Financing
Financing
Boyce Auto Sales and Financing offers many different financing options for customers allowing customers the opportunity to get into a vehicle that meets their needs at an affordable price.
Options range from individuals who have good credit to individuals who have bad credit, claimed bankruptcy, are new to the country, or have been declined from other Banks and/or Dealerships. We have a credit solution for most customers! As long as you have an income and can provide documentation on that income the chances for getting you approved are very positive. There are no charges to fill out an application and see if we can get you approved. Please click here to be directed to our credit application. You can fill the application out online and submit it, email it to info@boyceauto.ca, or fax it to 204-453-7495. If you have any questions please call Rob at 204-229-3838.
To learn more about our In-House Financing please click here.
To learn more about our banks and lenders please click here.
In House Lease Option
What are the benefits of the In-House Financing options over going through the banks and lenders?
- You can be approved within 5 minutes where banks and lenders can sometimes take weeks
- You know right from the start of the conversation what your interest rate is, buy-out, monthly payments, and terms. Banks and lenders take an average of 3 days before you know whether or not you’ve been approved
- We do not put a “Hit” on your credit score nor does this expense show up on your credit allowing you more purchasing power on other items you may require
- Our program is designed to help you build equity. While we do not help re-build your credit you are investing into an asset
- While our interest rate is high it is still lower then the majority of sub-prime lenders.
- We offer short term loans allowing customers to pay off and own their vehicle faster. If comparing the interest paid out rather then the interest rate our 2 year leases cost less then 4 year bank loans at 12.5%
- No Co-signer Required
How do I qualify?
- You must live in or within 100 km of Winnipeg, Manitoba
- Be able to put a minimum $1630 down on any lease under $7000 before taxes
- Be able to make your monthly payments
- Have a Valid Manitoba Driver’s License
- Have a bank account
Do you check my credit?
No, our In-House program does not do a credit check nor do we report to the Credit Bureau
What do I need to bring?
When you come to sign up for our In-House Lease we require $1630 down, a copy of 1 pay-stub or proof of income (Dated within the last 30 days), Your driver’s license, and a void cheque or Pre-Authorized Debit form (PAD) from your bank for us to withdrawal your monthly payments from.
What are the terms?
We currently offer 2 and 3 year lease terms. All buy-outs (options to purchase) are under $30 plus taxes at the end of the term.
What are your buy-out costs?
The buy-out at the end of the lease will be less than $30 plus taxes. Our goal is for you to own the vehicle at the end of the lease so the principal is all built into your monthly payments.
What is the interest rate?
Both our two and three year leases have an interest rate set at 25% annually and compounded monthly. Should we take a lower down payment or opt to lease outside of our distance perimeters we could charge up to 30% annually compounded monthly. This will be clearly stated on your lease contract and discussed prior to signing.
Do you install GPS units?
Yes, All our leased units have a GPS tracking device installed. This device is installed to find the vehicle should payments fail to be received. All GPS units are removed at the end of the lease term at the expense of the dealership.
Do you charge administration fees for this program?
Yes, like all used car loans through the dealer this program does have administration fees which are built into your down payment. This cost covers the price of the GPS unit, installation of the GPS, paperwork, and profits.
What are the negatives of going with the In-House Lease over banks and lenders?
- We do not report to the Credit Bureau so the In-House option will not help rebuild your credit; Banks and lenders do report this information and will help build your credit
- The possibility of getting a low interest rate
- The possibility of the banks requiring less money up front
- Lower administration costs in some cases on the loan
Banks and Lenders
Boyce Auto Sales and Financing offers customers the opportunity to get approved through a number of different banks and lenders. The banks and lenders have interest rates ranging from 4.95% to 34%. The rate you get is 100% dependent on your credit and is determined by the bank or lender that chooses to take on the investment.
We also have a chain of sub-prime lenders available to use to get you into a newer car and help rebuild your credit.
If you would like to be directed to our credit application please click here You can fill the application out online and submit it, email it to info@boyceauto.ca, or fax it to 204-453-7495.
How do I qualify?
- You must fill out a credit application
- Be prepared to leave a down payment
- Have a valid Manitoba driver’s licence
- Be employed and have worked at that employer for a minimum of 3 months
- Have a co-signer (If required)
- Be able to make your monthly payments
Do you check my credit?
Yes, any lender or bank will be checking your credit.
What do I need to bring?
Banks require at least two current pay statements, a copy of a valid driver’s license, usually 90 days of bank statements. Certain banks ask for different items. These are the items they require so please have ready at time the application is completed.
What are the terms?
Terms are determined by the bank or lending facility that takes on the loan. This will not be known until a credit application is submitted and feedback from the banks are provided.
What is the interest rate?
Interest rates are determined by the bank or lending facility that takes on the loan. This will not be known until a credit application is submitted and feedback from the banks are provided.
Our customers have received interest rates ranging from 4.95% to 34%. The rate you get is 100% dependent on your credit.
Do you install GPS units?
Some lenders or banks do require a GPS tracking device to be installed. This is usually on sub-prime deals and is not something we will know until a bank or lender responds to the application.
What are the benefits of the In-House Financing over going through the banks and lenders?
- You can be approved within 5 minutes where banks and lenders can sometimes take weeks.
- You know right from the start of the conversation what your interest rate is, buy-out, monthly payments, and terms. Banks and lenders you have to wait for an approval.
- Your do not put a “Hit” on your credit score nor does this expense show up on your credit allowing you for more purchasing power on other items you may require.
- Our program is designed to help you build equity. While we don’t help re-build your credit you are investing into an asset.
- While our interest rate is high it is still lower then a majority of sub-prime lenders.
- We offer short term loans allowing customers to pay off and own their vehicle faster. If comparing the interest paid out rather then the interest rate our 2 year leases cost less then 4 year bank loans at 12.5%.
- No co-signer required.
Do you charge administration fees on this program?
Yes, like all used car loans through the dealer this program does have administration fees which are built into your down payment/and or monthly payments.
What are the negatives of going with the In-House financing over banks and lenders?
- We do not report to the Credit Bureau so In-House financing will not help rebuild your credit. Banks and lenders do report this information and will help build your credit.
- The possibility of getting a low interest rate.
- The possibility of the banks requiring less money up front.
- Lower administration costs in some cases on the loan.
