Good Credit Car Loan in Toronto, Ontario


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Nexcar Auto Sales & Leasing works to serve people like you every day to get them the best possible good credit auto loan. We make it our job to ensure people with good credit have been given the best interest rate available. For us, we put our customers first and by this, we need to know that the rate we give is one you feel good about. Our financing plans for those who qualify for good credit are made to ensure the customer feels like it’s comfortable and affordable.

Tips for Those with a Good Credit Car Loan

When looking through car dealerships with good credit you should always be cautious of dealerships trying to take advantage of you by drawing you in just for the purchase. With good credit, you should not have to pay more for your car than you should. We have 4 tips for you to read to prepare yourself before you dive into any decision.

Rebates and low-interest rates are not always together

Having a line of good credit can make you eligible for a rebate. This means that by having good credit you can get some money back. But be aware that in sneaky ways some dealerships can take away the full rebate because they are giving you a short term low-interest rate. So don’t be fooled, you should always calculate for yourself what the better option for you is. Most times the full rebate can be more than the amount you would save by having a short term low-interest rate.

Be aware most low-interest rates are for short term loans

Although the initial look at the low-interest rate may appeal to you, make sure you read the fine print. The low-interest rates are usually given out to that you are expected to pay higher monthly payments in a short amount of time. This short amount of time could be as small as only 24 months. This is not always the ideal decision when making a big purchase like a car. Make sure that your auto loan contract is suitable for you and your lifestyle.


Sometimes the better deal for you can include getting a slightly used car instead. Getting a slightly used car compared to a new car can save you thousands and you are still getting a certified high-quality car that is sometimes just one year older. This depreciation refers to once a new model has driven off the lot immediately the value of the car decreases. In most cases when you buy a used car the depreciation is the amount you could save. By having a good credit score when you purchase a used car it’s easy to obtain a loan with easy terms.

Remember the final car price

Don’t get easily distracted and stuck on the low-interest rate offer. Most tend to miss the final car price or overlook it because the rate offered is so low. We want to stress to you the importance of looking at this price and comparing it to other dealerships. Some dealerships will also only offer you such low-interest rates for cars they are trying to offload from stock or could be higher-end cars.

Leasing Disadvantages

When deciding to lease a vehicle you should be aware of all the potential disadvantages to be sure you are making the right choice. This is because sometimes a lease for someone with good credit isn’t always the best option.

With a good credit car loan sometimes leasing can actually end up costing more. This is because the car you are driving can depreciate quite quickly. As well, leasing leads you to continuous car payments every month which could be difficult for you. On the other hand, if you were to obtain a loan sometimes you can actually be left with some value on your investment. Another reason that leasing could come at a disadvantage for you is if you are an advocate driver. This is because when having a lease you are only allowed so much driving per month. If you were to go over the amount this results in you having to pay an extra fee which can become costly.

Another reason is that sometimes it’s nearly impossible to keep your car in brand new condition by the end of your lease. This part can get quite costly as you will be facing extra charges for any wear and tear on the vehicle. Lastly, if any occasion occurs where you have to end your lease immediately this can result in you paying a fair bit of money to get you out of your locked contract. This amount can even become more than the amount you would have normally paid for the term of your lease.

If you’re not sure the best way for you to go about you’re financing with good credit give Nexcar Auto Sales & Leasing a call today at (416) 633-8188. We are an experienced Toronto car dealership team that can help you find the right solution and plan.