Questions:

Other companies have rejected my application for a loan. Should I still apply?
Yes. Unlike most companies, we have access to several lenders who are willing to offer loans to people who have been previously rejected.
How much cash do I need to put down?
You can put down as much or as little cash as you want. We finance loans with 0 down while still giving you low monthly payments.
When is financing right for me?
If you are unable to pay for a car in cash, but you need a car for work or school, than certainly financing is an option.
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Judy

"I applied online and was driving my car off a lot the next day."

Bob, Guelph ON


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"They got me a car loan in two days with no hassles."

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Getting out of a Car Loan

Sometimes, it becomes necessary to get out of a car loan. There are several ways of doing this, which we discuss here. First though, let’s explore some reasons why you might want to get out of a car loan in the first place.

You can’t afford to make the payments

This is the most common reason people give in wanting to get out of a car loan. It also happens to be the most difficult situation for both yourself, as the owner, and the dealership that sold you the car. Just remember, that as much as you don’t want to default on your loan payments, the dealership also doesn’t want to repossess your car. Often, they will be open to negotiations, which we will get into later.

You were give a bad deal / It isn’t worthwhile to continue payments

This usually happens when someone buys their vehicle from a disreputable dealership. And are given a bad deal. Before buying a car, always check out other dealerships to see what they’re offering. Often times, you can haggle the salesperson to get a better deal. Remember, the dealership wants your business more than you want one of their cars, so let them work to make you an offer that you’re comfortable with. Also, be sure to check out our online loan calculator to prepare a budget for yourself in advance.

You don’t need the car anymore.

While uncommon, as the owner of the car, it is the most preferable of the scenarios listed here. You can afford to make the payments on the car, so finances are not an issue, but you don’t want to own it anymore. Maybe you are upgrading to a better car, or may you’re moving to the mountains where you plan to live off of the land, regardless, you need to offload your car.

Now that we’ve covered some typical scenarios that lead to getting out of a car loan, we will go over a few methods that will help you to accomplish this seemingly daunting feat. How to Get out of a Car Loan

Refinancing

If you can afford it and you want to keep the car, try to refinance your loan. Many companies let you refinance your loan with no penalties. With a lower interest rate, you might end up paying less for the vehicle than you currently owe.

Negotiate with your lender

Use our online loan calculator to determine what size of a payment you can afford to make each month. Then, approach your lender and ask if they will move around some of your payments.

Sell the car

If you sell the car, you can pass on the remaining loan to the buyer. In a dire situation, you can give the car away with the only condition being that the person you sign it over to will continue to make the payments.

Return your car to the dealership

If all else fails, return the car to the dealership. You will save on repossession fees such as towing and storage, and the dealership will likely be more inclined to give you a good deal when paying off the remainder of the loan.

Above all else, remember that it’s important to be active and take steps before your default on a loan payment. Defaulting on a payment is very bad for your credit and will come back to haunt you the next time you need to make a large purchase.