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At our dealership, we want to help you make an informed decision about your auto loan. Often, customers will look to a Line of Credit with a lower posted interest rate to finance their vehicle or pay off their car loan early. Before you do this, here are a few points to consider!
Why choose an Auto Loan over using your Line of credit?
Your auto loan is a separate credit facility in place of the sole purposes of financing your vehicle. A line of credit can be used for any number of things. When you use your Line of credit to pay for a vehicle, you restrict the availability of credit for other purposes, especially emergencies.
Your vehicle is the only security our lenders have. If you choose to put your vehicle on a line of credit, it may be wrapped up in a bundle of collateral. This may even include your home! Do you want to put your home at risk for a vehicle?
If you use your Line of Credit for multiple expenses, you may never really know what you owe on your vehicle. You may still wind up with a large outstanding balance after five years on a car that is now worth far less than what you still owe.
The Crown Advantage
Our lenders do not restrict how often or how much you wish to place against your loan to help pay it off faster.
Flexible terms and conditions interest rates – Competitive interest rates and terms, often much better than what you can get at your bank!