September 29, 2014
Manitoba Government Announces Low-interest Financing Program Now Available for Winter Tires
A low-interest financing program towards the purchase of winter tires begins today, Justice Minister Andrew Swan, minister responsible for Manitoba Public Insurance, announced.
Administered by Manitoba Public Insurance (MPI), the program will provide loans up to 48 months in length at prime rate plus two per cent for up to $2,000 per vehicle.
“We want Manitobans to be as safe as possible on the roads. This financing program provides another option to buy winter tires for people who otherwise may not make this road safety purchase,” said Minister Swan. “Snow tires help you stop more quickly and reduce sliding on ice and snow, reducing the risk on the road during Manitoba’s challenging winter conditions.”
To be eligible for a loan, the applicant must be a MPI customer, purchase qualifying winter tires for a registered passenger vehicle or light truck, and not be subject to financing restrictions. Details will be on www.mpi.mb.ca.
The program works as follows:
- Look for severe service winter-tire designation on qualifying tires, indicating they have met specific snow-traction performance requirements and are designed to be used in severe snow conditions. Further details can be found at www.mpi.mb.ca/en/Rd-Safety/Winter-Tires/Pages/winter-tire-program-overview.aspx.
- The customer visits a participating retailer to purchase their tires. The retailer will confirm eligibility and complete the loan authorization. The invoice will then be faxed to the customer’s Autopac agent where the financing application is processed. Customers can also bring receipts of approved winter tires into their Autopac agent’s office to have them financed as well.
- Financing term length up to 48 months. If a purchase exceeds $2,000, the customer will be required to pay the excess amount to the retailer at the time of the purchase.
- The customer’s first payment is withdrawn one month from the date the loan is processed. Subsequent preauthorized payments are withdrawn each month on the withdrawal date you selected.
- The following costs are not eligible for financing:
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- repair of tires i.e. punctures, flat tires;
- storage of tires between seasons unless part of initial cost; and
- cost of changing between all-season and winter tires after the initial purchase/installation unless part of initial cost.
- An online tool available at www.mpi.mb.ca will allow MPI customers to confirm financing and vehicle eligibility, evaluate financing options and search for participating tire retailers enrolled in the Winter Tire Program.
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