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How to Find an Affordable Car Loan in Halton [2022]

How to Find an Affordable Car Loan in Halton [2022]

If you just received your T-4 and expect a significant refund, instead of going to H&R Block for a refund, you should Netfile your taxes online, and in two weeks, you will have the cash in hand.


Something that you should consider doing with your refund is putting it towards the purchase of a new car. But, there are a few things you must do before you can drive home with a new vehicle as our Halton auto loans team explains.


Car prices are at an all-time high


It appears that Omicron is here to stay, and as the health mandates are removed, demand for new cars has reached a fever pitch!


As a result, there is unprecedented demand for cars all around Canada and throughout the world.


The challenge is carmakers have not been able to rebuild their inventory, and it looks like they will not be able to for quite some time.


This is not a problem that you can throw money at and make it go away.


There are serious bottlenecks in the global supply chain, starting with the microprocessors that are used in the manufacturing of new cars.


As a result, carmakers cannot get the necessary microprocessors, which has caused a reduction in the total volume of cars being built.


The limited supply of cars is being made, and those that are being manufactured are being purchased from buyers all over the world. So you are not just competing with buyers in Canada but throughout the world.


There have been reports of some people waiting months before they can take possession of the new car they just purchased.


If you were thinking about buying a used car to save time, you are going to be going up against other prospective buyers. This is a proverbial catch-22 where you are caught both ways.


How to Access an Affordable Car Loan in Halton


Along with using your income tax refund as a down payment, you should leverage your credit to access the best possible financing. Lenders are apprehensive about issuing loans that go into default.


For example, to get a very low-interest rate car loan in Halton, you need a credit score of 680.


Since the median credit score is 660 in Canada, you should be close to that mark.


If you have credit issues, they will not go away on their own. You should begin taking proactive steps to rebuild your credit.


A common reason why people have credit issues is because they are carrying too much debt. Make it a priority to reduce the total amount of debt you are carrying; the sooner you lower those balances, the more money you will save on interest.


Finding the best deals on a new vehicle


Whether you are buying a new or previously owned car, the best way to access a competitive deal is to work with a local dealership.


The dealership will assess your financial situation and determine which lender is going to give you the most competitive car loan. While there are websites offering car loans online, only your local dealership can get you a truly competitive car loan.


In addition, these dealerships can help show you how to raise your credit score, which enables you to qualify for better Halton car loans.


We’d love to help you find an affordable car loan in Halton. 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. 


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