Vehicle Payment Options

Vehicle Payment Options

When buying a new car or used vehicle, there are lots of great choices to select the right vehicle that suit your lifestyle and budget. Why should paying for your vehicle have any less choice?

There are lots of different payment options for your vehicle that are designed to suit your financial lifestyle and budget. Some of the different payment options available are:

  • A vehicle loan or lease from our White Rock VW Lending Centre
  • A vehicle loan arranged with your own bank or credit union
  • A line of credit from your bank
  • Cash from your savings or investments

What is the White Rock VW Lending Centre?

Our White Rock VW Lending Centre has several trained Financial Services Managers whose primary function is to arrange your vehicle financing in an efficient and quick manner when you purchase a new or used vehicle.

Our Financial Services Managers are trained automotive specialists who put their training and skills to work by acting as vehicle loan brokers within the dealership, similar to a mortgage broker. White Rock VW has established partnerships with numerous Canadian chartered banks including Scotiabank, TD Bank, Bank of Montreal, Royal Bank and many others. These banks have special departments called Dealer Plan Lending Centres that work directly with our dealership to provide convenient and speedy automotive loans to our customers.

It is the job of our Financial Services Managers to negotiate the best possible interest rates and terms from our various Dealer Plan partners for you, our customers. Because of the volume of loans that we broker to the chartered banks, we are able to pass on to our customers lower preferred interest rates. And since our Financial Services Managers have the authority to draw up the vehicle loan agreements on behalf of the chartered bank, you never have to visit a bank branch.

Lending Centre Benefits

1. Convenience of one-stop shopping

You can purchase or lease your vehicle and finance it all under one roof. And since our White Rock VW Lending Centre is open when the dealership is open, you have the convenience of being able to arrange your financing in the evening (when your bank or credit union would normally be closed). You simply sign the vehicle loan agreement when you pick up your new vehicle.

2. Open Agreements

Our vehicle loans are Conditional Sale Agreements (C.S.A.), which is a loan that can be paid into or paid off at any time without interest penalties (unlike most home mortgages). This also allows you the option of paying off your loan faster than the payment schedule.

3. Low Interest Rates

As we have a large volume of vehicle loan business, our Dealer Plan chartered bank partners pass onto our customers lower interest rates than available through the branches.

4. Fixed and Variable Interest Rates Available

A fixed interest rate means that the interest rate stays the same (locked in) for the term that you choose. A variable interest rate (also known as a floating or fluctuating rate) means that the interest rate can go up or down during the term of your loan agreement. The benefit of a variable interest rate is that they are often lower than fixed interest rates.

Many customers that may want to use their line of credit choose our variable interest rates instead in order to keep their line of credit available for other purchases or opportunities.

5. Flexible Down Payments or Zero Money Down

You can put as little or as much down payment as you choose toward your vehicle loan. You can even choose to put $0 down and finance 100% of the vehicle and taxes.

6. Special Programs

We have several special programs that we offer to our customers, such as the new to Canada program. We have a special Start Right Program through Scotiabank that is designed specifically for you.

Also, if you are a recent college or university graduate, we have a Graduate Rebate Program. This plan allows recent college or university graduates to qualify for a new vehicle loan with only a small down payment and no co-signer.

7. Tailored Loan and Lease Packages

You can choose the type of loan or lease that best suits your budget and lifestyle. Here are some of the choices you can make on your next purchase:

  • Choose fixed or variable interest rates
  • You can finance your vehicle for up to 96 months to keep your payments manageable
  • Choose monthly or bi-weekly payments
  • Choose your monthly payment date
  • You can defer your payments
  • You can opt for a Future Value Loan that allows you to make payments on a portion of the vehicle purchase price and then allows you to pay off the balance at the end of the term

8. Available Loan Protection

Most people that have a home mortgage have it protected with life and/or disability insurance. We offer this very same coverage for your vehicle loan, which is often your second largest asset. With life insurance, in the event of the unthinkable the remaining loan (or lease) balance of your vehicle is paid completely leaving the vehicle to your estate free and clear. With disability insurance, in the event that you are ill, injured and unable to work at your regular job, your vehicle payments are made for you until you are able to return to work.

9. New Source of Credit

By financing through our White Rock VW Lending Centre you establish a new source of credit. Having several relationships with different lending institutions is important as it allows you to shop and compare financial services in the future. More importantly, by having several relationships, it is easier to attain more credit (as opposed to consistently asking one bank for all your money needs). A simple example; It is easier to get a Visa card with a $2,000 credit limit as well as a MasterCard with a $2,000 limit as opposed to just a Visa card with a $4,000 limit. More credit can be accumulated by spreading it around.

10. Speedy Approvals

Once a credit application is completed, we most often secure an approval within minutes. We use the industry’s most sophisticated technology to get your application to our lending partners as quickly as possible.

11. Our Vehicle Lending Specialists


Our Financial Services Managers are vehicle lending specialists. We are able to provide our customers with in-depth knowledge of vehicle financing, accurate answers to their questions and concerns and helpful, sound advice. We also have the ability to provide creative or tailored solutions for your financing needs.

Broker Representation

You will not have to make numerous trips to different bank branches or credit unions to get a loan approval. Furthermore, if you have difficulty in qualifying for a vehicle loan because of age, time on the job, time at residence, payment affordability, poor credit history, etc., our Financial Services Managers are specifically trained assertively seek out an approval. A professional Financial Services Manager representing your application for credit dramatically improves the chances for a favourable and speedy loan approval.