Get Approved for Vernon, BC Vehicle Financing
Even if you have pre-arranged your financing, ask us about the benefits of dealer plan financing and our low interest rates. Shop and compare!
If you are planning on paying cash from your savings or investments, consider a low interest dealer plan loan instead.
Here are some thoughts to consider:
- You may make more interest in your savings or investments than what you would pay out in interest on a dealer plan loan.
- If you currently have a mortgage, you will save thousands of dollars in interest by paying down your mortgage with your cash.
- With a dealer plan loan you can take advantage of inexpensive life protection and illness and injury protection for your loan. No questionnaire. Automatic Approval!
Buying vs. Leasing
Leasing – Affordable Payments with Shorter Terms
This lets you…
- Consider vehicles with more options
- Choose your desired trade cycle
- Have peace of mind since most terms are within the warranty period
You Have Options at the End of Your Lease
If the vehicle is worth more than the residual value…
- Exercise your purchase option and keep it
- Exercise your purchase option and apply the equity to your next vehicle
If the vehicle is worth less than the residual value…
- Drop off the keys and walk away (subject to any excess kilometres or wear-and-tear charges)
Buying – Conventional Loans Typically Require Longer Terms to Achieve Affordable Payments
This keeps you…
- From trading into a new vehicle sooner
- Driving the same vehicle longer even when you’re ready to trade
Conventional Loans Have Obligations When You Trade
- The owner must find a buyer
- The owner assumes all of the risk for unexpected depreciation
- The vehicle’s condition, mileage, and wear and tear will be factors in assessing the total value of the vehicle
- The owner must satisfy the loan balance regardless of the vehicle value
Leasing – Benefits & Myths
Lower Payments and Pay Less Tax
Leasing gets you in and out quicker for less money down and a lower cost each month. You only have to pay tax on the value of the car you actually used during the life of your lease, saving roughly half the sales tax you would if you’d bought the vehicle instead.
You’re Covered by Warranty, Major Repairs on Us
Most people don’t want to be making car payments and repair payments at the same time. With a lease, your new car is under the factory warranty coverage so you don’t have to worry about budgeting for repairs.
Shorter Terms Means You’re Driving a New Vehicle Sooner
The perfect lease is between 24 and 48 months because it gets you out before issues are no longer covered by warranty and before the models change.
Drive Luxury for Less
Did you know that, according to LeaseGuide.com, 75% of all luxury vehicles are leased? Banks avoid financing vehicles above $30,000. If you want a luxury vehicle worth more than this but don’t have the money to make up the difference, then leasing is your best bet. It allows you to afford a nicer vehicle than with financing.
Have Options Sooner vs. Obligations Later
At the end of the lease cycle, you simply turn the vehicle in. The dealer will take a report of its condition and as long as there’s no damage, excessive wear and tear or mileage, it’s out of your hands. A shorter lease term means more flexibility. Longer finance terms can leave you in a position of deficit until near the end of your term.
It’s Not My Vehicle if I Lease
The truth is that if you’re making loan payments, it’s the bank’s vehicle until the last payment is made. If you often trade in your vehicle before it’s paid off, then you should consider leasing as an alternative.
I Put Too Many Kilometres on My Vehicle
Every lease can be tailored to your specific needs so you can drive it as much as you want. Will it see rougher than normal use due to how or where it is used? We can accommodate that too.
It’s a Poor Financial Decision to Own
Really, a new vehicle starts depreciating as soon as you drive it off the lot. Leasing allows you to minimize your exposure to depreciation, but it still offers you an opportunity to buy it at the end of the lease if it offers good value.
Only Businesses Get Tax Breaks
Leasing gets you in and out quicker for less money down and a lower cost per month. You only have to pay tax on the value of the car you actually used during the life of the lease, which makes for savings of about half the sales tax you’d have spent had you bought the vehicle instead.
It’ll Cost Me a Lot When I Return the Vehicle
If you take care of the vehicle as you should and return it within reasonable or normal wear and tear, then you’ll be just fine. All the details will be in the lease agreement so you’ll know what to expect when you begin. Damage or excessive wear and tear over and above are what can be issues, but it’s common sense to avoid these things, so there shouldn’t be any surprises.