Car Financing FAQ – Don Wheaton Edmonton
Can I pay my loan off early with no penalties?
At Don Wheaton, any finance contract that we set up for our clients is called a conditional sales contract. Simply put, this means that our loans are totally open with absolutely no payout penalties.
This is important for a number of reasons:
- We want our clients pay less interest, first and foremost. The more money you can save, the better. By making extra payments with no penalties attached, you can pay more principal but less interest.
- Sometimes a client is on a strict budget and cannot pay off a loan right away. Later down the road, when they are in an equal or equity position, they can then blend the financing into a new car. If there were penalties, we would not be able to accomplish this economically for our clients.
- A number of times a client will have an asset for sale or an investment maturing, but at the same time they will want to take advantage of a deal at our store. Being able to pay it out at any time with no penalties allows you to purchase a vehicle worry-free.
Why don’t I just go through my own bank?
Going through your own bank is a decent way of getting financing for almost anything you want to purchase. That being said, it’s not always the easiest or fastest method. We offer our clients speedy approvals so you don’t have to wait for days to get an answer back. We specialize in car loans, and we are here to make taking out a loan as quick and affordable as possible.
Because of our incredible buying power with the banks, we have leverage that we can use to help find you a loan that suits your needs. We don’t have just one bank at our disposal: we have up to 15 different ways to get you financed at preferred interest rates.
Why do I see 0% advertised everywhere?
The car industry always tries to find ways to make what they offering the very best and most appealing options to clients. They recognize that most clients in today’s economy are financing, and it only makes sense to get them the best rate as possible. That’s 0%, as you simply can’t go below that.
The banks do not offer this rate to the client. The manufacturer offers the rate and uses the bank to handle the carrying of the loan. Not all vehicles qualify for 0% financing, so be sure and to ask your sales professional if the vehicle you picked out does.
Why would I want an extended warranty?
The benefit to an extended warranty is that your vehicle will have warranty coverage after the manufacturer’s warranty expires.
Buying an extended warranty also gives you:
Unforeseen expensive mechanical breakdowns may be covered in full or in part.
In the event of a covered breakdown, we will reimburse you for receipted expenses such as renting a replacement vehicle, taxi or public transportation expenses.
If a covered breakdown occurs more than 160kms from your home and your vehicle must stay overnight in a repair facility, we will pay for receipted motel and restaurant expenses.
If your vehicle is disabled and requires on-site assistance, we will provide you with 24-hour Emergency Road Side Service.
How much does an extended warranty cost?
Warranty costs are based on a number of factors including your level of coverage, time and kilometers. We tailor your warranty to fit your driving and budget.
Warranties are available at time of purchase.
What warranty comes standard on my vehicle?
Vehicle manufacturers update their warranties regularly in order to meet the needs of the majority of their customers’ needs.
Warranty terms are different from brand to brand and year-to-year, so please consult with a sales representative at Don Wheaton to learn about the warranty options available for your vehicle.
What warranty do I have on my vehicle right now?
If you purchased your vehicle from Don Wheaton, we can help you determine your warranty coverage. You can also consult your warranty booklet to see what coverage your vehicle has.
What does my standard warranty cover? What doesn’t it cover?
Normal wear items like brakes and tires are not covered by standard warranties. To find a list of what is covered or not covered by your warranty, check the warranty information included in your new vehicle pack.
What happens when my warranty runs out?
Nothing will happen as your warranty runs out. Some people like to have the security of a full warranty, so they purchase a new vehicle when their warranty expires, while others choose to keep their vehicle in service for years to come.
Are aftermarket parts or accessories covered by my warranty?
Aftermarket accessories such as cold air intakes, larger wheels and tires, exhausts and computer programmers can void the warranty on your vehicle.
Before installing any aftermarket accessories, be sure to consult with a service professional at Don Wheaton. Some OEM GM aftermarket accessories may be covered by warranty if they are installed by a certified dealership.