Today almost anyone can hope to own a car courtesy used auto loans. Not everyone has the income or the privilege to buy a new vehicle straight away. There are several reasons as well why one may opt for an old car in place of a new one. In fact, buying an old car might not be that bad an option. Many cars that are as good as new can be bought via auctions that sell off cars that are confiscated from loan defaulters. Car loans that cater to all kinds of customers are now available even on the internet.

# Secured Car Loans: In secured car loans, you are required to provide some sort of security against the loan amount. The security can be the car which you are planning to purchase or even a house or a property. The security for the loan has to be of the same value as the car or an asset of higher value. Secured used can also help you to get low interest rate card loan.

# Unsecured Car Loans: In unsecured loans, there is no obligation on your part to provide any sort of security collateral. These kinds of loans are the best for people who have no security to pledge. After all, not everyone has property to pledge as security.

There was a mention on the news yesterday from the head of the caw that GM might leave Canada if the gov’t doesn’t step up to the plate.

I had one with Wells Fargo and they were the biggest pain in my a** for 4.5 yrs.....my payment was due on the 20th of the month and if I paid on the 17th and took two/three days to transfer through internet they were calling.....my loan was originally with Trans Canada and when they were bought out by Wells Fargo they changed my account number without telling me...make a long story short they repoed my car and I had to prove to them that they were wrong.......and still cost me $1000 to get my car back............Wells Fargo is nothing short of a loan shark.....and their reps are bottom feeders........I paid my car off and took me calling them everyday for two weeks to get my release form and when I did the date was wrong so I was back to calling every day to have it fixed to proper release date..........just as an a FYI Wells Fargo also implies a registered lien through the courts on any vehicle they finance and it shows on your credit bureau

What? That's kind of big news

I'll have to research that a little.

I believe I heard GMAC and GE pulled out of Canada.

muthu, you're obviously a spammer... auto loans are never risk free.
please don't spam the forums

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Don't even bother anymore with auto loans they are now going with banks for that now. All the companies that use to finance the auto loans to meduim and high risk people pulled out of Canada. There is no more Wells Fargo or HSBC that will finance auto loans anymore. We found out the hard way since going into to get a truck and the auto company told us about it. People who have not so perfect credit are going in for a big surprise when they find that out.

Hey LisaM and Angella,

RE:
First let me tell you that if the only thing you have on your Credit Report is for a car loan then it won't give you a Beacon or Fico Score. Only Credit Cards do that.

This is actually (partially) true...

Unless you've got two pieces of revolving credit such as credit cards, Equifax won't give you a credit rating. I was shocked when I heard that from my contact at Equifax.

So... if you only have a car loan and 1 credit card you may not have a credit rating / credit score.

This probably is the case if you're just starting your credit history. I'm not sure that it is the case if you've had several credit cards in the past and then it drops down to one credit card.

I know this is old, but I'm going to answer it for those cruising the site.

Lisa... your information is WRONG!!!

The beacon score uses several factors in calculating your score. Your payment history is a big one. They also use the length of time you've had credit, the types of credit you have used, how often you have applied for credit, and the ratio of available credit to used credit.

The little car lots that don't do their own financing and/or promise "no credit checks" probably don't report, but the high risk lenders... Wells Fargo, VFC Inc, etc do report, so it will give you a score rating.

The best thing for your score is a mix of installment loans and revolving (ie credit card loans) loans - used regularly and lightly and paid off every month in full.