General information about the credit application. Leasing Questions Financing Questions

General information about the credit application.

The BC Auto Credit credit application is composed of 4 sections:

1. Personal Information
2. Residence Information
3. Employer Information
4. Bank Information & Leasing/Loan Information

Providing complete and accurate information for each section of the application ensures a quick and easy preapproval. The preapproval can be either for a lease or a finance loan.

If you have a spouse, you must select yes to the spouse question in the Personal Information section. Spouse related questions will then be automatically added to the relevant sections of the application.

After completing each section, you will see a display of the information you entered on the credit application. If you find a typo or entered some information inaccurately, you can press the back button on your browser and navigate to the appropriate section. Once you make your revisions you must press either the [continue button] or the [submit button] at the bottom of each section and resubmit your values. You will find that the credit application will retain your last entries so you do not have to retype the whole application.

Each section has required fields. The web page will let you know if you missed a required field. If this happens to you, just point your mouse to the missing field, click inside, and type the information. Then resubmit the page by pressing the button at the bottom of that page.

Leasing Questions

Auto leasing has reached new levels of popularity. Discover how it can fit into your personal and financial lifestyle.

Leasing is a very simple concept. You only pay for the portion of the vehicle's worth that you are actually going to use, plus lease charges to the leasing company.

What attracts people to leasing? Affordability. With leasing, you can drive a new vehicle with little down payment. Plus payments on a 24 to 36-month BC Auto Credit Lease are generally competitive with a 48 to 60-month finance arrangement.

Leasing will enable you to drive a new car or truck more often and without worrying about unpredictable resale values.

Financial experts often advise that one should "buy things that appreciate, rent (lease) things that depreciate." Since most vehicles depreciate over time, it makes perfect economic sense to only pay for the specified time that you are using your new vehicle.

If you are still undecided about the benefits of leasing, we urge you to contact us for a lease presentation on the vehicle of your choice.

Once you understand the basics of leasing, you may see that it’s just as simple as traditional financing. There are some basic differences between leasing and buying. When you purchase a new car or truck with traditional financing, you agree to pay off the vehicle over the life of the finance contract – plus any interest or finance charges on your loan. Traditional contracts are typically four to seven years. When you lease, you simply pay for the portion of the vehicle’s worth that you anticipate using – over the term of the lease – plus any lease charges.

How long is a lease term? Lease terms vary from 24-48 months. There are many advantages to a shorter-term lease.

One of the big advantages of a BC Auto Credit Lease compared to financing is at the end of the lease term, you have three choices after you fulfill all of the lease obligations:

1) Return the vehicle and lease a new one, or
2) Purchase the vehicle at a predetermined price and keep it, or
3) Return the vehicle and walk away

If you compare a lease of 24 or 36 months with conventional financing, your options are quite different. After 24 or 36 months, your financing contract will still be in effect, and you will owe additional payments. You may be in a position where you still owe more than your vehicle is worth.

There are some other disadvantages to driving a vehicle for four or more years. First, the manufacturer’s warranty will probably expire during your finance term. Plus, you will most likely spend money on maintenance items such as tires, brakes and other repair concerns.

Getting rid of a used vehicle can be a real hassle. How much should you spend fixing it up? What about figuring out its value, advertising it for sale or showing it to prospective buyers and strangers? Should you trade it in to a dealer or go through the negotiation process?

With a 24 or 36 month BC Auto Credit Lease, both the lease end value and the purchase option price of your vehicle are clearly stated on your Lease Agreement. This means that you can choose the lease end option that works to your best advantage.

Many people – especially business and sales people – believe that leasing and high kilometrage don’t mix. This is a common misconception.

Whether you purchase a vehicle or lease it, there’s always a price to pay for high kilometrage. With BC Auto Credit, you will have the advantage of knowing what high kilometrage will cost in terms of added depreciation – an unknown factor until you’re ready to sell or trade in your vehicle. The real cost of high kilometrage when you purchase a vehicle can be highly speculative.

Financing Questions

With a BC Auto Credit financing option you buy a car or truck, make a down payment and agree to pay for the vehicle over the life of the finance contract – plus any interest under the contract.

There are several advantages to financing your vehicle:

• You can buy a new vehicle before you have cash for the entire purchase price.
• Your cash can remain invested or available for other purchases.
• Financing can help you establish good credit history.

Consider buying if:

• You want to own your vehicle.
• You consistently drive well over 25,000 kilometres a year.
• You plan to drive your vehicle for many years.
• You plan to alter the vehicle's appearance.
• You subject your vehicle to rough treatment.