TORONTO, Jan. 24, 2019 /CNW/ - The private auto market in Canada has been gradually maturing in recent years, and is now able to offer Canadians many of the same services, products, resources and peace of mind that they've come to expect in traditional automotive transactions.
Until recently, shopping for a used car, securing financing and closing a deal was significantly more burdensome than purchasing a car from a traditional retailer, such as a dealership. Similarly, sellers had few places to list their vehicles, and no guarantees of a smooth transaction.
More recently, however, online classified websites have made listing and shopping for a used vehicle a breeze, while websites like Smarter Loans are helping consumers find the financing they need to make a purchase without breaking (or stepping a foot inside) the bank.
"In the past the only option to obtain financing for a vehicle was to visit a local car dealership, while this is still a great option, for many Canadians who want to buy a car privately other options were needed" said Vlad Sherbatov, President of Smarter Loans. Sherbatov adds obtaining financing for private auto sales today is much easier thanks to longtime lending partner AutoArriba.com
The alternative lender assists with private auto sales by offering a range of resources to both buyers and sellers, including the ability to apply for financing before shopping for a used vehicle. Once approved, AutoArriba.com can transfer funds to a buyer within 24 hours, ensuring that the sale doesn't slip away while they wait for financing. Other services offered by AutoArriba.com also include refinancing of current vehicles for consumers looking to reduce rates or obtain more favourable payment terms.
"It has enabled Canadians to go online and search for a vehicle that they already know fits their budget, rather than wasting time shopping for a vehicle they can't afford," explains Sherbatov. "It's just one of the many ways AutoArriba.com is bringing speed, convenience and peace of mind to a traditionally underserved market."
Not only does AutoArriba.com offer loan and financing products, but the company also provides third party inspections, CARFAX® reports and a Lien search to make sure the vehicle is free of liens before purchasing. Furthermore, the company recently extended its services to include direct outstanding Lien and tax payments.
In other words, any outstanding payments or taxes are now included in the price of the vehicle, are incorporated into the financing amount rather than coming out of pocket, and the appropriate funds are sent directly to the appropriate provincial tax authority or third party collector, rather than going through the seller.
"At AutoArriba.com we're excited to be part of the evolution of private sale auto finance," said the company's vice president, Galen Gower. "We're simplifying the process, taking it fully online, and offering peace of mind through a comprehensive, end-to-end solution."
AutoArriba.com currently offers its services to Canadians based in Ontario, Alberta and British Columbia, with plans to expand coast to coast in the coming months.
"Within a 24-hour period you can receive the funds needed to purchase the car, so it eliminates the potential for that transaction to no longer be available, which provides added peace of mind," said Gower. "By eliminating the need for the consumer to go to a brick and mortar location to service financing, we're able to offer a solution that's as easy as 'One. Two. Keys.'"
Galen adds that the Smarter Loans platform has helped AutoArriba.com gain exposure for its innovative solutions, ensuring that customers are confident in the financial product they ultimately choose in order to secure a private auto sale.
"We have a fully functional, beneficial product, but Smarter Loans is the conduit to reaching the consumer where they naturally go for this sort of product," he said. "The real benefit of both platforms is that they're fast, efficient, simple, and allow the consumer to make the best choice without ever leaving their easy chair."
Galen adds that with the recent expansion in products and services designed to improve the private sale auto market in Canada, purchasing a used car has in many ways become more convenient than buying through a traditional models.
About Smarter Loans:
Smarter Loans is Canada's online loan directory for any type of financing. The website helps Canadians find reputable lenders and compare their financial products, rates, and terms in one place.
SOURCE Smarter Loans
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Smarter Loans is Canada’s largest loan and financial directory. The company launched in 2016 with a mission to help Canadians make smarter financial decisions. Smarter Loans has profiled over 100 leading financial brands that offer personal and commercial services to...
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