Financing a Car in Calgary, Alberta
When you get financing for a vehicle you are getting a loan directly from a bank, dealership, or credit union to buy the full value of the car. You can negotiate the length of time required to pay off the loan, the interest rate and monthly payments. Basically, if a car costs $10,000 and you only have $4,000 that you can pay right away, you ask for the rest of the $6,000 in a loan and in return they charge interest that is spread over the monthly payments for the duration of the loan.
Here are the benefits for financing a car:
- No Restrictions — because you’re buying the car you own it and have no restrictions on how you use or customize it
- Early Loan Termination — at any point you can pay off the full remaining value of the loan with no extra penalty fees
- Flexibility – you can get a car loan for used vehicles rather than just new ones and you can resell and use the value to pay off your loan early
When you finance a vehicle you get full ownership. You can drive it however much you want with no restrictions or additional penalties to pay. You can also sell or trade in the vehicle before the loan is over and use the value to pay off the rest of it without extra payments