TORONTO, Feb. 18, 2015 /CNW/ - Since its inception during the summer of 2010, CTL Corp. (CTL) has funded over $100 million in vehicle loans; evolving to be the largest privately-held finance company serving Canada's non-traditional consumer credit market.
CTL is a Canadian-owned, nationwide financial services company specializing in vehicle loans for Canadians who cannot obtain traditional bank financing.
What sets CTL apart from other finance companies is its strict adherence to customer first principles. CTL's "Responsible LendingTM" philosophy focuses on the customer's needs, not wants. CTL's credit professionals examine each consumer's "payment-to-income" and "debt service" ratios; ensuring the terms of the loan, and monthly payments, fit the customer's ability to pay. CTL's credit professionals are careful to ensure the customer will not be overextended financially, after taking on the loan to purchase a vehicle. This practice increases the success for the customer in meeting its financial obligations, eliminating undue stresses associated with taking on too much debt.
CTL's Rate Reducing Loan is a powerful new financing option, and an industry first. CTL's Rate Reducing Loan allows for an interest rate reduction every twelve months, over the term of the loan. "Bringing innovation to an age-old industry, our team developed a financial contract that would reward customers who were committed to fulfilling their financial obligations, while strengthening their credit" CTL's CEO Jeffrey Newhouse says, noting the loan contract accelerates the principal and reduces the interest consumers have to pay over the term of the loan. "CTL's Rate Reducing Loan helps build customer loyalty for our dealer partners," Newhouse says. "For our valued dealers, what better way to finance a customer's car, than by offering a loan product that will result in a declining interest rate. CTL's Rate Reducing Loan will mitigate the negative equity our dealer partners have to manage, on future trade-ins." In an era where banks are promoting longer term loans as a means of reducing monthly payments, CTL is practicing Responsible Lending and the introduction of its Rate Reducing Loan is a practice that benefits the customer and benefits the industry as a whole.
When asked where CTL goes from here, Newhouse doesn't skip a beat. "We are focused on being Canada's best run automobile finance company," he says. "Originating over $100 million in loans in just over four short years is an extraordinary accomplishment by our team, and a significant milestone on our journey to become Canada's most responsible lender."
CTL Corp. is Canada's Vehicle Finance Company, offering flexible and creative financing solutions to Canadians. Since hitting the market in 2010, CTL has grown to be a leading non-bank finance company in the Canadian automotive market. Headquartered in Oakville, Ontario, our friendly team of professionals has more than 50 years of collective financial management experience and is dedicated to helping consumers with even the most challenging credit. For more information, please visit www.ctlcorp.ca.
SOURCE Canadian Title Loan Corporation
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For further information: Denise Buott, CTL Marketing Manager, [email protected]