Finance Articles

Can a Cosigner Be Removed from a Car Loan?

Sep 11, 2025

When it comes to being approved for a car loan having a cosigner can make the process easier. Whether you have poor credit, are new to Canada, or are still trying to build credit as a young person, having a cosigner can be a great way to boost your chances of being approved. However, it is important to know that being a cosigner is a major responsibility, and sometimes, your cosigner won’t want to be on the hook for the loan long term. That is why many cosigners want to know, can a cosigner be removed from a car loan?

Can I Make Extra Payments on My Car Loan?

Sep 11, 2025

There is no denying that interest rates can make the purchase of a car costly, and depending on your unique situation, paying off your car loan early can save you hundreds or even thousands of dollars. If you have recently come into money, you might be wondering, can I make extra payments on my car loan? In most cases, you absolutely can, and if paying off your car loan early is a goal, you should consider doing so.

Switching Lenders: What You Should Know When Considering Refinancing

Sep 11, 2025

If you are currently financing a vehicle and are unsatisfied with your interest rate, you might wish to consider refinancing. There are many reasons why someone may take on a higher-interest car loan, though often, it is done when a buyer has poor credit. As auto loans are paid down, buyers' credit scores often improve, and in some cases, they may be able to qualify for a better interest rate. If you are looking into refinancing, you might wonder, can you transfer a car loan to another bank? The answer to this question is yes. However, there are some things you’ll want to know before making a switch

Here’s What Happens When a Car Loan Goes Unpaid

Aug 23, 2025

There are countless reasons why someone may end up having difficulty paying their car loans. If you have found yourself in a tight spot and are worried you may soon default on your car loan, you may be wondering, what happens if I don’t pay my car loan in Canada? Though defaulting on your car loan is never a good thing, you don’t have to panic. Having your car repossessed is not the first thing that will happen, and you likely have some time to make up for the missed payment.

Can a Parent Finance a Car for Their Child?

Aug 23, 2025

Are you about to have a new driver in your household? Or possibly a student off to post-secondary education that needs a reliable form of transportation? Purchasing a new car for your child or helping them to purchase their own can be an exciting time. Though you may be wondering, can you finance a car for someone else?

How to Finance a Car with Poor Credit

Aug 23, 2025

When you are looking to finance a car, having bad credit can be an obstacle. If you have been applying for a line of credit with your bank and are not getting anywhere, you still have other options. Though you may not have the most diverse selection of financing rates, you can get a car loan with bad credit.

Do You Need a Driver’s License to Buy a Car?

Aug 23, 2025

If you are looking to purchase your first car or purchase a car for another person, you might be wondering whether you need a driver's license to complete the purchase. Though most people looking to buy cars are licensed drivers, some may wish to purchase a vehicle despite not being able to drive it. Though there may be valid reasons to do this, in Ontario, you will generally need a driver's license to purchase a vehicle. However, there may be options for you to purchase a vehicle as a co-signer on the auto loan to make facilitating the purchase possible. It may take some problem-solving, but there is almost always a way to help you reach your goal of purchasing a vehicle.

Car Insurance and Financing, What You Need to Know

Aug 20, 2025

There’s no getting around it, if you own a car, you need car insurance. Though it is a standard expense that comes with owning a car, most people don’t enjoy having to pay for car insurance. In most cases, vehicle owners will seek out the best possible car insurance rates which can sometimes mean opting for lower coverage levels. Sometimes our customers ask us, can I finance a car without full coverage insurance? Though having partial coverage can be a good option for those whose cars are paid off, you’ll want to ensure you have full coverage for your financed vehicle.

How to Pay Less Tax When Buying a Used Car

Aug 09, 2025

Though no one likes paying them, taxes are a fact of life that simply cannot be avoided. However, when it comes to buying a vehicle, there are things you can do to reduce how much tax you will pay. If you are looking for used cars for sale in Toronto, you’re going to want to come to a used car dealership that works hard to get you into a vehicle without extra fees and taxes. Thankfully, you’re in good hands when you come to the experts at Autorama.

How to Finance a Car Through Your Business

Aug 07, 2025

business use needs. There are a few things to consider when looking to finance a vehicle for your business. In this post, we outline what you should know about financing a used car for your business and what other options you might wish to look into.

Selling a Car with a Loan: What You Need to Know

Aug 02, 2025

Are you looking to sell your car but are still making payments towards the loan you originally financed it through? Selling a car that still has a loan on it is not only possible but is also quite common. Though it may seem a bit confusing, selling a car that you still owe money on is a straightforward process. However, selling a car with a loan privately, rather than through a used car dealership, can be a bit tricky to navigate.

Financing a Car with Little or No Credit

Aug 02, 2025

There are many reasons that someone may have no credit, but these reasons should stop you from financing the car you need. Often individuals who are new to Canada, or younger car buyers may have no credit simply due to not yet having had the time to establish credit. When you do not have any credit you may be wonderings, is it possible to finance a car with no credit? Thankfully, the answer to this question is yes.

What Do I Need to Finance a Car?

Aug 02, 2025

Are you getting ready to purchase a vehicle? If so, you’ve likely considered financing to make the purchase easier to manage. Financing can be a great way to keep your auto costs low and manageable all while allowing you to drive a car you love. When first time car buyers come to our dealership they often have a lot of questions about financing. From, what do I need to bring when financing a car? Do you need a down payment to finance a car? There is a lot to learn.

How to Finance a Car Without a Job

Jul 26, 2025

When you are looking to purchase a new vehicle, you might need to consider financing options. When you are unemployed it can be a little more challenging to get the financing, you need. If you are wondering, how can I finance a car with no job, we are here to help.

Can You Return a Financed Car Back to The Dealer?

Jul 19, 2025

Life happens, and sometimes you may find yourself wanting to return your car back to the dealership you bought it from. Though in many cases, a dealership will take back the car that you bought from them, they are under no obligation to do so and do not have to give you back exactly what you paid for it. When looking to sell your car back to the dealership it's important to know what the process entails so that you don’t become disappointed or frustrated with the process.

What is a Good Mileage for a Used Car?

Jun 25, 2025

Are you considering buying a used vehicle but are a bit unsure about how many kilometres is too much for a used car? Though there may be times you may want to avoid buying certain vehicles, for the most part, a vehicle with a fair number of miles on it can still be a great choice!

Can You Cancel a Car Finance Agreement

Jun 18, 2025

ake this isn’t a problem and you can likely return it. But when it comes to buying a car, things can get a bit more complicated. This is especially true if you have financed a vehicle and still owe a balance.

Autorama Recognized as a Winner for the 2025 AutoTrader Best Priced Dealer Awards

Jun 16, 2025

Understanding the Total Cost of Financing a Vehicle: How to Calculate Car Loan Interest

Sep 23, 2024

Looking to understand the total cost of financing? Learning how to calculate car loan interest is simple. To find the total cost of financing your car, multiply the amount borrowed (principal) by the annual interest rate (expressed as a decimal) and then multiply by the number of years of the loan. This will give you the total interest you'll pay over the life of the loan.

How Long Do Used Cars Stay on the Lot?

Sep 23, 2024

Are you looking to purchase a used vehicle but are feeling frustrated that by the time you get in to see a vehicle, it has already sold? Things can move quickly in the auto industry, and for your best chance of getting the vehicle you want, you’ll want to have a good relationship with your local used car dealership. Though sometimes vehicles can sit on a lot for some time, the best quality and value vehicles often turn over faster than others.

Can I Extend My Car Loan? Understand Your Options for Refinancing

Mar 21, 2024

Can a car loan be extended? It depends. There are many factors that can influence whether you will be approved for refinancing to extend your car loan. If you have improved your credit since buying your car, extending your car loan may be possible.

Can You Pay Off a Car Loan with a Credit Card? What You Need to Know About Your Loan Repayment Options

Feb 21, 2024

If you are under financial strain, you might be looking for unique ways to meet your minimum payment obligations. Whether you are looking for ways to reduce how much interest you are paying or are simply looking for a way to ensure that you make payments on time, you might be tempted to use a credit card. Though most people know that buying a car on a credit card wouldn’t be a savvy financial decision, the idea of using a credit card to make payments is a bit of a grey area.

Can You Negotiate Interest Rates on Car Loans? How to Get the Best Possible Interest Rate

Feb 21, 2024

Are you shopping for a used car and are looking to get the best possible price and interest rate? If so, you might want to consider negotiating your interest rate. Most car buyers choose to accept the first rate they are offered, and they might be surprised to learn that when it comes to financing, negotiating is often possible. With a little know-how and preparation, you can get a better interest rate for used car financing.

Why You Might Want to Consider a Warranty for Your Used Car

Jan 19, 2024

Can I purchase a warranty on a used car? Yes, you absolutely can! In this post we dive into what you should know about used vehicle extended warranties and help you buy a quality used car with confidence.

Can a Cosigner Become the Primary on a Car Loan? What You Should Know Before Cosigning

Dec 20, 2023

If you have poor credit and are looking to purchase a used vehicle, you might feel anxious about your chances of approval. Thankfully, there are a variety of financing options available to improve your chances of approval, with getting a cosigner being a top option. Having a cosigner on your loan can boost your chance of approval and could even help you to get a better interest rate. In this post, we explore what a cosigner is, who can be one, and what cosigners should know before agreeing to cosign an auto loan.

Autorama Awarded at the Finder Car Loans Customer Satisfaction Awards 2023

Nov 21, 2023

When you are looking to purchase a used vehicle, you shouldn’t have to worry about whether the car dealer you are buying from is reliable and trustworthy. However, buyers know that not all car dealerships are created equally. When you want a great car buying experience, you can count on the experts at Autorama, the used car dealership Toronto residents trust.

Can a Car Loan Be Denied After Approval? What You Need to Know About the Car-Buying Process

Nov 21, 2023

Whether you're a seasoned driver or a first-time car buyer, understanding the process of financing a used vehicle can feel daunting. If you’ve been looking at used vehicles for sale and now want to move forward with the purchase process, you may have turned to a pre-approval or online financing calculator to help you know what your financing rate could be. However, it’s important to keep in mind that having a pre-approval doesn’t necessarily mean that you will qualify for the car loan you are expecting.

Buy a Used Car with Confidence: Here’s What You Should Look for When Buying a Used Vehicle

Sep 20, 2023

Want to know how to inspect a used car before buying? A professional inspection is usually the best way to ensure the vehicle you hope to purchase is in good shape. However, there are some things you can self-inspect to see if the vehicle is right for you.  Body condition, vehicle history, and mileage all matter when buying used. Check on these before buying to buy with confidence, and keep reading for more tips on how to inspect a used car before buying.

Is Debt Consolidation an Option for Car Loans?

Sep 20, 2023

Can debt consolidation help with car loans? Yes, they certainly can help you to manage your car loan payments. However, it might not be the only option available to you. See our tips below for more information on managing your car loan.

What Happens to Your Auto Loan When Filing for Bankruptcy?

May 18, 2023

Though often considered a last resort, filing for bankruptcy is sometimes the right decision for those who have fallen into debt and are struggling to make any payments. Though consulting with a bankruptcy professional will always be the best way to determine how a bankruptcy will impact your personal finances and assets, you may have general questions about bankruptcy while you are considering your options.

Can I Use My Student Loan to Buy a Car?

Apr 20, 2023

For many students, having access to reliable transportation isn’t just nice to have; it’s a necessity. From getting to class on time, traveling to placements, or even getting to a part-time job, owning a car as a student is invaluable. Yet, with the high costs of student living and tuition, purchasing a car can be difficult for many students. For that reason, many students wonder, can you buy a car with student loans?

Financing More Than One Vehicle: Is It Possible?

Feb 16, 2023

Though most individuals don’t need more than one vehicle at a time, many households require more than one, or different types of vehicles to accommodate their day-to-day needs. Whether you are a professional who requires a work truck and a secondary vehicle, or are a family that needs a minivan and a commuter car, it’s typical to have two vehicles in a driveway. Though needing two vehicles is common, knowing how to navigate financing said vehicles can be a challenge. Thankfully Autorama, the used car dealership Toronto residents depend on, is here to help.

Is it Possible to Lease a Used Car?

Jan 24, 2023

Are you looking to drive a car you love while still being able to afford the payments? If so, you’ve likely considered leasing a vehicle as an option. Leasing is attractive to many drivers as it offers a relatively hands-off experience with affordable monthly payments. However, lease payments can still become quite costly when you are looking at more luxurious vehicles. If you are wanting to lease a nice vehicle at a lower cost, you’ve likely wondered, can I lease a used car?

Should You Refinance Your Car Loan? What You’ll Want to Know

Jan 24, 2023

getting a car loan can is sometimes a stressful experienced if you have concerns about your credit score or interest rate. If you are worried about what the future may bring, it’s important to know that refinancing a car loan is usually an option and can take much of the stress out of obtaining a car loan.

How to Get Out of an Auto Financing Agreement

Oct 28, 2022

Financing can be a great way for anyone to purchase a vehicle at an affordable price point. However, sometimes personal circumstances can change that may leave you wishing to cease the financing agreement or change its terms. From no longer being able to afford the payments to wanting to purchase a different car, knowing how to get out of financing a car in Ontario can sometimes feel overwhelming. Thankfully, there are many options available when looking to stop financing your vehicle.

How Much Will a Bank Finance on a Used Car

Jun 29, 2022

rs drive cars they love with financing rates that truly suit their needs. We know that understanding auto financing can be tricky. In this post, we help you understand what you should know about financing a used car and what you might want to keep in mind concerning negative equity.

Should You Finance a Used Car or Pay Cash?

May 24, 2022

Buying a used vehicle is an economical choice that can help you save money while driving a car you love. As used cars are often more affordable than used vehicles, some buyers consider whether it is better to pay cash for a used vehicle or take advantage of financing options. There is no one-size-fits-all answer to this question, however, there are some things you may want to consider when you start looking for your next vehicle.

How Do I Finance a Car from a Private Seller?

May 24, 2022

ar for sale that suits your needs and also suits your budget, you might find that used cars sold privately are slightly more affordable than those from a dealership. Though buying and selling privately can offer a financial benefit, it can be more challenging to navigate the car buying process for a private sale and also comes with some risks.

Can I Transfer My Financed Car to Someone Else?

Apr 28, 2022

If you are currently financing a car and for whatever reason are looking to have someone else take over the financing, you might be wondering what options you have. Though it is not generally possible to transfer your loan to another person, you still have options.

What Credit Score is Needed to Finance a Car?

Mar 25, 2022

Are you looking to purchase a new or used car and are wondering what sort of credit score is required to be successful with financing? With so many financing offers being advertised it can be hard to know what you will qualify for without starting a financing application. Though every person’s financial circumstances are unique, there are some basic truths to auto financing that you can rely on.

How Does Financing a Car Actually Work?

Mar 25, 2022

f you are buying a car for the first time you likely have a lot of questions about the process and will want to lean, how does financing a car work? Though it might seem complicated or even intimidating, financing a car can be easy. Learning how to finance a car is your first step towards

What You Need to Know About 0% Financing and Used Cars

Feb 25, 2022

At Autorama, we are dedicated to helping our customers get behind the wheel of cars they love, all while ensuring their financing option is great too. Many of our customers are first-time car buyers who have a lot of questions about the car buying process and auto financing. Often, they hear about 0% financing through advertising initiatives and hope that they too can get 0% financing on a used car.

How to Finance a Car with No Money Down

Feb 25, 2022

From having your car break down for good, to a rapidly expanding family or even just wanting something new, there are countless reasons why you may want to get into a new car. Sometimes your need for a new vehicle can mean that you haven’t had time to save for a down payment. When this happens, you’re going to want to learn how to finance a car with no money down.

How to Buy a Used Car – Your Used Car Buying Guide

Oct 28, 2021

have some questions about the car buying process. Though there are many similarities between the new and used car buying processes there are a few unique aspects of used car buying that you might want to be aware of. From financing to warranties and beyond, you’ll want to be fully informed about how buying a used car works as well as the benefits of choosing a previously owned car over a new one.

How to Get Approved for a Car Loan

Sep 28, 2021

Whether you are looking to get approved for a car loan to buy your very first car or are an experienced car owner looking for an upgrade there are a few things you will want to know. Getting approved for a car loan can be as simple as applying for auto financing online, but sometimes you may find that you are not getting approved for the amount you desire or are not getting a financing rate or term that is ideal for you.

Can You Use Spousal Income for a Car Loan?

Sep 28, 2021

When you are looking to get approved for auto financing there are many things you will want to consider. Beyond the length and term of your auto loan, you’ll also want to be sure that you are getting into a car that suits your needs and is affordable for you. At our used car dealership, we often find that families and couples are looking to maximize the amount they are approved for on their auto loan. One of the most common questions we get asked is, can you use spousal income for a car loan?

What Should a Used Vehicle Interest Rate Be?

Aug 31, 2021

Are you shopping for a new or new-to-you vehicle and are wondering if the interest rates offered to you are any good? You wouldn’t be the first to notice that used cars don’t come with the ultra-low promotional offers that are frequently advertised for new vehicle purchases. You shouldn’t expect to see a 0% financing rate when purchasing a new car. But what should used vehicle interest rates be and how can you know you have found the best possible rate available for you?

Self-Employment and Auto Financing, What You Need to Know

Aug 31, 2021

When you apply for an auto loan one of the main conditions of approval is that you have the income to make the payments. For many potential car buyers, a paystub or letter of employment is sufficient proof of income. But what happens when you are self-employed and don’t have access to a pay stub to prove that you have adequate income to pay the loan?

What Happens When You Trade in a Car You are Still Financing?

Jun 23, 2021

There are many great reasons to finance a car and it’s no surprise that many car owners choose this convenient option. Financing helps you to get into a car you love at an affordable and predictable monthly cost. One thing that some consumers worry about when financing any vehicle is the possibility that their circumstances may change during the financing period of their current vehicle.

How Long Should You Finance a Used Car?

Jun 23, 2021

If you are looking to finance a used car in Toronto, you might have some questions about the financing process. It can be easy to become confused by the overwhelming amount of advertising about interest rates and terms of loans. But what does this all mean for you as a car buyer? There are many options to choose from when it comes to financing and the loan option you choose will be highly dependent on your personal financial circumstances and goals.

Credit and Car Buying 101

Apr 29, 2021

When you are looking to purchase a car, it is likely that you will want to take advantage of financing to make the purchase more financially feasible. Auto financing can feel stressful or even hopeless to those who have low credit scores or even no credit. But it does not have to be something to stress about. Though it is true that your credit score will affect things such as how much or at what interest rate you will be approved for, there are options available to most buyers.

Mississauga car dealer and city developer/philanthropist make Canadian Immigrant magazine's Top 25 list

Oct 06, 2020

Save your cash! Car Finance Canada offers our Good Credit Customers the best car financing rates and terms available in our industry. We deal with major lending institutions that are eager to compete for your business. Save your cash and keep your line of credit for day to day expenses.

Can I Get Approved for a Car Loan if I have Bad Credit

Aug 17, 2020

Within the widespread landscapes of the Greater Toronto Area and fast pace environment we have all grown accustomed to, it is without a doubt, necessary to have a vehicle if you want to keep up. The luxury of purchasing a car may seem a bit of a far reach for those whom may not have the means to make a big purchase, which often leads to the idea of acquiring a car loan. Car loans hold a lot of benefits: financing allows you to not have to freeze up equity in a depreciating asset, it makes car buying possible for those who do not have enough equity to make a purchase out right, and it allows you to grow your personal credit history.

Can I Get Approved For a Car Loan If I have No Down Payment?

Aug 17, 2020

With interest rising for financing options in used car sales, it is important for the buyers to educate themselves on the details and requirements of a car loan. One of the main concerns buyers have when playing with the idea of financing their next vehicle is: How much down payment do I need?

Car Loan Approvals for the Self-Employed

Aug 17, 2020

With self-employment at a rise, and with the demand for car loans also increasing, it is important to address the key factors that will help a self-employed applicant obtain a car loan.

Obtaining an Car Loan with Late Payments

Jul 28, 2020

In the fast pace environment we all live in, it is common for people to miss payments from time to time on their credit cards, phone bills or even a loan. Late payments are detrimental to your credit score and as much as one late payment can drag your score down significantly.

Car Loans for buyers that have had a Repossession

Jul 28, 2020

With the demand of car loans at an increase, the numbers of repossessions in Canada are growing. If the unfortunate event of repossession happens, what does that mean for the buyer?

Buying a Used Car in Toronto

Jul 28, 2020

Your average consumer in the North American market makes a car purchase every 5 years which also means that most people have not had enough experience to be familiar with the used car buying process. Here is a quick guide to help you through your next purchase

Car Loan Approvals While Being Retired

Jul 28, 2020

You are now retired after many years of working, it is time for you to enjoy the fruits of your labour and that means do the things you want to do and buy the things you want to buy. A lot of retirees will eventually want to purchase a new vehicle, whether it is for pleasure or just something new and efficient for daily errands. You may wonder, are there any specific expectations or requirements are needed in order to obtain a car loan as a retiree?

Getting Approved After Bankruptcy

Jul 27, 2020

For the longest time, Bankruptcy is seen as a financial dead end; but with today’s economy, banks and lenders are more understanding that in certain circumstances, it is the logical thing to do. While experiencing financial woes, it is important to pick yourself back up and equip yourself with tools that will efficiently bring you back to comfortable standing.

Divorcing With a Current Car Loan

Aug 17, 2020

Divorce is an end of a partnership. Martial assets split and so does martial debt. When dealing with splitting a current car loan during a divorce, you must be clear in the contract as to what you wish to do with it.

Auto Financing for Students

Aug 11, 2020

Student at a postsecondary level are at the time of their lives where they transition over to adulthood. During this transition, it is important to acquire tools that will assist them in the work field as much as their studies.

Get Approved with New Credit

Jul 25, 2020

New credit is when you have had no prior or existing trade lines, whether it be telephone line, credit cards, and loans of any sort. If you fit in this category and are wondering if it’s possible to get a car loan, yes you can!

It is never too late to start building your credit.

Jul 27, 2020

If you pay cash and live within your means, this would appear to be financially responsible. However, many lenders to not share this point of view. Many look upon no credit as bad credit. We look beyond the numbers and work with our lenders to secure you the best terms and rates for your no credit car loan. A car loan is one of the most efficient ways of establishing a good credit rating, while enjoying the new vehicle you have purchased.

Stop dreaming. Start driving!

Jul 27, 2020

There are a lot of considerations when buying your first car and all these decisions can add up to a rather stressful experience. Let us make your first car loan experience simple and uncomplicated. Our Credit Specialists have worked with many first time car buyers and we can secure you a first time car buyer loan at the best rate and financing terms available. A car loan, paid back promptly, is one of the best ways to establish your credit and improve your credit score, and you get to enjoy your new vehicle while doing it!

Life is full of complications but your Car Loan should not be!

Jul 27, 2020

If you have had a vehicle repossessed in the past, this does not necessarily disqualify you from obtaining a car loan. Our Credit Specialists will work with you closely to help obtain a car loan at the best rates and terms for your circumstances. We know that a promptly paid car loan is probably the best way to repair your credit after a repossession. Let us help you re establish your credit.

Your Late Payments should not stop you of moving forward!

Jul 27, 2020

We understand that, from time to time, almost everyone has some temporary financial problems that may result in a record of late payments. Many lenders will penalize you for this with very high interest rates to compensate for a late payment history. Our Credit specialists will go beyond the numbers to better understand your current credit circumstances in order to secure you the best rate and term for your car loan. Put our years of credit experience and expertise to work for you.