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Welcome to Our Financing Department
Welcome to D&D Vehicle Sales Finance Department, your auto loan and car lease resource. We are authorized representatives for a variety of Financial institutions and do millions of dollars in vehicle loans every year. Having strong relationships with banks and financial institutions we can work for YOU to get the best rate possible and save you money.
Q. What's the difference between the dealership financing me and my own bank?
A. At D&D Sales, we work with different banks who offer different specials at different times of the year. We monitor these deals closely and pass them on to you. We also do millions of dollars in business with these lenders and can often offer a more competitive rate.
Q. What is your best financing rate?
A. Rates are changing all the time and we always try to get you the best rate because we want to gain your business. According to Stats Canada, the average rate for interest on a used vehicle loan in Alberta in 2011 was 6.99%. In the past year we have seen rates from 4.99% - 7.99% prime loans.
Q. I currently have a line of credit (LOC) with my bank at a lower rate than you offer, can I use that to purchase my vehicle?
A. Quick answer, Yes! Its your money, you can do anything you want with it. The long answer, Banks encourage LOC's because they know that 93% of people will never pay them off completely. "Stats Canada." Banks also generate more interest revenues on a LOC than a fixed auto even though rates appear to be more appealing. In the majority of cases, the amount of interest paid will more than double that of a fixed loan. LOC's are revolving credit, like a credit card and have some limiting effects on your credit score if balances become to high and may make it difficult to qualify for other financing. Fixed loans only use the vehicle as security as opposed to your home or other assets you may have when using a LOC.
Q. Is it better to use my cash in my bank account or finance the vehicle through a bank?
You can usually make more interest money in your savings or investments then what you would pay out in interest on a vehicle loan. Also, If you currently hold a mortgage with a lender, you will save thousands of dollars in interest by putting that cash towards paying down your mortgage.
All types of credit, from good to bad, can qualify for an auto loan. No credit, no problem! We will work with you to secure a no credit car loan if your situation demands it. D&D Vehicle Sales Inc has strong relationships and is committed to finding you the perfect car loan company to suit your car finance needs.