Interest Rate maintained by Bank of Canada

This week, the Bank of Canada decided to maintain the overnight interest rate to 1 3/4 percent. The heaviest weight on the global economy is the US-China trade conflict that has escalated recently.

Why is this important when looking for a car loan? Interest rates will sway a lot of people from borrowing to buy a car. Keep low rates keep your payments down.

What about my Line of Credit to finance a car?

Line of credits are a great tool for purchasing many different items, typically at a lower interest rate than a credit card. While interest rates remain low, it is a very attractive option to most people - but its down the road in which people should consider. At some point, probably sooner than you expect - rate are going to go up. Most LoC fluctuate with Canada's prime interest rate. Basically, when the rate goes up, your payment and cost of borrowing inflates. When using a car loan, the rate is fixed and the payment and cost of borrowing does not fluctuate with prime.

First and foremost, our approval process always gets you the best rate that you qualify for at a fixed interest rate. Please Apply HERE - before rates start to climb!

0 views0 comments

©2020 by yes4carloans - Subsidiary of Parkers Chrysler Dodge Jeep RAM Fiat.

1765 Main Street, Penticton British Columbia

V2A 5H1 Canada


We offer comprehensive, no pressure consultations for people in all types of credit situations. Whether you have good credit, bad credit or somewhere in between - we have a car finance plan for you. We've seen all credit scores - 350 beacon score, 375 beacon score, 380 beacon score, 400 beacon score, 500 beacon score etc. Get your next car loan or financing program from us! Competitive interest rates with banks, credit unions and specialty lenders.