How Langley Auto Loans Helps British Columbians with Credit Issues Get Back on the Road to Better Financial Health

In a Nutshell: Many British Columbians rely on their cars for their livelihoods, but for those with credit issues, obtaining financing on a needed vehicle can be difficult. Langley Auto Loans specializes in providing people who might not otherwise qualify for financing with reasonable rates, terms, and conditions on the loans they need. The agency’s website offers a wealth of educational information on how auto financing works, so clients know what to expect when they begin the application process. When they’re ready to start, the Langley team can help them find a vehicle that matches the requirements and conditions of their loan. Langley also offers Cash Back Auto Loans, that combine personal and car loans to get the client a vehicle along with some extra cash they can use to pay off high-interest debts.

Imagine waking up one morning, getting ready for work, and then walking out to your driveway to get to your 6:30 shift on time. Except your car won’t start.

There’s gas in the tank, and the battery is practically new. So what’s the problem? At this point, it doesn’t matter; the car is so old that any repairs are probably going to cost more than the car’s value. The fact is you need a new car.

Unfortunately, six months ago, when financing a new vehicle was the furthest thing from your mind, you filed for bankruptcy. Now, qualifying for a car loan is all you can think about because if you don’t find reliable transportation, you’re likely going to lose your job and find yourself in an even worse financial situation. You certainly can’t afford a car out of pocket, but with poor credit, how are you ever going to get financing?

For many people, a car is more than just a convenience; it’s a necessity. This is especially true in places like Vancouver, where the cost of renting or buying a home inside the city drives many people to live in outlying areas. Without adequate public or mass transit to get them where they need to go, these people rely on their cars to get to and from work each day.

“If you don’t have a car, and you can’t get to work, then you can’t pay your bills,” said Darcy Greig, Director of Special Finance at Langley Auto Loans.

Langley Auto Loans is part of the Trotman Auto Group, which was recognized by Canadian Business as a Best Managed Company in 2018 for its overall performance and sustained growth. The five-woman Langley team works out of Surrey, British Columbia, helping people in Western Canada who have subprime credit find the most favorable deals possible on financing.

By finding better deals on auto financing, Langley Auto Loans is helping British Columbians get back on the road, maintain employment opportunities, and get out of the red sooner.

Before Langley Auto Loans, Greig worked in a Chrysler store in Langley, where she saw a lot of customers who needed vehicles but had less-than-perfect credit. She believed this was a market worth focusing on, so she began blogging about auto finance for the subprime demographic. When that venture met with success, she left the Chrysler dealership and formed Langley Auto Loans, intent on providing quality service to subprime borrowers.

The agency’s roots in consumer education is evident when perusing the Langley Auto Loans website. Clients can find a wealth of information there to help them understand everything they need to know about obtaining and making the most of a loan. The financing page gives visitors a general overview of what they should expect; then, they can delve into the FAQ’s more in-depth information.

The FAQ section is divided into three categories. The General Car Loan section includes information about qualifying for financing, understanding what subprime means, and what kinds of interest rates borrowers can expect. The Credit Scores category helps consumers understand what a credit score is and how a car loan can help them rebuild their rating. Finally, the Banks section covers topics like down payments, bankruptcy, and other financial concerns.

The importance of financial education is obvious; the client needs to know what the application and lending process will be like before they begin. But once they understand that, the Langley Auto Loans team will be there to help them every step of the way.

Langley Auto Loans works with all major lenders in British Columbia — including TD Canada Trust, Royal Bank of Canada, CIBC, Scotiabank, and others — to offer subprime and prime rates on new and used vehicles. The agency offers financing on all brands of vehicles but specializes in Dodge, Chrysler, Jeep, Ram, Fiat, Hyundai, and Toyota. The team works with lenders to get the best rates, terms, and conditions for their clients so they can get into a car and start working toward an improved financial future.

“We always like to start with a pre-approval. That saves everybody time and stress,” Greig said. But, like all things related to auto finance, time to approval depends on the client’s individual situation. “There’s no one set interest rate; there’s no one set turnaround time. Some loan applications can be done and processed and approved in the same day. Some can take a couple of days,” Greig said.

The Langley Auto Loans team can help clients with the pre-approval process to make car shopping easier.

Once a client is pre-approved, Greig and her team will help them find the car that fits their requirements and financial situation. The goal is to balance the customer’s needs and desires with their budget and the bank’s conditions. With that done, the client is out the door, in their car, and back on the road to a better financial future.

Obtaining and managing a loan is an excellent way to build credit, and Langley’s Cash Back Auto Loans take that to the next level. These cash back loans are like traditional personal loans bundled with vehicle financing; they get the borrower the car he or she requires and also provide cash for other needs.

Greig used the example of the Ram pickup truck, which she says often carries a rebate between $11,000 and $15,000. If someone has negative equity on their current car and qualifies for a cash back loan, this truck is often a go-to choice. The borrower gets the rebate in the form of cash back, which can be used to pay off the negative equity on their old vehicle.

One big advantage to these cash back loans is that clients can use the cash to pay off other outstanding loans they’re carrying at higher interest rates, which can help them put more toward debt and less toward interest. The money can also be used to finance home improvements or to fund other important purchases.

Greig’s team offers cash back loans for vehicle refinancing, as well. This works just like a home equity loan, providing financial flexibility by borrowing against the value of a vehicle. It’s important to remember, though, that these larger loans can mean longer repayment terms or higher monthly payments than standard auto loans. But, for clients struggling with outstanding debt or in need of ready cash, they represent an excellent opportunity to improve credit at reasonable rates and conditions.

Too often, consumers learn about credit after having damaged their own. Many people don’t pay attention to their credit score until it’s hurting their financial well-being. Often, they fear being judged on their poor credit, and such negativity is the last thing they want to deal with when seeking financing and facing being laid off if they start missing shifts. But financial difficulties can befall anyone, and such stigma is never warranted.

“Traditionally, here in Canada, a lot of people who work in the low prime, subprime auto financing come from years of car sales experience, and some are a little bit old-school,” Greig said. Unscrupulous salesmen can leverage bad credit against their clients to close a deal that may do more harm than good. “People need to know that they should expect to be treated right. We find in this business there’s a lot of shaming that goes on,” Greig said.

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The Langley Auto Loans team members all have backgrounds in prime financing, and so their approach is very different.

“We bring a softer, gentler side of it, and I think people find that refreshing,” Greig said. “We share information instead of telling the customers, ‘This is what you get,’ and selling them the vehicle that we want to sell them — the one that has the most profit in it. We always make sure they have choices, and we’re respectful of their budget and their goals.”