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What Are the Alternatives to Bank Financing for Car Loans?

These days there are many alternatives for bank financing when looking to get a car loan. When thinking about getting a loan, we usually think “bank”. But most of us can’t be approved at the bank or have to jump to make the bank do anything. There are many lenders on the market who offer car loans at the same or even better rates. These lenders are usually associated with pre-owned vehicle dealers and are very strict on the selection of their used car dealer partners.

Being part of a business, I have seen many creditors come and go. These days, banks have even arranged and bought financial institutions that exist specifically in car financing. Banks have found that there are many businesses that they do not maintain and are swallowed up by third party borrowing companies. Now, when dealing with some third-party finance companies, you might be dealing with a large bank and don’t even know it.

Most creditors adjust to new and used car dealers. Dealers must meet specific requirements to be allowed to offer financing to consumers and even after they meet this requirement, past track record they also look to be able to obtain the consent of the bank.

If you are looking for a bank replacement for a car loan, visit the Auto Lease Inventory to ask how many different creditors they have. Usually, established dealers with a good history with around 8 lenders. If they don’t have all the big banks, then they may have lost creditors because of activities that are not preferred by the bank. Use extreme caution when financing with this dealer.

In Ontario, Auto Funds has 9 different creditors and works along with reputable dealers to accommodate all consumer needs. They are considered Ontario car loan specialists. If you have questions, their financial professionals are always willing to help!

22 Oct 2018

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