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Differences Between Canadian and US Car Loans

Car loans are not the same in the US and Canada. There are different terms and conditions, different rates, and different qualifying criteria. When you are ready to purchase a car in Canada, you need to learn about a few different loan features, unless you plan to pay cash for the new vehicle. Although you can visit a dealership in person, there are many innovative ways to make a car purchase using financial technology, or FinTechs, to facilitate the transaction. Learning about interest rates, what is available, checking credit, and applying for loans can all be done using FinTechs, and help to streamline the process.

First, there are some similarities to discuss. Both the United States and Canada offer b ...

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