Can I Upgrade My Financed Car Loan To a New One In Ontario?

Can I get a car loan for an upgrade? This is another of those questions we get to hear a lot at Car Nation Canada. We think it’s about time we answered.

You can get a car loan if you want to buy a better or newer car.

The rules for this type of loan are the same as any other. Check your credit score, pay off any debt you can, make sure your current car is in good condition if you’re trading in and try to save for a down payment if you’re not.

Car loans for Car Upgrades

Got a new job and want to celebrate with a new car? Tired of your old car and want something new? Ready for a luxury model now the kids no longer need their taxi?

Whatever your reasons for wanting to upgrade your car, you probably deserve it. We can help you with it too.

A couple of things you’ll need to know before you upgrade:

• You can sell your old car to settle all or part of your existing loan if you have one.
• You can trade in your old car to do the same.
• If your car is worth less than your existing loan settlement figure, you’ll either have to pay it off or use a new car loan to cover everything.
• You can combine a trade-in, down payment, and car loan to finance the upgrade.
• You can settle your existing loan before applying for a new one.
• You can use a new loan to settle your existing loan if you qualify.
• You can buy a new or used car with a car loan.

Applying for a New Car Loan

However you decide to arrange things, we can help with every aspect of a car loan.

You will need to prepare beforehand though.

You will need proof of income, your identity, and residence. You don’t have to have any specific credit score as we can help you regardless of how good, or how bad, your credit is.

If you have an idea of the type of car you want all the better. If you don’t, that’s fine too as we can help you with that also.

Whether you’re just in the mood for something different or want to drive something more luxurious, we can help. We assist you every step of the way from settling your current car loan to applying for a new one. Identifying a new car to supply you with that car.

If you're ready for a car loan in Southern Ontario, we'd love to help! simply fill in the form below to get started.