Follow Us:

Share:

 

Blog Archive

Archive
<December 2022>
SunMonTueWedThuFriSat
27282930123
45678910
11121314151617
18192021222324
25262728293031
1234567
Monthly
November 2022 (1)
October 2022 (1)
September 2022 (2)
August 2022 (2)
June 2022 (2)
May 2022 (1)
April 2022 (1)
March 2022 (1)
February 2022 (1)
January 2022 (2)
November 2021 (5)
October 2021 (2)
August 2021 (2)
July 2021 (2)
June 2021 (2)
May 2021 (2)
April 2021 (1)
March 2021 (1)
February 2021 (5)
January 2021 (3)
December 2020 (4)
November 2020 (4)
October 2020 (5)
September 2020 (4)
August 2020 (5)
July 2020 (4)
June 2020 (4)
May 2020 (4)
April 2020 (5)
March 2020 (4)
February 2020 (5)
January 2020 (4)
December 2019 (3)
November 2019 (5)
October 2019 (4)
September 2019 (4)
August 2019 (5)
July 2019 (4)
June 2019 (4)
May 2019 (5)
April 2019 (4)
March 2019 (5)
February 2019 (3)
January 2019 (6)
December 2018 (3)
November 2018 (5)
October 2018 (3)
September 2018 (3)
August 2018 (5)
July 2018 (4)
June 2018 (2)
May 2018 (2)
April 2018 (4)
March 2018 (4)
February 2018 (4)
January 2018 (4)
December 2017 (4)
November 2017 (4)
October 2017 (2)
September 2017 (1)
August 2017 (5)
July 2017 (3)
June 2017 (4)
May 2017 (5)
April 2017 (4)
March 2017 (5)
February 2017 (5)
January 2017 (4)
December 2016 (5)
November 2016 (4)
October 2016 (4)
September 2016 (5)
August 2016 (4)
July 2016 (4)
June 2016 (5)
May 2016 (4)
April 2016 (5)
March 2016 (4)
February 2016 (4)
January 2016 (4)
December 2015 (5)
November 2015 (4)
October 2015 (4)
September 2015 (3)
August 2015 (2)

Go

 

Tags

OMVIC (195)
consumer protection (191)
Ontario's Vehicle Sales Regulator (123)
Consumer Education (97)
buying a car (87)
ontario motor vehicle industry council (84)
buying a car in Ontario (76)
Buying A New Or Used Car (39)
buying a used car in Ontario (39)
Car Buyers (38)
MVDA (37)
curbsiders (36)
car-buying tips (34)
CPO (31)
car buying in ontario (30)
vehicles (30)
Curbsiding (27)
Motor Vehicle Dealers' Act (25)
All-In Price Advertising (19)
all-in pricing (18)
consumer protection ontario (18)
How to buy a car in Ontario (15)
All in Price Advertising (12)
Buying a car privately (11)
car buying tips (11)
Car-Buying Rights (11)
Negative Equity (11)
Dealers (10)
Ontario (10)
Ontario Car-Buyers (9)
Contracts (8)
Dealerships (8)
financing (8)
fraud prevention (8)
All-in price (7)
buying a new car in Ontario (7)
COVID-19 (7)
Investigations (7)
know your rights (7)
OMVIC-Registered Dealers (7)
Test Drive (7)
UVIP (7)
Buying a New Car (6)
Consumer Protection Act (6)
consumer tips (6)
Leasing (6)
loans (6)
Ontario Car Buyers (6)
Vehicle Purchase (6)
Car show (5)
consumer awareness (5)
Contract Cancellation (5)
curbsider (5)
Liens (5)
Motor Vehicle Dealers Act (5)
Registered Dealers (5)
Used cars (5)
car-buying (4)
CarProof (4)
compensation fund (4)
Cooling Off Period (4)
CPO. consumer awareness (4)
Investigation (4)
Odometer Tampering (4)
Private Seller (4)
protections when buying a car (4)
Trade-ins (4)
Used Vehicles (4)
#FPM2017 (3)
Auto Show (3)
Avoid Car Buying Scams (3)
Bill of Sale (3)
buying a used car (3)
Buying a Vehicle (3)
Car (3)
Carfax (3)
compensation (3)
Conditions (3)
Consignment (3)
consumers (3)
CPA (3)
dont get ripped off (3)
Extended-Term Loans (3)
fraud prevention month (3)
Georgian College (3)
Inspection (3)
Mandatory Disclosures (3)
Private Sales (3)
Suspension (3)
vehicle sales (3)
What to look for when buying a used car (3)
Advertising (2)
all-in (2)
As Is (2)
As-Is (2)
back to school car buying (2)
Black Friday (2)
Branding (2)
Buying a car from a dealership (2)
Buying a motorcycle (2)
Buying Privately (2)
Car shows (2)
car-buying in Ontario (2)
CIAS (2)
Compliance (2)
Consumer (2)
Consumer Warning (2)
COP (2)
credit applications (2)
dealer advertising (2)
Dealer Prices (2)
dealer pricing (2)
Dealership (2)
Drive Clean (2)
Education (2)
extended term loans (2)
Fees (2)
Flood-Damaged Vehicles (2)
importfest (2)
John Carmichael (2)
lease (2)
Leasing a car in Ontario (2)
Leasing a new car in Ontario (2)
Mechanic (2)
Ministry of Transportation (2)
Monthly Payments (2)
Motorcycles (2)
News Release (2)
OMVIC Academy (2)
OMVIC consumer protection (2)
Online (2)
price advertising (2)
Private Sellers (2)
recission (2)
rental cars (2)
rolled-back odometers (2)
Sales Final (2)
salespersons (2)
seminar (2)
Survey (2)
Taking Delivery (2)
Trade-in (2)
Trading in (2)
Unfit (2)
Used Vehicle (2)
Vehicle (2)
Vehicle Financing (2)
2017 Ottawa-Gatineau International Auto Show (1)
ABSC (1)
additional fees (1)
advertising tips (1)
all-in advertising (1)
All-in-Pricing (1)
APA (1)
Auto Financing (1)
Auto Shows (1)
AutoCheck (1)
Auto-Financing (1)
Automobile Industry (1)
Automobile Protection Association (1)
Automotive Business School of Canada (1)
Automotive Certification Course (1)
Automotive Education (1)
AutoShow (1)
avoid car scams (1)
avoid scams when buying a new or used car (1)
Back to School (1)
barrie (1)
Become a salesperson (1)
best time to buy a car (1)
Bikes (1)
black friday car shopping (1)
Boxing Day (1)
Budget (1)
Business Practices (1)
buy a car (1)
Buyer Beware (1)
buying a car for a student (1)
buying a car from a dealership in Ontario (1)
Buying a Car Online (1)
Buying a Car Remotely (1)
Buying a motor home (1)
Buying a motorcycle in Ontario (1)
buying a new motorcycle in Ontario (1)
buying a new or used car in Ontario (1)
Buying a rental car (1)
Buying a trailer (1)
buying a used motorcycle in Ontario (1)
Buying a used trailer (1)
Buying an RV (1)
buying in Ontartio (1)
C.A.L.E. (1)
CAMVAP (1)
Canadian International AutoShow 2016 (1)
cancelling a contract (1)
car ads (1)
car buying advice (1)
car buying rights (1)
car buying scams (1)
Car Dealers (1)
Car Help Canada (1)
car pricing (1)
Car Trouble (1)
Car-Buying Guide (1)
carbuying in Canada (1)
car-buying scams (1)
carfax.ca (1)
Changes to Drive Clean (1)
Code of Ethics (1)
Comp Fund (1)
Complaints (1)
Complaints Process (1)
Conservation and Parks (1)
consignment sale (1)
Consumer Complaints (1)
Consumer Protection Notice (1)
cooling-off period (1)
curbsiders; buying a car privately; private sellers; OMVIC (1)
dealer advertisements (1)
dealer fees (1)
dealership advertisements (1)
Debt (1)
Depreciation (1)
EHVIP (1)
Electric Vehicles (1)
EV Rebate (1)
extended term financing (1)
fake ad (1)
filing a complaint (1)
Finance (1)
Financial Literacy Month (1)
Financing a car (1)
Financing Tips (1)
First time car buyers (1)
Flood Damage (1)
Floods (1)
Fraud (1)
Fraud Protection (1)
georgian college auto show (1)
Glossary of Terms (1)
Graduation (1)
help with buying a car (1)
Holiday car shopping (1)
Honda Indy2016 (1)
How to Buy a Car (1)
Hurricanes (1)
Illegal Sales (1)
Immediate Suspension (1)
Innovation (1)
Inspecting a Care Before Buying (1)
Interest (1)
Irreparable (1)
Kijiji (1)
LAT (1)
Leaders (1)
Leasing a car (1)
Lien (1)
Long-term loans (1)
manufacturer advertisements (1)
Mileage (1)
ministry of government and consumer services (1)
Ministry of the Environment (1)
Modified cars (1)
Motor Vehicle Compensation Fund (1)
Motor Vehicle Dealer's Act (1)
Motor Vehicle Dealers Compensation Fund (1)
Motor Vehicle Purchase (1)
MTO (1)
MVDA legislation (1)
Mystery Shopping (1)
National Women's Show (1)
Natural Disasters (1)
new car advertising (1)
New Cars (1)
New Vehicles (1)
No Hidden Fees or Surprise Costs (1)
None (1)
North Bay (1)
odometer (1)
Odometer Fraud (1)
odometer-tampering (1)
OMVIC Certification (1)
OMVIC Fee (1)
omvic UVIP (1)
OMVIC-Registered Dealer (1)
Online Learning (1)
Online Scams (1)
Ontario cars (1)
Ontario Motor Vehicle Industry Council Odometer Tampering (1)
Ontario Motor Vehicle Sales Regulator (1)
Ontario Vehicle Sales Regulator (1)
Ontario's Drive Clean Program (1)
Ontario's Motor Vehicle Sales Regulator (1)
OPP (1)
Orillia (1)
Ottawa (1)
Ottawa Gatineau International Auto Show (1)
phony online car ads (1)
Presentation (1)
Presentations (1)
Purchase Agreement (1)
Purchasing a Vehicle (1)
Quiz (1)
Rebuilt (1)
Recalls (1)
Recreational Vehicles (1)
Registered Dealer (1)
Registrants (1)
Regulator (1)
reviewing car ads (1)
Risk (1)
RV (1)
Safety Standards Certificate (1)
Salespeople (1)
Salvaged (1)
scammers (1)
Sell Privately (1)
selling cars (1)
selling your car (1)
Seminars (1)
shopping for a car (1)
Shopping for a used car (1)
Shopping for a used vehicle (1)
Signing a Contract (1)
SSC (1)
summer tires (1)
Take a Picture (1)
Test Drives (1)
Test driving (1)
the safer way to buy (1)
Trade in (1)
Trading in a vehicle (1)
trading in my car (1)
trading-in my car (1)
Transport Canada (1)
unlicensed dealers (1)
Unregistered Salespersons (1)
upside down (1)
used car advertising (1)
vehicle advertising (1)
vehicle delivery (1)
Vehicle History (1)
vehicle prices (1)
Vehicle Purchase Agreement (1)
Vehicle Purchasing Tips (1)
Vehicle Shopping (1)
VIN (1)
Warning to Consumers (1)
Water Damage (1)
What is "AS IS" (1)
Wholesale (1)
Windsor (1)
winter tires (1)
you're protected (1)

 

OMVIC Blog: Car Buying Tips

Protect yourself against risks when financing a vehicle

Jan 18

Written by:
Tuesday, January 18, 2022  RssIcon

When purchasing a new or used vehicle, it’s important for consumers to identify how they'll finance the purchase. Buying a car is the second most important purchase most consumers make next to buying a home, so protecting your finances and understanding the risks related to vehicle financing are key to ensure a smooth purchase.

Before signing on the dotted line for a vehicle, carefully consider the interest rates and financing options offered and take steps to ensure you get the best possible finance rate and terms. Remember there is no cooling-off period in Ontario so once you sign a contract you are committed to the purchase. Here are some possible risks and how to protect yourself as a consumer.

Know who your credit application is being submitted to

Before visiting a dealership, contact your financial institution and ask about your credit score and the financing options available to you based on your score. Knowing this beforehand allows you to “comparison shop” with the financing available at the dealership.

If the dealer is arranging financing, they may submit your loan application to multiple lenders. However, you should make it clear if you do not want your credit to be checked by multiple lenders, as multiple credit applications can negatively impact your credit score. To protect yourself, ensure you know exactly who your application was submitted to and ask about each lender’s offered terms and rate.

Make sure your credit application is accurate

Always verify the accuracy of information provided on your credit application before it’s submitted. There have been cases where credit applications have been submitted with inflated incomes or minimized debts to help get an application approved. This is not only unethical, but also illegal.

Carefully review the information on your application before signing and allowing the dealer to submit it and request a copy of the loan application for your records.

Most importantly: you should walk away if you notice errors or misrepresentations on your application that the dealership refuses to correct, or if the dealer suggests these corrections will limit your likelihood of being approved. This is a clear sign of an unethical dealer who does not have your best interests in mind.

Always carefully review your contract

When accepting delivery of a vehicle, take the time to read the entire agreement. Confirm the stated terms and rate on the contract match what was promised to you, along with what was signed and agreed to on your bill of sale. If a dealer or salesperson makes a verbal promise, make sure it always appears in writing on the contract to ensure you’re protected.

How OMVIC can help

Our consumer support team is available to help answer your questions when it comes to vehicle financing and interest rates. For more resources to help you stay informed and understand your rights when buying a car visit omvic.ca. Call us at 1-800-943-6002 to get the right information free of charge.  

 

Connect with OMVIC on social media!

 

facebook    Ontario Motor Vehicle Industry Council

twitter@omvic_consumers

instagram   @omvic_official


LinkedIn   Ontario Motor Vehicle Industry Council


omvic www.omvic.ca


cpo  www.ontario.ca/page/consumer-protection-ontario




OMVIC Copyright ©2022

Print