annoyed of the stress that is being caused because of the details being asked for credit in past and so forth; then availing No Credit Check Car Loans is certainly best for you.
- If you are looking forward for a credit repair by regaining the trust of the financers. You can avail the No Credit Check Car Loans, and repay the installments or payments on time so as to repair your credit history. It will certainly allow you to improve your credit history without any kind of apprehension.
Conditions on No Credit Check Car Loans:
With all the positive aspects, there are certain conditions that you would be required to fulfill for winning a No Credit Check Loan. Few of these conditions include;
- You would be required to provide a guarantee of someone who is close to you. Most of the times, friends and family members are considered as the best guarantors. However, few of the companies might not require so, but such cases are few
- A higher down payment in most of the cases.
- Higher interest rates. Finding slightly higher rates can be a viable solution for you in this case.
- Repayment period of utmost 5 years. Most of the creditors offer repayment period of 60 months for the No Credit Check Car Loans, but it can vary depending upon the amount of the loan or the cost of the car that you are leasing on!
Thank you for reading, this article is brought to you by SOS Car Loans, please refer to our websites for more useful articles like this one at http://www.soscarloans.com or http://www.nocreditnoproblem.ca
Tags: car loan with cash job, cash loan, no credit check car loans, no credit check car loans Toronto
July 16th, 2011
This article looks into the scenario where you are either unemployed or living on disability and need a car loan and where you can get approved.
If you are thinking of taking on a car loan recently but you are unemployed or currently living on disability, you will understand how hard it is to get approved for a car loan from the banks. The very basic requirement for a car loan is to have an income, many people today don’t realize if you don’t have any income on paper there is no way a bank will lend you money. But there always ways around this problem, if you need a car badly enough there may not be too much choices when it comes to the vehicle you want to buy. Living on disability or unemployed usually will not qualify you for any kind of loan even from the “B” class lenders, so in another word if you are currently in these situations it is impossible for you to get approved even from the bad credit lenders.
First thing you should be careful with is not to apply for credit from the big dealerships, once you apply credit there the lender will be required to dig up your credit bureau. Since the lender is a retail business pulling a credit on a customer means it is a “hard hit” or a credit report that will reduce your credit score. The best thing to do is to save up for a small mount of down payment on the vehicle, and apply to the “no credit check” car loan providers. The rock bottom of the credit world is the no credit check car loans. These types of loans are usually funded privately from the dealership itself; these types of loans are the same as if you borrowed money from your family.
No credit check car loans will usually approve everyone, there will be stiffer stipulations such as a small amount of down payment or installation of the GPS tracking device. These devices are in place to ensure in case you default on your car loan some one will be able to track down the vehicle and to repossess it without too much hassle. So in conclusion if you are looking for a vehicle and you are been turned down else where, just apply directly to the no credit check car loans and you will be driving your next vehicle within days.
Thank you for reading this article it is brought to you by No Credit Check Car Loans Toronto, you can find us online for more information at http://www.nocreditcheckcarloans.ca or http://www.usedcarsscarborough.com
Tags: car loan with cash job, cash loan, no credit check car loans, no credit check car loans Toronto
July 16th, 2011
This article looks into the scenario where you are either unemployed or living on disability and need a car loan and where you can get approved.
If you are thinking of taking on a car loan recently but you are unemployed or currently living on disability, you will understand how hard it is to get approved for a car loan from the banks. The very basic requirement for a car loan is to have an income, many people today don’t realize if you don’t have any income on paper there is no way a bank will lend you money. But there always ways around this problem, if you need a car badly enough there may not be too much choices when it comes to the vehicle you want to buy. Living on disability or unemployed usually will not qualify you for any kind of loan even from the “B” class lenders, so in another word if you are currently in these situations it is impossible for you to get approved even from the bad credit lenders.
First thing you should be careful with is not to apply for credit from the big dealerships, once you apply credit there the lender will be required to dig up your credit bureau. Since the lender is a retail business pulling a credit on a customer means it is a “hard hit” or a credit report that will reduce your credit score. The best thing to do is to save up for a small mount of down payment on the vehicle, and apply to the “no credit check” car loan providers. The rock bottom of the credit world is the no credit check car loans. These types of loans are usually funded privately from the dealership itself; these types of loans are the same as if you borrowed money from your family.
No credit check car loans will usually approve everyone, there will be stiffer stipulations such as a small amount of down payment or installation of the GPS tracking device. These devices are in place to ensure in case you default on your car loan some one will be able to track down the vehicle and to repossess it without too much hassle. So in conclusion if you are looking for a vehicle and you are been turned down else where, just apply directly to the no credit check car loans and you will be driving your next vehicle within days.
Thank you for reading this article it is brought to you by No Credit Check Car Loans Toronto, you can find us online for more information at http://www.nocreditcheckcarloans.ca or http://www.usedcarsscarborough.com
Tags: car loan with cash job, cash loan, no credit check car loans, no credit check car loans Toronto
July 13th, 2011
This article offers you few practical tips on how you should interpret CarProof report before you make your next purchase.
You have probably heard of a new reporting tool called “CarProof”, it is similar in terms of idea as to CarFax but CarProof covers more data. This report is particularly popular in Canada versus CarFax in the U.S. There are 10 sections overall or 10 pages when you do a complete report on a vehicle. The cost of a complete or “verified” CarProof report will cost you about $40 Canadian dollars. If you are looking for a lien search or claim history you can obtain a lien search or claim history report for $27.50 each. The comprehensive or the “verified” report is usually the data source dealerships will use, don’t be intimidated by the size of the report you can quickly get a sense of the vehicle just by scanning few important sections of the report. On the front page of the “verified” CarProof you will see the time and date the report was ran. Keep in mind you want to see the report that is not older than 90 days old, the reason behind that is simple. There maybe claims or accidents that have occurred since the last reporting date. If the dealership you are dealing with shows you an older report simply ask them to run it again.
Going back to the report itself, on the very first page or in section 2. CarProof offers a comprehensive summary regarding the vehicle’s registration record, status, lien records, odometer readings and more. A quick glance at the summary will give you a good indication of what areas you should pay close attention to. It is normal for a vehicle to have registration records, or lien records as well as insurance history records. Don’t be alarmed these records are quite common, if you live in Ontario and purchasing a vehicle from Ontario. You should purchase a vehicle that is registered within Ontario province, not Quebec, or U.S. Investigate little further if you see the registration records from province of Quebec, and bring the vehicle to your mechanic for a closer inspection for any accident repairs. Aside from the registration of the vehicle you should also pay close attention to section 4, which is the Canadian vehicle lien status report. In this particular section CarProof will list all the provinces of Canada and if the vehicle has a registered lien it will show as “Security Interest Record Found”. When you are purchasing a vehicle you want to make sure the lien has been paid for otherwise it will be your responsibility to face.
The last important section of the CarProof which is section 9, Canadian accident and collision estimate data. This section is usually on page 9 of the report, and if there is any insurance claims against the vehicle or collision center report it will list the amount of the accident and approx damage to the vehicle itself. One important thing to keep in mind, CarProof report is not always 100% reliable when it comes to collision and accident data. The customer could have paid for the damage by cash and it will not show up in the report at all.
Thank you for reading this article it is brought to you by No Credit Check Car Loans, your preferred bad credit, no credit car loan provider. To find us online please go to http://www.nocreditcheckcarloans.ca or http://www.usedcarsscarborough.com
Tags: CarProof report, How to use CarProof, used cars Toronto
July 8th, 2011
This article showcases some of the good practice when it comes to purchasing a used vehicle. It is brought to you by Used Cars Scarborough.
Buying a used car is no easy task in today’s competitive resell market, especially if you have been burned in the past! Many of us put the blame on the dealers, but on the flip side of that coin. Due to the lower profit margin a dealer can only do so much when it comes to re-conditioning a used vehicle.
Here are few tips on how to spot a quality used car; Look for the vehicle wear and tear items such as arm rest, seat belt, tires, and plastic dash board components. These will be a good indication how the vehicle was treated and maintained. If the previous owner was rough on the usage of the car, these areas will have tell tale signs of wear and tear a good wash or clean up can not hide. Look for cigarette burn marks on the front and back seat area; this is a good indication if the previous owner was a smoker. Look for warning
lights on the dash board such as “check engine”, “ABS”, or worse “Air Bags” any electronic component of the vehicle is difficult to diagnose and repair, therefore many dealers choose to ignore these issues. And a simple “I promise you they will be fixed” will not solve your problem.
Accident history, and paint work are concerning areas as well, but consumers today are putting too much emphasis on these areas. More than 50% of the vehicles on the road today had some kind of collision during their life span. It is not abnormal for a vehicle to have front or rear bumpers replaced. And as long as the vehicle structure integrity is intact you shouldn’t worry too much about small amount of paint work. (Of course unless the two doors are two different colors) Listen carefully when you test drive, listen for noises that is abnormal. Bubbling sounds can mean the coolant system has bubbles in it, rattling noises can mean the upper cam shaft of the engine needs work, loud noise during acceleration can mean the exhaust system needs repairs. Or clunk and squeaks that can
signal potential suspension problems.
Thank you for reading this article, it is brought to you by Used Cars Scarborough. For more information please visit us online at http://www.usedcarsscarborough.com or http://www.soscarloans.com
Tags: bad credit auto loans, bad credit car loans, no credit check car loans, used cars Ajax, used cars Pickering, used cars Scarborough, used cars Toronto, used cars Whitby
