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DDC Credit is the grouping of four leading dealerships: Ville-Marie Kia, Prêt Auto Partez, Prêt Auto Express, and Rive-Nord Chrysler. Each dealership offers personalized financing services, guaranteeing a solution adapted to each customer, as well as a unique range of new and recent used vehicles.
For the consumer, purchasing a vehicle is the largest outlay after buying a home. Since it is a significant amount, adequate financing adapted to the profile of each consumer is necessary. It must be done by auto loan professionals like DDC Credit.
The main advantage of auto credit is to allow the acquisition of a quality vehicle by spreading its payment over time according to our means. Ideally, the loan term should match the value of the vehicle to achieve positive equity. This means that at the end of the car loan repayment, the vehicle still offers very good trade-in or resale value.
Conversely, negative equity is the main disadvantage of a car loan if the terms of the car loan are too long. It’s quite simple to understand: it’s the difference between the amount I have left to pay on my car loan and the market value of my car when it comes time to trade it in or sell it. In short, the vehicle is worth less than the amount I have left to pay on my loan. This is what we call the famous “balloon” that it’s best to try to avoid.
This loan is granted based on the applicant’s credit history, their repayment capacity and the vehicle chosen. The financial institution that grants this loan keeps the vehicle as collateral until the final payment of the loan. In the event of default, the vehicle can be seized and sold by the creditor. Because of this guarantee, the interest rates on a car loan are generally lower than for a personal loan.
Leasing with an option to purchase is offered by most manufacturers. The cost of a lease is calculated based on the value of the vehicle, the interest rate offered, the annual mileage (16,000 km – 20,000 km – 24,000 km), the terms chosen (24 to 60 months), the payment frequency (weekly or monthly), and, very importantly, the residual value of the vehicle. At the end of the lease term, the consumer can either return the vehicle or buy it. The residual value, i.e. the purchase value of the vehicle, is determined and included in the contract when signing.
A credit application with DDC Credit is a simple and quick matter. By answering a few questions, you can obtain immediate prequalification. Your application can be done entirely online or with the assistance of a credit analyst. However, if your credit file is difficult or complicated, make your life easier and ask to be contacted. An experienced credit analyst will take care of your file in less than 24 hours.
The interest rates offered are determined by financial institutions based on several factors: market rates, your credit history, your repayment capacity, the chosen vehicle, the loan term, etc. DDC Crédit puts several lenders in competition at the same time to get you the best deal. Note that manufacturers such as KIA and JEEP sometimes offer subsidized rates to stimulate the sale of certain new models. For used vehicles, check the rates currently offered by major financial institutions.
Your rate and payments remain the same each month and you know when your loan repayment will end.
With a variable rate loan, the interest rate can be changed during the term of the loan and your principal and interest payments can change.
In general, the longer the amortization period, the higher the rates.
Your credit score is a snapshot of your borrower profile. It reflects the level of risk you represent. The higher your score, the more advantageous the terms of a car loan.
Although each lender has its own rules for making decisions, credit scores between 660 and 724 are usually considered good; 725 to 759 are often considered very good; 760 and above are considered excellent. Obtaining car financing is then quick and you will get the lowest rates on the market.
A score of 659 and below means that you have experienced credit problems as is the case for many consumers. However, a car loan is always possible as a 2nd chance credit. In this case, it is your current ability to repay that will be the important factor. Of course, the rates requested and the repayment conditions will be more difficult, but will allow you, if you respect them, to reestablish your credit file. The assistance of a DDC Credit analyst will allow you to see things clearly and obtain a good game plan to reestablish your finances.
For young people who are starting their financial life and who do not yet have a credit history, it is entirely possible to obtain a good car loan if they demonstrate the stability of their employment and their repayment capacity.
In the context of an installment sale contract such as a car loan, you have the possibility of repaying your loan before the scheduled maturity to save on credit fees. This is your right. Whether this early repayment is partial or total, no penalty can be imposed on you.
If you are unable to make your car loan repayment, it is imperative to notify your DDC Crédit credit analyst and your creditor. This shows that you take your business seriously and solutions can then be deployed.
Did you know? A one-day late payment on your credit card is like a month since updates are monthly. This delay affects your credit rating. In addition, since the collection process can take several days, it is important not to wait until the due date to make your payment. The best way to avoid over-indebtedness is to do a major clean-up of your credit cards, especially those from stores whose rates are practically usurious. One or two well-managed cards are more than enough for our consumer needs. In addition, there is a big difference between the emergency dentist and a trip to Cuba on credit…
For consumers who have to live with high inflation and high interest rates, used cars are a more attractive option than new cars. The average price of a new car is about $66,000, up from $40,000 in 2019, according to Autotrader.
Lower inflation and interest rates can make a used vehicle a more affordable option than a new vehicle. On October 23, the Bank of Canada announced a reduction in its key interest rate, now at 3.75% (it was 5% in July), which will have a direct impact on auto loan rates.
In conclusion, the grouping of four major DDC Crédit dealerships offers many advantages to our customers. In addition to obtaining the best car financing conditions in Quebec, our customers have access to a wide selection of new and recent used vehicles, to after-sales service and professional maintenance. From Gaspé to Gatineau, from Montreal to Val-d’Or, DDC Crédit has made happy customers who come back to see us for a second and even a third vehicle. Who can beat that! Contact one of our credit analysts to get more details or access our online car loan application for an immediate response.
Note: The testimonials below have been translated into English from their original French language.
In general, loans have a term of 36 to 96 months. The most common auto loan term for new and used cars is 72 months.
It is important to not have any accounts in default, even small amounts of $20, to improve your rating. Using your credit cards at less than 30% of the allowed limit is also a good idea.
It is always possible to obtain refinancing under certain conditions. Each file is unique.
Students with a reasonable credit score and documented repayment capacity have access to good car loans.
Il est possible et même courant de transférer une balance de prêt à un nouveau véhicule.
By email: demande@demandecredit.ca
By phone: +1 (514) 356-5721
Via our website: https://demandecredit.ca
In dealership: 13655 rue de la Chapelle suite 200, Mirabel, Québec, J7J 2C9