Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Climate change has increased in the last decade, but so have Canadians’ efforts to tackle it. Whether it’s by recycling, consuming less meat, or conserving water and energy, there are many ways to take an active role in caring for the environment. Electric and hybrid cars have become an increasingly popular transportation choice to reduce one’s carbon footprint.
An electric vehicle (EV) uses an electric motor instead of an internal combustion engine and is powered by electricity from the electrical grid. Running on electricity, EVs do not emit exhaust and do not use gasoline. This makes them an environmentally-friendly choice for transportation, as their carbon footprint is much lower than vehicles that run on gas.
Hybrid vehicles offer the best of both worlds. With at least one electric motor, hybrid vehicles also have a gasoline engine, and both engines can be used interchangeably. In other words, hybrids can be powered by both gasoline and electricity. Let’s take a deeper look at the benefits of having a hybrid car, important things to consider before buying one, the best hybrid car models, as well as financing options for hybrid cars.
Buying a car? Watch out for lemon cars.
There are many benefits to choosing a hybrid car as your primary transportation, including:
Learn how to budget for a car.
One of the most attractive benefits of owning a hybrid vehicle is the incentives the Government of Canada offers.
Keep in mind that the incentives offered by the government for regular hybrids have unfortunately expired, vehicles with plug-in technology are still eligible for federal tax credits. Some provinces offer sizable rebates as well. Although most incentives are for electric vehicles, there are still incentives of $2,500 or $5,000 rebates for a few hybrid models, including:
For more information about the years and models of hybrids eligible for rebates, visit Transport Canada’s website.
Despite all the benefits listed above, there are a few other factors to consider before making a decision to buy one, including the cost, maintenance and overall performance, and energy consumption.
There are many hybrid models for you to choose from. Let’s take a look at some of the models below.
The Honda Insight is a popular hybrid for its stylish exterior, not common for other hybrid vehicles. With optimal fuel efficiency and comfortable seats, the Honda Insight is a popular choice for hybrid vehicles.
A well-known model, the Toyota Prius is a classic car. Its hybrid version features a hatchback style and safety features such as forward-collision warning and automated emergency braking. New models start at around $22,000 USD.
This hybrid has a few models from 2018, 2019 and most recently 2020. With ample room for cargo, this minivan can seat 7 people and has comfortable, high-quality interior seats. New models start at $46,000 USD; however, one can find used models at some car dealerships. The best part about the Pacifica Hybrid is that it is eligible for tax rebates from the Government of Canada.
Medium-sized and fuel-efficient, this hybrid offers optimal space for passengers and cargo, as well as updated tech features. If you’re looking to buy it new, the Honda Accord Hybrid starts at around $36,000 USD.
With a larger battery, the Hyundai Sonata hybrid has less room for passengers and cargo. What it lacks in space is made up for with efficiency, as you can drive fully electric for 47 KM with 39 mpg in combined fuel economy. New models start at around $31,600 USD.
With a variable transmission and modern safety features, the Toyota RAV4 has a stylish aesthetic, along with efficient fuel. New models start in between $32,000 and $42,000 USD.
Check out our list of cars with high trade-in value.
If you are unable to purchase a hybrid car up-front, don’t worry! There are plenty of financing options available to you. Let’s take a look at some of them.
If you have a bit of capital, steady income and a decent credit score, your best bet on financing is to go with a car loan from a bank. Car loans are ideal because they tend to have the lowest interest rates, quick application processes, and a downpayment of 10%. It’s important to note, however, that car loans have liens on the titles until they are paid in full. This means that you don’t own your hybrid until you have paid off the entire balance. Unfortunately, this financing option is often unattainable for drivers with bad credit.
If your credit rating isn’t the greatest, you may have better luck securing a personal loan than a car loan. The great thing about a personal loan is that you can spend the funds however you’d like, even if the expenses are not directly related to your car. Secured loans, or loans with collateral, also tend to have reasonable interest rates.
Some borrowers simply do not have the requirements that banks insist on before lending money. In these cases, an alternative lender may be of service. They tend to offer a variety of loans, both personal and car loans. The main drawback of borrowing from an alternative lender is that the interest rates are higher; however, this may be worth the cost if your credit isn’t good enough to secure funding from a bank.
Check out how you can qualify for a car loan in Canada.
If you have bad credit and are having trouble obtaining a car or personal loan from a bank, there are a couple of approaches you can take to finance your hybrid car. You could wait for your credit rating to go up; however, this can take a lot of time. Alternatively, you can look to a dealership for financing options, many of which specialize in loans for drivers with bad credit. You may be faced with higher interest rates, but not much more than what any alternative lender would offer.
Learn how you can get the best rate for your car loan.
Amount Interest Term(Months) $500 - $50,000 Up to 46.96% 12 - 84 Learn More $500 - $35,000 $29.99% – 46.96% 9 - 60 Learn more $500 – $10,000 12.99% – 39.99% 9 - 36 Learn more $5,000 - $40,000 Varies 12 - 72 Learn more $7500 - $59,995 3.95% + 12 -96 Learn more $5,000 - $45,000 4.90 % - 29.95% 36 - 72 Learn more Varies 11.9% + 12 - 84 Learn more Up to $50,000 Varies 12 - 84 Learn more Up to $50,000 8.99% + 12 - 72 Learn more
Hybrids represent advancement to a cleaner, carbon-free future. With tax incentives and a variety of financing options, owning or leasing a hybrid can be attainable, and can benefit your wallet in the long run with the savings on fuel, as well as the environment in hybrids’ low carbon footprint. If you’re looking for the right financing to help you purchase a new hybrid vehicle, we can help.
Any features or services that are applied on top of the base price of a car are considered add-ons. These can include things such as tinted windows, heated seats, leather seats, alarms, and wheel locks, to name a few. The base price of a car is the cost of the vehicle without any upgrades or added features that can be added after the car is ordered from a dealership. Only standard equipment and the manufacturer’s warranty are included in the base price, but any other fees will be added afterward. CPO cars refer to used cars that have been certified, either by the dealership selling the car or the manufacturer of the vehicle. This gives consumers confidence knowing they are buying a used vehicle that is in good condition. When a used car is obtained by a dealership, it is inspected by a certified mechanic. The car is then repaired if it meets the required standards and is then ready to be sold as a CPO vehicle. A clear title means that the owner of the car has a free and clear title and no longer carries a balance owing on a car loan. There are no liens of the title or levies from creditors. Auto dealerships are businesses that are authorized to sell new or used automobiles to consumers and serve as a direct dealer for automakers Consumers can obtain dealer financing to help fund the purchase of a vehicle. A contract is signed with a dealership that requires a consumer to pay for a specific amount plus interest and funding fees over a certain period of time. Dealers will send the details of the consumer’s financials to various lenders to find one that will approve the loan. Depreciation refers to the decline in the value of a vehicle. Immediately after purchase, a vehicle will become less valuable as soon as it is used. Put another way, depreciation is the rate at which an automobile loses its value over time Vehicles come with a manufacturer’s warranty when purchased, but buyers can choose to purchase an extended warranty. This serves as a form of insurance policy on the vehicle to cover the cost of potential repairs in the future. An extended warranty is usually good for a certain period of time and/or mileage. A contract that allows an individual the right to use or occupy a property for a specified period of time in exchange for a monthly payment. Leases are common for a property like apartments and vehicles. The individual on the lease does not own the asset at the end of the lease’s term, it is strictly for rental purposes. Car manufacturers will offer recommendations on how much a car should be priced at the retail level, known as the manufacturer’s suggested retail price, or MSRP. The purpose of the MSRP is to standardize pricing in the automobile industry so that there is not a lot of fluctuation in price from one dealership to another. A title loan uses the vehicle title as a form of collateral to secure a loan. Borrowers must own their vehicles free and clear and no longer owe any amount on a car loan. A lender will place a lien on the car title in exchange for funds. If the borrower defaults on the loan, the lender can take possession of the vehicle and sell it to cover any losses. A trade-in allowance is the amount that a car dealer will reduce the cost of a new car purchase by after the consumer’s old vehicle has been traded in. It is somewhat like being given credit from the sale of an existing vehicle that is then applied to the purchase of a new vehicle. A trade-in value is the amount that dealerships offer consumers for their vehicle and is typically applied toward the purchase price of another vehicle. Dealerships will assess the value of the vehicle and will base the amount that can be applied to a new car purchase. The consumer will then trade in the old vehicle and the assessed value amount will be deducted from the price of another vehicle. Trade-in value is often different than what the vehicle may be worth when sold in the open market. Every vehicle will have its own unique vehicle identification number, which is used to identify a specific vehicle. No two vehicles will have the same VIN, making them easily identifiable with this unique 17-character code. Auto Glossary
Terms
Add-Ons Base Price Certified Pre-Owned (CPO) Clear Title Dealership Dealership Financing Depreciation Extended Warranty Lease MSRP (Manufacturer’s Suggested Retail Price) Title Loan Trade-in Allowance Trade-in Value Vehicle Identification Number (VIN)
Rating of 2/5 based on 2 votes.
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Don’t pay until March with this offer from our partner, Fairstone.* Ends January 31st.
New Offer! Get up to $2,000 cashback + a $50 bonus on signing up. Conditions apply.
Earn an average 5%¹ cash back at thousands of partners and at least 0.5%² cashback guaranteed.
With KOHO’s prepaid card you can build a better credit score for just $10/month.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.