Creating Options

Last time around, I described how my mechanic bluntly suggested it is time to get rid of my 16 year old car, which is facing many, many expensive repairs.  So I have started down the road to finding my new wheels and it has not been a straight forward trip.

Ten days ago - knowing I was face a screaming busy work week - I logged on to my financial institution’s website to apply for a car loan.  Within minutes I received an email stating my application had been received and that I would get a response by the next business day.

That day quickly passed, as did the next one.  On the third business day, I called the institution’s call-centre to see if through some small clerical error they thought I had won the lotto and no longer needed the money.  The answer was worse: despite the confirmation email they had no record of my application.  They suggested I call my personal banker and begin the process again.

And so began two days of telephone tag.  To be fair, the banker always promptly returned my calls.  But, as anticipated, my week was screaming busy and I was rarely near a phone.  We finally connected yesterday and discussed a few options.  Today I headed downtown to sign the papers necessary to secure me a line of credit, enough to cover the difference between my savings and the cost of a car, at prime plus two percent.

I may never need to touch this pool of credit, but knowing it is there gives me options when I find the car I like.  It means I’m under no pressure to stick with any financing options offered by the dealer.

So, after ten days needed to do a two-day banking job, I’m ready to begin test-driving.

Jack

Money Coach’s response - Jack - may be too lat, but did you know VanCity Credit Union gives very favourable interest rates if you purchase a ‘green’ car?  Hybrids etc?