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Your credit score influences many areas of your life. A prospective employer will check your credit when considering you for employment. Your insurance agent might check your credit when deciding to insure your car or home. Your lender, whether for a home loan or other consumer debt, will check your credit score when making a determination.

Your credit report shows the history of your borrowing activities they have been reported to the credit reporting bureaus — TransUnion, Experian, and Equifax — by lenders, court records and others at a point in time. The credit score helps credit grantors quickly evaluate this information because it gives a snapshot of your payment history.

Thousands of credit grantors send updates to the bureaus usually once a month. These updates include balances, monthly payment amounts and whether there have been late payments.

This credit score will change as the information reported to the bureaus changes. For example, if your credit report is obtained at a time when your credit card balances are low and your credit is excellent, your credit scores can be high. Meanwhile, you take a vacation and use your credit cards to pay for it. These balances will be reported the following month. If the lender pulls the credit report the next month and it shows much higher balances on your credit cards, your credit score likely will be lower than the previous month. This can be frustrating because your payment history habits probably will not have changed, and you might pay off your credit card balances every month regardless of how high they are.

Happy New Year to all of our customers from the Import Motors team.  We wish you and your family all the best in the coming year, and look forward to serving you in 2011.

If you are new to the car buying process, the likelihood of acquiring a bad auto loan is high. For this matter, car buyers must familiarize themselves with how the financing process works. A common problem that arises with buying a car is obtaining an upside down loan. This occurs when the amount owed on the vehicle is significantly higher than it’s worth. Fortunately, there are techniques to avoid this sort of loan.

Purchase Vehicle with a Down Payment

Car values depreciate. This is inevitable. On the other hand, some vehicles are subjected to rapid depreciation, which means that the car buyer will always owe more than the vehicle’s worth.

If planning on keeping a car until the loan is completely paid off, a rapid depreciation is little cause for concern. However, if you enjoy trading-in or buying a new vehicle every two to three years, you may acquire thousands of dollars in negative equity.

One tactic for combating rapid depreciation is purchasing the car with a down payment. Typical down payment amounts are about 10% of the vehicle’s price. However, if you can afford a large down payment - perhaps 20% or more - this will help avoid an upside down car loan in Ottawa.

Acquire Reasonable Loan Terms

The average length of a car loan in Ottawa  is five years or 60 months. Nonetheless, some dealerships and finance companies will stretch out the loan for 72 or 84 months. A longer term means lower payments. However, it also equals more interests, and you will likely owe more on the vehicle than it’s worth. If possible, limit loan terms to 60 months or less.

Buy a Used Automobile

Even though new cars are more appealing and attractive, they lose their value very quickly. In fact, within the first two years, a new vehicle will depreciate by 40%. If the car was purchased without a down payment, and the interest rate on the loan is high, the chance of an upside down loan is great. If possible, choose a used car in Brockville. Used cars also depreciate. However, they hold their value longer than a new car.

Visit Import Motors today at www.bestusedcarsottawa.com to choose a used car or truck from our huge inventory. We offer car loans in Brockville for everyone regardless of past credit issues.

If you are just now starting the process of buying a used car in Ottawa, there are some steps that you’ll want to take in order to ensure that you get the right used car and payment situation for your needs. Buying a used car in Ottawa is exciting. However, it does take some time, if you want to do it correctly. Here’s a brief overview of the important steps that you’ll want to take as you begin the process of buying a used car:

Determine Your Needs

First, you’ll want to determine what your needs are for the used car. Some people need to have luxurious used cars with plenty of features and extras. Other people need to have cargo space, extra seating room, and towing capacity. Make a large list of all of your needs so that you can be sure that you find the right used cars for you once you begin your search.

Investigate Options

Once you determine what your needs are, it’s important to find out what’s available. Sometimes, you’ll want to make your decision based on what used cars are available on the lot. Other times, you might decide that a particular used car in Ottawa that is right for you and you may ask the dealership to locate that used car for you. However, make sure that you are aware of all of the options available to you before you begin the buying process.

Obtain Financing

Many people obtain financing during the time that they are looking for the right used car. When you obtain a car loan in Ottawa, you will be able to know for sure how much money you will be able to spend on the used car. Sometimes, the financing decision drives the choice of car that a buyer will make. Therefore, we always recommend that our customers have a good idea of what their financing options are before they go too far into the used car buying process.

Select the Car

Selecting the right car may take a considerable amount of time. You not only want to make sure that the used car meets all of your needs, but that it also is affordable. Plus, you may have to look for awhile until you find the perfect used car for you. Therefore, plan to spend some significant time in this step.

Contact Import Motors today at www.bestusedcars.ca  to learn more about the used car buying process or to start finding your perfect used car right away!

Did you know that you can start the process of applying for a car loan in Ottawa from right where you’re sitting? If you’re already cozy in your seat and messing around on your computer, why leave just to apply for a car loan? At our dealership, we believe in making things as simple as possible for our customers. After all, when things are simple, our customers will have a better customer experience and will be sure to get the right car for their needs – not just a car that’s convenient for them to buy.

Whether you are at your home or office, you can get started applying for your car loan in Ottawa from your computer through our interactive online application. To get started, follow these steps or call us for more information:

Complete the credit application

All of our customers will need to complete the credit application in order to get started with their car loan applications. Our credit application is available through our Web site and is secure so that you will not have to worry about losing your personal information online or having it stolen. This credit application is designed to help us collect some important information about your financial history, spending history, and habits. We’ll also learn more about your current financial situation from this credit history.

Speak with a lender

There are several different ways that we can speak with you about your lending options. One way is for you to come on down to Import Motors to meet with us in person. The other way is to speak with us over the phone. Either way, we’ll get in touch with you after we receive your credit application in order to schedule a conversation.

During this conversation, we’ll talk more about what we discovered from your credit application. Specifically, we’re interested in what your comfort level is with several different loan repayment options. Keep in mind that our goal is to develop a loan package for you that will ensure that you are able to comfortably repay your loan each month, so your feedback is essential in this process.

If you select a loan option over the phone, the next step will be to come on down to our dealership to pick out the right car for your needs and sign the papers to make it yours!

Contact Imprt Motors today at www.bestusedcarsottawa.ca  to get started with your  car loan in Ottawa or for more information about the variety of our used cars in Ottawa!