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Car Loans In Canada's First
Special financing is the fastest growing segment in the auto financing market Until recently, the term "subprime" was virtually unknown outside the circle of lenders and brokers or agents involved in fundraising. Even many clients who have received subprime loans has probably not recognize that name. But things have changed. The term has gained the status page first, but with a rather negative connotation, because of its association with the collapse of the housing market in the U.S.
This negative image is both unfortunate and misleading, however. "Special Financing", which includes mortgage financing is an integral and important part of the auto financing company, broker and let them benefit from large amounts of money on the table. Many dealers have recognized that customers with bad credit are not necessarily bad customers, representing a lucrative market.
Understand the terms of sources of auto financing in Canada now offer a wide range of loan products tailored to the risks. But understanding the mix of features and conditions on these products can be confusing and frustrating trying to find the best solution for their customers.
The long-term financing special covers all credit institutions, groups other than prime number, and credit products available through finance companies usually offer special programs for tiered pricing, risk-adjusted for clients with different credit history. Subset, as the market for special finance customers include non-prime and subprime, which may progressively more than the near-prime customer.
A few years ago, difficult access to finance subprime mortgages has been an impediment to participation with the distributors of these companies, but that is no longer the case. Several major lenders, including AmeriCredit Canada, HSBC, Travelers, VFC, Wells Fargo and facilitate access to these loans, right on the computer screen.
The market is huge, but different, depending on VFC, do 20 to 30 percent of Canadian consumers who do not meet traditional bank loans. Based on 1.7 million new car buyers and 2.5 million used vehicle sales per year in Canada, this means that more than 800,000 units were purchased by non-banking customers. Moreover, the figure is rising consumer bankruptcies, divorces and layoffs are rising and lenders tighten their lending criteria.
Taking advantage of this opportunity and access to resellers a broader consumer base and growing. However, it is important to note that this is a different market, which requires a different approach is to attract and sell to these consumers. You should take the time and effort to understand these differences - a task that any of those mentioned above can easily help.
Interviews with retailers conducted by VFC, buying a vehicle approaching customers behave very differently depending on their position credit, which requires as a result of different sales process, as follows:
The "sale of the vehicle" - bank customers tend to look at the mainstream consumer reports "for sale" publications, the Internet and other media when looking to buy a car buying process y. sales experience focused on the vehicle and its ability to obtain funding is often a problem.
Purchasing non-bank customers' through the sales process is generally considered the closest to the main customer of the bank and the customer is thinking. Keeping the process of credit loan is similar to the main experience is very important, and the interest rate should be close to the first.