Discussions

Hey eBrandon,  
 
I decided that this year I'm going to go ahead and pull the trigger on winter tires and get them. I have never been able to afford them before but since those two bad snow storms last year, I decided I need to do this.  
 
Essentially, I spoke with a sales rep from Guild Insurance (incredibly polite and professional) and she has explained the jest of it (go to any shop in town to see if they work with MPI on the financing plan, the shop looks into seeing if you qualify from MPI, and then they go and get you the tires.)  
 
I was curious if anyone could provide further insight on this. Will a credit score effect this for someone wanting to do this? What are some reasons MPI may say no? Anyone who has used this financing plan and could give me some feedback would be incredibly appreciated.

I have bad credit and still financed tires.  
I chose to pay for 4 years and pay about 23$ a month for them. I'm finished in March thankfully. In hind sight I would have chosen a shorter term.

I used it the first year, have no credit at all hood or bad and they did not then do a credit check. They use your current banking info for your monthly mpi pymts, it comes out as a seperate transaction. The total of your bill is exactly what they take no interest. Den ray tire is where I chose to go and they were great.

Go to the MPI website (www.mpi.mb.ca) under road safety click on winter tire program, gives all the info and a chart showing estimated payments for amount financed and length of loan (gives an example of 5% interest, but the rates are set by the bank of Canada so I'm not sure what the current interest rate is).

I think everyone should have winter tires. They make a huge difference in the ability to stop and maintain control.  
 
I don't have useful information about the MPI program, but I do have a question. It sounds like you decided last winter that maybe winter tires are a good idea? So, haven't you been saving for them, watching for sales, etc?  
 
I'm asking not because I'm trying to be negative like we often are on ebrandon, but you said your credit score isn't great. Instead of taking on more debt, I wonder if you haven't looked at some credit-free ways to get tires? They take some planning and foresight, but then you're not adding another payment onto your (I'm assuming) already relatively full debt repayment schedule and obligations.  
 
We've had good luck buying used winter tires, generally already on rims. People sell them all the time, as people are constantly buying new vehicles and having their old set not fitting the new vehicle. Often they've only had a season or two or wear on them. Maybe look at buying (with cash) a used set, even if they've only got a season or two left on them, and then taking the next year or two to save for new tires (and the rims, if in decent shape, can be reused). That way you're not taking on the additional payments, instead paying yourself and earning, not paying, interest.  
 
Just something to think about as you look over your tire options. Good luck!

There is interest, I think 5%. Also you can check to see if you are eligible on the MPI website before you go to any retailer. I know of some people who were denied because they hadn't been paying their insurance on time or were behind or something. They were a little embarrassed.

And I do have a savings account established, but I want to finance these as taking a chattel mortgage for tires just isn't a desire at this time. It's as you said: is taking on another debt best idea?  
 
Economically speaking $25-40 a month is far more easier to establish rather than a lump sum payment of $400-1,300. In addition, my car requires low profile tires, so finding a user set may be difficult and equally as expensive (if not, close to) as new.  
 
I do appreciate the feedback tho, and the positivity lol. That's a rare thing here but I sincerely mean it when I say this.

Definitely a great way to buy winter tires and extra rims to put them on. My truck is on the 4th year and my car on the 3rd year, so they are lasting me for the term of my financing (4 years).  
 
OP-even if your car takes low profile tires, if you get new rims for the winter tires, then your winter tires do not need to be low profile. My car tires are 17" low profile but my winter tires are 15" regular variety-the dealership said that works better for winter tires and i certainly do get amazing performance from mine.

Lots of lightly used winter tires mounted on rims on ebrandon... Try the fit before you buy! Also strongly agree with the idea of "not low profile" for winter... Taller and skinny is far far better for winter... years of experience here... also steel rims for winter are far less likely to have the "aluminum rim slow leak" problem that plagues so many..

We just put $2000 worth of tires in our truck for $41 a month. They are rated as winter tires but we keep them on year round. Couldn't have afforded it any other way

I went through MPI to get my winter tires. PHENOMENAL staff there!  
The guys are always professional, courteous, and try to be as accommodating as possible.  
 
I chose the 2 year shorter term and was paying 65-70$ per month. Nothing was ever reported to equifax, I know I was late on a couple payments and just like your insurance they just do an auto pull a few days later.  
 
It’s a great way to get your tires, but I wouldn’t recommend the longer term.  
 
Also, your paying for good winter tires not crappy ones. Maintain them! Don’t run them in warm temps, store them in a cool dry place. And make sure you rotate them.

Ugh!!!Can’t edit from my phone.... Denray tire is where I got my tires from.

Try Canadian tire they finance tires payable in two years without interest, but you need to apply for their credit card.

you get winter rims as well. wrap it all up in one. If you just get tires the seasonal change over for tires on and off rims can add up quickly to the price of rims.  
 
when your winter tires are on rims you can do it yourself if desired or the shop charge for 4 tires is like $40 bucks.  
 
and don't do your change over until the weather is very cool. excess road heat will kill your true winter tires really quick.  
 
your summers or all seasons will last longer as well by having 2 sets.

takereasyparcheesi said "Hey eBrandon,     I decided that this year I'm going to go ahead and pull the trigger on winter tires and get them. I have never been able to afford them before but since those two bad snow storms last year, I decided I need to do this.     Essentially, I spoke with a sales rep from Guild Insurance (incredibly polite and professional) and she has explained the jest of it (go to any shop in town to see if they work with MPI on the financing plan, the shop looks into seeing if you qualify from MPI, and then they go and get you the tires.)     I was curious if anyone could provide further insight on this. Will a credit score effect this for someone wanting to do this? What are some reasons MPI may say no? Anyone who has used this financing plan and could give me some feedback would be incredibly appreciated. "

You can''t have a finance restriction on your account, must have an active vehicle registered in your name.  
 
You can finance up to $2000 for 1-4 yrs. Any participating retailer will know which tires and services can be i:ncluded in the $2000. They will fax your broker and they will process it for you and send you the payment schedule. If you don''t have anything financed already, you will need to provide bank account information as well.  
 
I know a lot of people who have used the financing. The one and only complaint I''ve heard is when people sell the car that has the winter tires on them, they still have to pay for their tires (if not paid in full already).  
 
Hope that helps.....  
 
Edited by Parsley, 2017-10-14 18:51:14