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Car Loans Burnaby 2020

Compare the best lenders in this region:
ProviderRating
North’n Loans -
MDG -
Loan or Credit -
Instant Payday Canada -
Flexiti Financial -
FinanceIT -
Diamond Financial Services -
Climb 5 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Loan Away 4 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 5
iCash 5 / 5
Focus Financial Inc. 2 / 5
FlexFi 5 / 5
Eastern Loans 5 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Credit 700 2 / 5
Credit Club 5 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fairstone 3 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 5
BC Loans 3 / 5
Urgent Loans 4 / 5
easyfinancial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 5 / 5
Speedy Cash 5 / 5
ProviderRating
Onesta -
Lionhart Capital -
Lift Capital -
Leaseline -
Lease Direct -
John Deere -
Hitachi Capital Canada -
Guardian Leasing -
4 / 5
Essex Lease Financial Corporation -
Equilease -
Alliance Financing Group LTD -
CanaCap -
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
Meridian Credit Union 3 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Bank of Montreal (BMO) 3 / 5
Royal Bank of Canada (RBC) 5 / 5
CWB National Leasing 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Dynamic Capital 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
BDC 2 / 5
Baron Finance 5 / 5
B2B Bank 5 / 5
AOne Financial Solutions 5 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
National Powersports Financing -
LMG Finance -
Loans2Go -
iA Auto Finance -
Gamache Group -
Daimler Truck Financial -
DealerPlan Financial -
Coast Capital -
Canada Auto Finance -
Credit River Capital Inc -
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada 5 / 5
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Prefera Finance 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
Newstart Canada 4 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Instant Loans Canada -
Newstart Canada 4 / 5
BHM Financial 5 / 5
ProviderRating
Mortgage Architects -
Keystone Finance Solutions -
IntelliMortgage -
Invis -
Equitable Bank -
Dominion Lending Center -
Fisgard Asset Management -
First National -
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5
ProviderRating
BDO 5 / 5
MNP 5 / 5
Full Circle Debt Solutions Inc 5 / 5
Consolidated Credit 5 / 5
4Pillars 5 / 5

Although British Columbia enjoys relatively mild weather most of the year, cities like Burnaby experience rainy winters and hot summers, often making it inconvenient to bike, walk, or take public transit. This is why owning a car is often a high priority for most Burnaby residents. Keep reading for everything you need to know about

Thinking of becoming an Uber driver? Read this first.  

Other Reasons to Get a Car Loan

A car loan helps you purchase the vehicle you want and finance it over time through installments. However, besides the affordability, the ability to stay out of the weather and the convenience you can add to your various commutes, there are plenty of other reasons to apply for a car loan.

With a car loan at your side, you can:

  • Upgrade to a more recent model vehicle
  • Purchase a larger vehicle to transport family or extra cargo
  • Purchase a more reliable vehicle when yours is unsafe or breaks down
  • Finance a work truck or other more durable vehicle
  • Save gas, money, and the environment by purchasing a fuel-efficient, hybrid, or electric model

Commuting to Work in CanadaCheck out this infographic to see the cost of commuting to work in Canada.

Purchasing a Recreational Vehicle

Living in Burnaby means you’re in close proximity to many different environments, such as downtown Vancouver, cottage country, the ocean, and the Rocky Mountains. Although a car can be useful in most of those places, a recreational vehicle can also provide some much-needed entertainment. Luckily, this kind of financing doesn’t just apply to cars, vans, and trucks.

With the right loan product, you can also purchase:

  • Campers and mobile homes
  • Snowmobiles and all-terrain-vehicles
  • Boats and jetskis
  • Scooters and motorcycles

Trading In Your Old Car

If your current vehicle is still in good shape but you’re sick of the sight of it and want something better, the good news is that you don’t necessarily have to go through the hassle of selling it or letting it rust in your driveway.

Click here if you’re thinking of buying a car from a private seller.

Instead, why not trade it in at your dealership in exchange for a lower price on your next vehicle? Although some dealerships don’t perform this kind of transaction, if your current car retains some residual value, many will take it off your hands and attempt to resell it someday.

Before the trade can take place, however, the dealer will inspect your vehicle to determine what it would be worth on the open market. If there’s a profit to be made, they’ll give you a price quote, then knock it off your new vehicle’s final balance.

Set Your Expectations Appropriately

Nonetheless, it’s important to understand that all vehicles depreciate in value over time. In fact, even a brand new car can lose an estimated 11% of it’s worth as soon as you drive it off the lot. As a result, most lenders cannot give you top-dollar for your car when you trade-in.

If you want to get a few more bucks out of the deal, consider throwing some repairs or improvements into your vehicle to boost its value a little bit.

Don’t Get Hustled

Having said that, it’s also essential to do lots of prior research to ensure that you’re getting a decent price, as not all dealerships will treat you fairly. Check out what other cars like yours are going for on the market, then get an outside mechanic to inspect it to give you a quote of their own.

Can you trade in a vehicle that isn’t fully paid off? Look here for the answer.  

Bad Credit Car Loans

When applying for a loan of any kind, your approval chances and interest rate will usually hinge upon your ability to make payments as agreed. So, before a lender can offer you any money, they’ll typically inspect your income, employment status, current debt levels and, more often than not, your credit.

In fact, one of the first factors many lenders check is your credit score, which ranges from 300 to 900 and represents how responsible you are with credit products. Having a score within the 300 – 560 range typically means you have ‘bad credit’ due to defaulted payments or other financial problems. As a result, many lenders, especially prime sources like banks will be unwilling to approve you for a larger loan or a lower rate.

Unfortunately, this might be the case for some dealerships as well. However, with a bit of extra effort, you should be able to find lenders and dealers who will gladly approve your car loan, albeit at a higher interest rate and less negotiable payment plan.

To be approved with bad credit, you may need certain elements, such as:

  • A sizable down payment
  • One or more assets to offer as collateral
  • A stronger borrower to cosign your application
  • A healthier income and net worth

New vs. Used CarsCan’t decide between a new or used car? Take a look at this infographic.    

Vehicle Title Loans

Speaking of loan security, did you know that there’s another kind of financing you can secure with your existing vehicle? It’s called a vehicle title loan and it can be helpful in ways that a traditional car loan cannot.

Essentially, if you own your current car outright and it has some value left, you can offer it up as collateral in exchange for an installment-based loan. The more valuable your used car is, the more money you can potentially secure and the more favorable your interest rate will be.

Rather than helping you purchase a vehicle, that loan would be a lump sum of liquid cash deposited directly into your bank account. You can then use it to deal with your everyday expenses and pay it back over time, similar to a common personal loan.

Wondering if you can get a car title without a clear title? Find out here.  

Don’t Default On Your Payments

Now, before you go using your car as leverage, make sure you understand the potential consequences of asset-based financing. When you offer any kind of collateral, including your car’s title, your lender will retain temporary ownership over it. That means they will have the legal right to sell your vehicle if you default on too many payments.

Do not risk your vehicle or any other form of loan security unless you’re financially stable and can afford all the costs associated with the title loan!

Click here to learn more about car title loans.  

Financing the Car You Want

Decided that a car loan is the best option for you? If so, you’re in luck, because this kind of financing comes in all amounts and can, therefore, help you purchase almost any make or model of vehicle, whether big or small, economic or luxurious.

Car brands that a loan can help you finance include, but aren’t limited to:

  • Toyota
  • Honda
  • Subaru
  • Buick
  • Ford
  • Mercedes
  • BMW
  • Volkswagen
  • And much more!

Car Loans, Made Easy

If you’re searching for the right car loan in Burnaby, remember that Loans Canada is always here to help you find it. We can connect you with the best lenders, dealerships, and rates in your area.

 

FAQs

Can you get a loan with bad credit?

  • Yes, Canadians with bad credit can still qualify for a loan. Unsecured bad credit loans may be paired with higher interest rates, but consumers can still opt for a secured loan such as a car title loan to gain access to lower rates.

Will applying for a loan hurt my credit score?

  • If the lender performs a hard pull of your credit, yes your credit score will go down a few points. But it will recover over time. The most important thing is to make sure you don’t have too many hard pulls within a short period of time.

Can I pay off my loan early?

  • Yes, some lenders will allow you to settle your account early. Just keep in mind that you may be charged a prepayment penalty, which is typically a percentage of your remaining loan balance. Before you sign a loan contract make sure you understand the terms of your loan.

What is the difference between a secured and an unsecured loan?

  • A secured loan is backed by some form of collateral, typically an asset like a vehicle or piece of property. If a borrower defaults on a secured loan, the asset could be seized. An unsecured loan does not require collateral. The heightened risk of an unsecured loan may result in a higher interest rate, although this is usually a function of the applicant’s credit history.

How to tell if a lender is legitimate?

  • Choosing a legitimate lender can seem like a daunting task, but there are a few key factors to watch out for. For example, a legitimate lender will never ask for any form of upfront payment and should have many independent reviews you can look at online.

Can I transfer my loan to someone else?

  • Certain loans, for example, a car loan, can be transferred to someone else. But, a personal loan cannot be transferred.

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Posted by
Bryan completed the Cinema, Video, and Communications program in Dawson College and holds a Bachelor’s Degree in English Literature & Creative Writing from Concordia University. Bryan covers a wide range of topics for Loans Canada, including credit improvement, debt management, and all things related to personal finance. In his spare time, he maintains a passion for editing, writing film and television screenplays, staying fit, and traveling the world in search of the coolest sights our plan...

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