We have negotiated with several lenders in efforts to streamline the finance process for you
Benefits of financing with Gyro Mazda
- Discipline of fixed payments
- Fixed rates
- Competitive borrowing costs
- Match term with depreciation
- Open loans
Customers perception of Personal line of credit
- Perceived interest cost savings
- Prime rate is has gone up 0.5% since July 2017 to 3.45%. Your LOC could be1.5% to 5% over prime.
- Loss of emergency fund when used for vehicle purchase
- Loss of investment opportunity (RRSP, RESP, TFSA, GIC or Real estate)
- Loss of opportunity to pay down mortgage
- Our loans are fixed and competitive vs. LOC which is Variable.
Discipline
- Line of Credits allow you to make interest only payments (the never never plan)
- Dealer plan loans are referred to as “installment credit”. You are building equity in your vehicle.
- If paying cash, there is no opportunity to establish credit for better rates on future investments.
Early Loan Termination — at any point you can pay off the full remaining value of the loan without any
Historical Prime Rate Canada
| Date of Change | MCAP Prime Rate |
| January 18, 2018 | 3.45 |
| September 7, 2017 | 3.20 |
| July 13, 2017 | 2.95 |
| July 17, 2015 | 2.70 |
| January 29, 2015 | 2.85 |
| September 9, 2010 | 3.00 |
| July 21, 2010 | 2.75 |
| June 2, 2010 | 2.50 |
| April 22, 2009 | 2.25 |
| March 4, 2009 | 2.50 |
| January 21, 2009 | 3.00 |
| December 10, 2008 | 3.50 |
| October 23, 2008 | 4.00 |
| October 9, 2008 | 4.50 |
| April 24, 2008 | 4.75 |
| March 5, 2008 | 5.25 |
| January 23, 2008 | 5.75 |
| December 5, 2007 | 6.00 |
| July 11, 2007 | 6.25 |