Auto Finance Specialists

Ontario’s Largest Automotive Finance Centre

Our expert staff at Performance Car Loans is committed to getting you in the driver’s seat, and offer numerous flexible finance options to suit your needs. But these options can often appear complicated, which is why we have broken them down here to help you make an informed decision.

Simply put, financing a vehicle means that you are taking out a loan from a financial institution for the full cost of the vehicle, including all its associated fees and taxes. You pay back that loan over a set number of years via monthly installments, with the longer the term, the smaller the payments.

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Who owns the vehicle?

Financing a vehicle is a straight path to ownership. All you have to do is possibly pay an amount as down payment, keep up your installments, and enjoy complete ownership of your car after successful completion of the finance period.

Are any up-front payments required?

A down payment is sometimes necessary when financing a vehicle, and is part of the agreement between you and the lending institution. You can use the trade-in value of your old vehicle as down payment, or utilize any equity to fulfill this requirement. The actual amount to be paid up-front usually depends on multiple factors, including the make and model of the car, your credit score and the lending institution’s requirements.

What factors can impact a vehicle’s future value?

Your vehicle’s market value will depend on its depreciation over the finance term and on how well it has been maintained throughout its life. Factors that can significantly reduce a car’s value include accidents and irregular maintenance. The best way to take care of your investment is to follow all recommended service timelines in your car’s manual, and to always take your vehicle to a factory-authorized repair and service facility.

What happens after the finance term ends?

Once you have successfully made all your payments and met all conditions on your contract, the vehicle is all yours to keep. The financing institution will issue you a Lien Release declaring that the car is completely paid off, and your car is yours to enjoy without any scheduled payments!

If you need help with any aspect of the buying process, please don’t hesitate to ask us. Our customer service representatives will be happy to assist you in any way. Whether through email, phone or in person, we’re here to help you get the customer service you deserve.