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This 2022 Car Buying Guide will Make your Life Easier

This 2022 Car Buying Guide will Make your Life Easier

We've prepared a 2022 car buying guide in Canada to make your life easier. The pandemic is in year three, and it looks like Omicron is here to stay for the long haul. While the freedom convoy has forced the mandates across Canada to be removed, but there are linger effects as the economy tries to get back to pre-pandemic normal.

 

You will be amazed by the lack of new cars available for sale in Canada.

 

Carmakers have commented on the challenges they are facing, especially with the global supply chain crunch making it harder to source the raw materials that go into making a new car.

 

There are not enough vehicles to meet global demand, so prices are rising but even that is not is having an effect on demand.

 

People in Canada need a car to live, and they will do whatever it takes to buy one.

 

How to finance the purchase a new car

 

Average new car prices are over $50,000, so you will need to get financing because, let's face it, no one has that kind of cash on hand.

 

There are many lenders who offer automobile financing, but not all of them are going to have a competitive loan in Campbellville or be willing to do business with you.

 

It would be smart to take a closer look at your credit score posted by TransUnion and Equifax.

 

Your credit score could vary, so don't worry if one agency has your score higher than another.

 

To get the most competitive terms, you need to have a credit score over 720.

 

However, if you are not at the 720 mark, you can still qualify for a car loan, but the cut-off mark is 600 or you would end up in subprime car loan territory.

 

There are some tips you can follow to rebuild your credit quickly, but the challenge is you need to put in the necessary work.

 

You should make sure there are no delinquent accounts in your credit report.

 

Should you find any accounts that are delinquent, they should move to the top of the list. You need to bring these accounts current as soon as possible.

 

Delinquent accounts will stay on your credit report for up to seven (7) years, so they will not go away by itself.

 

Locking in the best financing regardless of your credit challenges

 

If you are facing credit issues, you do not have to wait for things to improve, you can still get a car loan approved in Campbellville, but you need to find the right resources.

 

First, you should go through a local dealership that specializes in second chance financing. The dealership will have existing relationships with the lenders and will know which lender is going to give you the best deal.

 

While the dealership gets you approved for a car loan today, they are going to provide you with tips on how to repair your credit score so you can get a prime interest rate car loan in the future.

 

If you stick with this approach, you should be able to get the car you want and still save money, but you need to contact a dealership ASAP.

 

We’d love to help you find the perfect car loan. Simply fill in the form below and we’ll get back to you ASAP or see our selection of used cars at our Burlington dealership. 

 

Thanks for reading our short 2022 car buying guide. Be sure to connect with us on Facebook, Twitter, Instagram, or LinkedIn to stay up to date on our latest great articles! 

 

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    Categories: Auto Loan

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