A credit card is a convenient payment method to have and it will slowly help you build back your credit; however, a credit card alone will not help you prove that you are able to pay back larger amounts such as auto loans.

Absolutely! We’ve been doing this long enough to see the results. A car loan or lease through CreditRev will be placed with a recognized lender who will report your payments to the Credit Bureau. It is simply the best way that we’ve found to improve your credit. Plus, you get the added bonus of driving a reliable vehicle.

You may pay your loan at any time to save a considerable amount of interest. Sometimes there may be an early payout penalty; however, this penalty will still be far less than the cost of keeping your loan over its full term. But our goal at CredRev is to build and repair credit, so we will always re-evaluate your loan and try to get you into a better vehicle at a lower rate after roughly a year.

• When you enter into a finance contract, you loan money from a lender to buy the vehicle.
• When you enter into a lease contract the lender purchases the vehicle and allows you to use it for a specified term at an agreed upon monthly payment.
• The difference becomes more apparent in financial calculations, especially in terms of tax payments.
• In the end, financing gives the entitlement of the vehicle to the owner, but with a lease, you generally have to pay a residual value at the end of the term to claim the ownership.

• Leasing and financing are available options for most of the vehicles Company of Cars carries.
• In addition to the late model units we carry we can also offer competitive lease rates for classic cars and exotics and most makes and models.

In many cases Company of Cars can meet or beat the manufacturer’s or the bank”s posted lease and/or finance rates.

• Everyone’s financial situation is different but using a line of credit requires a great deal of discipline to be more cost effective
• It’s usually harder to get approved for an unsecured line of credit and using this credit for a vehicle purchase can limit one’s ability to use it for emergency purposes or investment opportunities
• Client’s often only pay interest or make the minimum payment on a line of credit which can lead to accumulating more debt over time
• Financing loans have a fixed payment that consistently pays down principal and can usually be paid off at any time without penalties, fees, or accumulating additional interest and charges

• With a finance contract you own the car so at the end of term all of the equity is yours. You can continue to drive it with no payment, trade it for something else, or even refinance and use the money for something unrelated
• With a lease contract you have the option to purchase your car at the end of your lease for the residual value plus taxes. It’s also possible to take advantage of any equity in your lease and apply it to a new lease or purchase

• No we don’t and neither do major banks and lenders.
• Generally 0% financing rates are offered through a subvented manufacturer program and are offset by a cash rebate. This means you can take the cash or the rate but not both and could be considered a form of bait and switch advertising.
• Some dealers offer a 0% financing rate by “buying down” the rate for a very short term. If you wish to extend the term the rate goes up!

• There is never a penalty for paying out your car loan early.
• In some cases early lease termination can result in a penalty. Most lenders will waive penalties if the client is hoping to change vehicles and take on a new lease.
• Any equity in the existing lease can generally be applied to the new lease contract.

• There are insurance products designed to protect you should an unfortunate situation leave you unable to meet your obligations.
• In many cases credit loan protection will make the payments on your behalf or even pay the balance owing.
• If you do not have protection, you can always come back to Company of Cars and sell your vehicle back to us, at which point we will determine your equity position and payout the loan directly to the lender for you.
• In most case whether if it’s a lease or a finance, if you have someone to take over the obligation for you, we can help facilitate it.

• No, there are no mileage restrictions.
• The condition of your vehicle i.e. accident history, reconditioning, maintenance, and mileage may affect the value of your vehicle.

• Depreciation is the reduction of the value of the asset over the course of time and is generally tied to wear and tear.
• Residual value is the remaining value of the asset after it has been fully depreciated to the end of the lease term