Financing FAQ’s

When it comes to the Finance and Insurance department, customer often have a lot of question, if you find yourself curious about anything related to F&I check out some of our most frequent questions and answers below!

If you still have any lingering questions that we didn't answer here give us a call at (519) 352-9200 or send us an email at and someone from our team will be more than happy to answer all your questions.

What does the F&I department do at a dealership?

The F&I department is an essential stop on the way to buying any new or pre-owned vehicle from a dealership. The F&I manager is an expert when it comes to filling out credit applications, dealing with the bank to get customers approved, and is very knowledgeable on warranties, protection packages and insurance. Once a customers decides upon a vehicle and works most of the information out with a sales person, the customers will then sit down with the F&I manager to finalize their choice of financing or leasing, and they will go over warranty and other protection packages that are offered.

What is the best used finance rate?

Rates vary depending on a variety of factors. These include price of the vehicle, individual credit score, age of the vehicle, length of term, and more. If you would like to know what rate you would qualify for complete a credit application today.

Is it better to lease or to finance?

There are benefits to both leasing and financing. Leasing is a great option for someone who likes to be able to get into a new vehicle every few years and wants to make sure their vehicle is always covered by warranty. As such leasing can also be a good option for people who put a lot of kilometers on their vehicles as details on contracts can built to suit driving habits. At the end of a lease, customers have the option to buy out their vehicle for the residual value agreed upon at the start of the contract.

Financing on the other hand can be a good option for someone who takes really good care of their vehicles and plans to drive it for a number of years. Each payment made on a finance contract generates equity, so when you decide you want to trade your vehicle that equity is yours. Unsure which one is right for you? Get in touch and we will be happy to set up an appointment for you with our business manager.

In lease and finance ads, what does the APR mean?

The Annual Percentage Rate (APR) is a percentage that represents the actual yearly rate of interest associated with a loan.

The Ontario Motor Vehicle Council requires that all dealers include APR in lease and finance advertising as it gives consumers a level playing field when comparing vehicles that have different incentives on them.

I still owe money on my current finance contract, can I trade in my vehicle?

Yes, you can trade your vehicle in if you still owe money on it. If you are looking to trade in your vehicle that you have on a finance contract, while you can trade at any time, it is best to wait until you are in an equity position. An equity position is when the value of your vehicle surpasses the amount you have left owing on your contract. Think you might be in an equity position? Have our Pre-Owned manager take a look at your vehicle in a free no-obligation trade appraisal.

If I still owe money on my finance contract, what happens to that amount if I trade in?

If you trade in your current vehicle that you have on a finance contract the amount you still owe will get worked into the new contract.

The first step is for our team to appraise your vehicle, with that we get the trade in value. Then on your new deal we take the trade in value off the agree upon price of your new vehicle we then apply tax on that amount. Now that we have the tax we add the amount you still have owing on you current vehicle, and the total is what will be financed on your new contract.

Can I chose where I get financed?

Yes, if you want to be financed through a specific bank we can have that done for you.

Can I use my line of credit to pay for my vehicle?

You can use a line of credit to pay for a vehicle but it may not be the best option available.

One of the biggest challenges to using a line of credit to pay for a vehicle is the interest rate. On a line of credit the interest rate is variable, so that means your interest rate could go up at any time without notice. This can make planning and budgeting very difficult if not impossible. Another challenge that might be face is the bank can request payment in full at any time if they feel that you are unable to pay off the amount you have owing. So, while a line of credit can be very handy when in an emergency, they are not the best option available to purchase a vehicle.

We are working on coming up with more questions. Do you think you have a questions the belongs here? Send it to and we'll see if we can work it in!