If you are in a position where the market value of your vehicle is less than you owe you are "Upside-Down" or Underwater". To combat this situation we will often suggest rolling the negative equity into the loan for your next vehicle. Though convenient, in some cases this is unwise since it will make you upside-down even further and this means that you're creating a larger loan amount, and paying more interest. However, if you need a vehicle but don't have the money to pay off the negative equity and are having trouble keeping up with your current payments, it might be worth the risk. If you decide to downsize, by purchasing a cheaper vehicle, your payments may become more manageable even if you roll the remaining debt into the new vehicle loan.
YES! Paying a little extra each month on your vehicle loan can make a big difference in how quickly the loan will be paid off. Making extra payments can help you gain control over your finances, save money and give you peace of mind. This is a great way to reduce the long-term cost of your vehicle loan. By reducing your vehicle loan, you will have more money for other purposes. The secret to paying of a vehicle loan is paying off the principal first. Extra vehicle payments have a multiplier effect. If you pay off $100 early, it could save you more than $100 in vehicle payments due to the effects of compound interest. Just imagine what you could do with that extra money the first month after your vehicle is paid off.
If you're looking to change your vehicle loan payment date the first thing you need to do is contact your Lienholder (Finance Company) to see if the option is available. If it is, you can change the due date online or over the phone. Changing your vehicle loan payment date to something that makes sense for you financially can help improve your cash flow and your overall finances. It makes budgeting easier and helps avoid any late fees or insufficient fund fees!
YES! You can apply for a second car loan, The main thing which the lenders would look at would be your payment record i.e. whether you have made prompt payments on your existing and past loans. Missing too many payments would lead to a drop in your credit score thus making it harder for you to obtain another loan. Secondly, your ability to pay back your loan is also assessed by the lender. For this purpose, lenders look at your monthly disposable or surplus income and some other factor's such as the assets, income from other sources, liabilities and stability of income. This is done to make sure that you comfortably repay your loan on time.
YES! Our customers are our greatest resource and we know that the best way to grow is through word of mouth. The highest compliment you could pay us would be to pass along your positive experience with Drive Financial to your friends, family, co-workers or someone you just met. Simply send us an email with the basic information of the person you're referring (Name, Phone #, Email address) as well as your own contact info (Name, Phone #, Email address). When they purchase a new or pre-owned vehicle, you receive $1000! The more people you refer the more you make! Drive financial staff are not eligible. Management reserves the right to discontinue or modify the program at any time.
You can ask for a free copy of your credit file by mail. There are two national credit bureaus in Canada: Equifax Canada and TransUnion Canada. You should check with both bureaus.