| Finance vs Loans - Click HERE for Original Thread |
| sparxx |
Hi guys im just wondering if getting a personal loan at a branch
like cibc is better then getting a finance contract from a private dealer...
I was looking at a ride that was $8500 i could afford this
in a litle less then 6 months if i actually smarten up and not spend
my money but i just can't wait to get it you know???
So im having a hard time deciding if i should finance or get a
personal loan... :mad: :dunno: |
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| ~30oZ~ |
| What's the interest rate at the dealer? Usually it's what ever the going rates are for banks and sometimes better than what you can get by yourself from the bank. Check out both options and their rates and go with the lowest one, If you have no credit or shit credit expect to pay 13% or higher from the dealer, which is no longer worth it IMHO. I would try to to save up the full amount and then buy privately or from the dealership, If you pay cash the price is lower sometimes or they cover the GST for you. |
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| TrevorK |
| Find out from the dealership what the cash price is versus the price of financing through them. If those prices are the same (With new cars they are not sometimes, they generally discount the interest rate and jack up the price of the car itself) then pick whichever has a lower interest rate. |
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