How Long Do E-Transfers Take?
Are you sending or receiving money via e-transfer? Find out how long you can expect to wait to have the funds deposited into your bank account.
Whether the wheels on your car are getting old, have been damaged, or are simply no longer attractive to you, replacing them might be a good idea. A new set of wheels can really ramp up the look of your vehicle and even help it perform better on the road.
But, like any other component of a car, wheels are expensive. In fact, they can cost as much as $1,500 for a new set, depending on the exact type you’re considering.
While some consumers might have a few hundred or thousand dollars handy to cover the full cost of a new set of wheels, others might not. For those we may have trouble coming up with the funds needed, the good news is there are several car financing products available.
Does your car need some serious repairs? Learn about car repair loans.
If you’re in need of some financial help to fund the purchase of your car’s next set of wheels, here are some of the most common and popular options available to you.
Many dealers that specialize in wheels, tires, and rims may offer their own in-house financing to help their customers purchase the products they want. If you meet certain criteria, you may be able to get approved for this type of financing.
With this option, both you and the dealer sign into a contract together whereby you agree to pay the full amount for the wheels over a certain period of time, in addition to interest and fees.
Dealers will generally sell these types of loan contracts to a bank, lender, or financial institution that will then service the account. It’s this party who you will actually be making your monthly payments to until the full loan amount has been paid off.
Thinking of working with a dealership? Beware of these hidden fees dealerships use to screw Canadians.
You can always head over to your bank to take out a personal loan to fund your car wheel purchase. Personal loans are installment loans that can be taken out and used for just about any purpose.
You would need to supply some documentation for the lender to look at before determining whether or not you’d be capable of repaying the loan amount. Your credit score will also be checked, and your income and debt load will be verified. Usually, consumers must have a good credit score, make a decent income, and not have too much debt on their plate to get approved.
What is good credit? Take a look at this article to find out.
These days, there’s a plethora of lenders in the online sphere for consumers to work with when money is tight. Rather than having to physically visit a bank or credit union, consumers can simply submit the information required, fill out an application, and even have the funds deposited into their account if approved- all online.
The entire process is usually much faster than the traditional route, and it’s typically easier to get approved with online lenders. In fact, many consumers who don’t have stellar credit or lack the financial strength to get approved for a loan with banks or other conventional lenders often look to online alternative lenders to get the funds needed.
Before you decide which loan route you want to take, it’s important to ask yourself some key questions first. Committing to a loan will require you to be dedicated to making monthly payments, so you’ll want to make sure you’re ready to take on such a commitment.
Here are some questions you make want to ask yourself first:
Is 0% financing ever a good idea? Find out here.
There are so many different types and brands of car wheels available, and just about all of them can qualify for wheel financing, including the following:
You might need or want to replace the wheels on your car, but while you’re at it, you may want to consider replacing the rims, too. Odds are, they both may need to be swapped for a new set. Plus, getting yourself a set of wheels and rims will ensure that they fit well together.
And while that may add to the overall cost, the unit price for each component can be cheaper when you buy a rims and wheels package. Like most other consumer goods, buying packages that include multiple items will usually bring the unit price down, helping you to save money.
And if you were already considering replacing your rims anyway, it might be wiser to purchase with a rims and wheels package.
The good news is that you may also get financing to fund this type of purchase. Dealers will usually offer financing for package deals, as will online alternative lenders, and banks. Plus, it would be much easier to apply for one loan to pay for everything rather than to have to go about the loan process all over again when you decide to buy new rims at some point in the near future.
Do you know what the winter tire laws are in Canada? Everything you need to know here.
What are the perks of financing a wheel package?
As already mentioned, securing a loan from a dealer or from a traditional lender – such as a bank – typically requires a good credit score, as well as a solid income and manageable debt. But what if your credit score is currently suffering? What if these lenders turn you down for wheel financing because of your low credit score?
For those with bad credit who are in need of new wheels for their car, the good news is you have options. Loans Canada can match you with a lender in your area who will consider more than just your credit score before approving you for a loan.
For instance, your income, most recent payment history, and assets will be assessed and given more weight than your credit score.
If you:
You’ll have a good chance of getting approved for financing, despite having bad credit.
If you’re in the market to buy a new set of wheels for your car, Loans Canada can help. We can help put you in touch with a lender in your area who will be more than willing to extend a loan to you to finance your purchase. Call Loans Canada today!
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.
Are you sending or receiving money via e-transfer? Find out how long you can expect to wait to have the funds deposited into your bank account.
Almost $500 in commission-free trades. Code “50TRADESFREE”. Conditions apply.
Earn an average 5%¹ cash back at thousands of partners and at least 1%² cashback guaranteed.
Build credit while spending money with the Refresh Financial VISA card.
With KOHO’s prepaid card you can build a better credit score for just $7/month.
Check out our interview with addy; a platform that allows Canadians to invest in different properties across Canada with as little as $1.
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.