Rimouski Auto Credit : a possibilty for you in incertain period!

Financing a vehicle is, for most buyers, a mandatory step in obtaining a new car. Today, let's demystify the world of car financing and its importance for someone who plans to buy a vehicle soon.

What is car financing?

In simple terms, it is the loan amount taken out with a bank, external lender or dealer, for the purchase or lease of a vehicle. The financing includes a loan repayment plan, according to “[…] regular payments in addition to interest over an agreed period. Payments can generally be made on a weekly, bi-weekly, monthly or bi-monthly basis depending on your lender” (Prêts Québec & Loans Canada, 2023).

Is there a difference between financing a new and used vehicle?

For the most part, financing between a new and used vehicle is similar. The main difference between the two financings is the limitation on the value of the vehicle. Indeed, "[...]lenders and dealers don't want to lend more than the value of the car, [...] because from the lender's point of view, if the vehicle you've secured the loan against depreciates well below the loan amount, the lender will lose money if you miss your payments. Thus, the interest rate on used car loans can be higher than that of a loan for a new car” (Prêts Québec & Loans Canada, 2023).

Rimouski Auto Crédit: a little-known service in Rimouski

Équipe Formule is a group of dealerships in Rimouski, namely Formule Mazda, Formule Kia and Formule Subaru. We also have a Used Division, a division that impresses since we have access to feedback from our customers, from our three car dealerships to serve the entire Bas-Saint-Laurent region and also the Gaspé region. Équipe Formule is able to help you, in the purchase of a first vehicle or a new vehicle adapted to your needs. Our experience allows you to help you access affordable and flexible financing plans that suit your budget. Another goal of Rimouski Auto Credit: help you get the best possible rate on your purchase and help you improve your credit score whether you have bad credit or no credit at all.

We are 2nd and 3rd chance credit specialists in Rimouski

We've helped hundreds of customers find the financing they need for their vehicle purchase, and we can help you too. We offer second and third chance financing for our customers who need a vehicle and have a poor credit score. If you are in this situation, our team of financing experts will be able to help you. They will work with you to better understand your situation and the vehicle you need, then they will be able to offer financing solutions that are right for you. Our goal is not only to help you find your next vehicle, but to make sure it fits your budget so you can get your credit back on track. Our experts are in concessions and offer a respectful and confidential service.

So, for the purchase or lease of a future vehicle, trust our experts and you too, allow yourself to be part of the Équipe Formule's family.

Source :

Prêts Québec & Loans Canada, 2023. Auto financing in Quebec. [On line]. https://pretsquebec.ca/auto/ Accessed July 18, 2023.