Most recent blog entries

My 2000 Focus Station Wagon

Mon, 01 Oct 2007 19:46:00 GMT

While my husband babies his BMW, my Ford Focus has cost me almost no head aches. The Ford Focus has been one of the best vehicles I have ever owned.

Review of 2004 Porsche Cayenne

Thu, 19 Jul 2007 18:05:00 GMT

I purchased my 2004 Cayenne in the spring of 2006. Almost immediately I realized how underpowered it was with a 6 cylinder engine. It became abundantly clear when trying to pass a mini van on the highway. Another surprise for me was the first time I took it in for service. The bill was a wopping $1400. They charged me $500 for an alignment and $100 per wiper.

What really anoyed me was the additude of service staff at the dealership if I could get inside his head I would have guessed his exact words "if you cannot afford the service than you shouln't be driving a Porsche"

I have had a serious problem for several months. When I am drinving without any warning I will feel a sudden thud in the drive train (at least I think thats where its coming from). I am pretty sure it has something to do with the tranmission and in particular the computer that runs it. This phenomenon has no particular pattern and can happen at any speed whether I am accelerating or decellerating. I am at a loss and to afraid of what it is going to cost me to fix it.

The only postive thing I can say is that it handles well and has very good brakes. But for a vehicle that retailes for over $70,000 after taxes I would expect a lot more.

I will have difficultiy getting out of the porsche because I'm barried in negative equity. I applied for a car loan online while looking for another vehicle and found that I may be able to work something out with that will wrap my anything I currently owe into my new vehicle.

Financing Questions and Answers

Tue, 10 Jul 2007 21:27:00 GMT

Do you have questions about your credit? What to do if you've recently started a new job? Tips on credit application submissions? Well ask away!

What is a credit score?

Fri, 06 Jul 2007 19:01:00 GMT

A credit score is a statistical formula that translates personal information from your credit report and other sources into a three-digit score. For example, when you fill out a loan application, pieces of information from the application along with information from your credit report will be used to compute a score that indicates to the lender a statistical probability.

Some scores that lenders use are based strictly on the data in your credit report; these are known as "bureau scores". The most widely-used bureau scores in Canada were developed by Fair, Isaac and Co., headquartered in San Rafael, California.

It is important to understand that a credit score is only one criterion that a lender will use in making decisions. For example, in auto loan lending, the lender will take into account the vehicle being purchased and the purchasers equity. Many lenders look at their relationship with the customer, which may include other financial services. Each lender will have its own policies and you should feel comfortable asking a credit institution about these. Our work with credit grantors has shown us that most lenders want their customers to have a better understanding of their lending processes.

Identity Theft: Protect Yourself!

Thu, 05 Jul 2007 16:59:00 GMT

Here are some everyday tips from www.carloanscanada.com to ensure that your risk of identity theft is minimized.

To reduce the chances of your identity being stolen:

Protect your PC or Protect your Macintosh with virus software
Read the fraud alert information on your bank and credit card websites.
Check your bank, utility, and credit card statements regularly to ensure all data is correct.
Use a web browser such as Firefox that supports security features such as 128-bit encryption, digital security certificates, and SSL protocols.
Enter sensitive information only on trusted websites. Look for the "lock" icon in your browser screen that indicates the information is being encrypted.
Don't respond to spam, phishing, vishing, or other unsolicited emails or if you would like to respond, call!
If you lose any of your physical identification, such as your SIN or driver's license, contact the government agencies responsible immediately.
Do not dispose of personal information in the trash - use a shredder to destroy old bills and receipts, cheques, credit card offers, insurance receipts, etc.
Review your credit report from Equifax or Trans-Union at least once a year. You are eligible for a free credit report, and can monitor if there is any wrong information in your account.

Filling an Online Credit Application - Is Your Information Secure?

Fri, 29 Jun 2007 22:01:00 GMT

Are you worried our uncomfortable filling out an on-line credit application?

Have you wondered how to check to see if your information is secure?

Well, below you will find some great tips and tricks to ensure that your inputted information is safe.

1) Check the web page URL

Normally, when browsing the web, the URLs (web page addresses) begin with the letters "http". However, over a secure connection the address displayed should begin with "https" - note the "s" at the end.

Here is our standard web address: http://www.carloanscanada.com/

Here is the web address of our credit application: https://www.carloanscanada.com/car-loan-application/index.aspx

Rest assured, your information is safe with www.carloanscanada.com

2) Check for the "Lock" icon

There is a de facto standard among web browsers to display a "lock" icon somewhere in the window of the browser (NOT in the web page display area!) For example, Microsoft Internet Explorer displays the lock icon in the lower-right of the browser window:

As another example, Mozilla's FireFox Web Browser displays the lock icon in the lower-left corner:

THE LOCK ICON IS NOT JUST A PICTURE! Click (or double-click) on it to see details of the site's security. This is important to know because some fraudulent web sites are built with a bar at the bottom of the web page to imitate the lock icon of your browser! Therefore it is necessary to test the functionality built into this lock icon. Furthermore, it is very important to KNOW YOUR BROWSER! Check your browser's help file or contact the makers of your browser software if you are unsure how to use this functionality.

You will notice if you click our credit applications the “lock” symbol will appear.

Other Indicators of a Secured Web Page

Many SSL Certificate vendors (Comodo, Verisign, GeoTrust, SSL.com, etc.) also provide a "site seal" to the owners of these web sites. Common characteristics of these site seals include:

High Visibility - Online merchants want you to see these site seals. They want you to know they have made every effort to make their site a safe shopping experience. Therefore, the site seal is usually located where you, the customer, can easily see it.
Difficult to Duplicate - The site seals are designed to be difficult for thieves and scammers to duplicate. Many times the site seal will have a date and time stamp on it.
Verification Functionality - The site seal should have some functionality whether by clicking on the seal or by hovering your mouse over the seal. The functionality should display detailed information about the web site you are visiting.

These site seals should not necessarily be trusted on their own, but should serve as a reminder to "investigate further"...

1) Check for that "https" in the prefix of the web page address.

2) Click on that "lock icon" in the status bar of your browser.

Got a high interest loan? Paid on time for 12 months? Time to Refinance!

Tue, 26 Jun 2007 15:13:00 GMT

If you’re hunting for a new car and have a shaky credit history, a high interest Auto Loan might be your only option. Although you may be dismayed by the heavy interest charges, don’t fret, refinancing at a lower interest rate and payment is possible! What many people fail to realize is with 12 months of solid payment history, there is a good chance that the vehicle could be refinanced. Loan refinancing is nothing new, individuals has been refinancing their mortgages to lower their interest rates and to consolidate debts for a long time. But it is in last few year or so that the option of refinancing an auto loan has been offered. Even though car loans are normally much smaller than mortgages, it can still be a smart choice to save money.

Creative Financing

Mon, 25 Jun 2007 21:19:00 GMT

The most common ways to purchase a vehicle are:
• Pay Cash
• Finance through a traditional loan
• Lease
• Balloon-Payment Finance

Of the method’s list above, both Leasing and Balloon Payment Finance could be considered ‘creative’ finance methods. Banks and Leasing companies use residual value guides supplied by either ALG or Black Book. The prices listed in these guides are projected future values based upon % of original MSRP. The data to determine these values comes from years of monitoring the used car market and auctions all over North America.
Here’s how things can get creative. Since these values are set, depending on vehicle selling price and the rate you can get, it could be possible to get a great payment on a car that might otherwise be unaffordable

Let’s quickly look at a balloon loan;
• Range Rover MSRP $95,000
• Auction Price USED $70,000
• 48 Month Residual $34,000

With a balloon you can stretch the amortization period. So a 48 month balloon might have an 84 month amortization meaning that your payments are based upon the difference between now ($70,000) and the 48 Month Residual ($34,000) instead of on the true value of the truck, $70,000. Similar to mortgage products, these payments can also be made weekly, bi-weekly, semi-monthly or monthly. An 84 month amortization means that if you were to take a traditional loan, it would take you 84 months to pay off the entire $70,000. Instead, your payments will be based on the $34,000 financed + interest on the entire amount of the loan ($70,000). In four years you would still have a balloon payment to make ($34,000) and your options would be to sell the vehicle, trade-it in, refinance it, pay cash for it, lease it or hand it back. With skyrocketing lease end charges one of the major advantages of balloon payment are the end term options. Where the financing can get really creative is if you were to get a great deal on the vehicle you have chosen. Let’s say that you somehow managed to get the vehicle in this example for $60,000 instead of $70,000. The four year price remains the same at $34,000 but you would be financing $10,000 less. Here are two examples to illustrate with I mean:

Financial Details:

Principal Amount:	$70,000.00
Payment Amount:	$1,053.07
Balloon Payment:	$34,352.09
Interest Rate:	6.900%
Interest Compounding:	Monthly
APR:	6.900%
Total Amount Financed:	$70,000.00
Total Payments:	$84,899.45
Total Finance Charge:	$14,899.45

Principal Amount:	$60,000.00
Payment Amount:	$814.07
Balloon Payment:	$34,352.09
Interest Rate:	6.900%
Interest Compounding:	Monthly
APR:	6.900%
Total Amount Financed:	$60,000.00
Total Payments:	$73,427.36
Total Finance Charge:	$13,427.36

I hope you found this explanation and the examples helpful. Remember, there are a multitude of factors that determine payment; rate, term length, finance product, and trade-in value. If all these factors were the same, I’m sure you and you colleague would arrive at exactly the same payment.

Bad Credit Car Loans

Thu, 21 Jun 2007 16:31:00 GMT

Car loans offer lenders a big ticket item with limited risk. While a lender’s risks their entire investment on an unsecured personal loan a car loan represents less risk since the lender can take possession of the car if the loan is defaulted. Divorce often leads to bankruptcy and will impact on a consumer’s credit score long after they have recovered financially

Tips on how to find the best auto loan rates

Thu, 21 Jun 2007 13:55:00 GMT

Whether you are buying a new or used car an auto loan is a responsibility that will have an impact on you lifestyle. Finding the best car loan rate can be accomplished with a little help from these simple tips.