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Now is the Time to Buy a New Car in Simcoe

Now is the Time to Buy a New Car in Simcoe

If you have been sitting on the fence deliberating on whether you should buy a new car in Simcoe or wait for a better deal, now is the time. Interest rates are very low and according to top industry experts, rates will start to rise in 2022.


While this is news from the U.S., Canadian bankers tend to follow the U.S. and global economy. Our auto loans team agrees that now is a good time to buy a new car in Simcoe.


Credit score needed for low-interest rate car loans


Your credit score will need to be 680 or higher if you want to lock in the lowest possible interest rates.  Lenders will use either TransUnion or Equifax when running prospective customer's credit reports.


If you are not sure whether you have a high enough credit score, you can get access to your score by signing up for Credit Karma.


Having enough income to qualify for the new car loan


While having a high credit score is the first requisite to securing a low-interest rate auto loan in Simcoe, you will also need to generate enough income to repay the loan.


If you are self-employed or working multiple jobs, then you should print your banking statements for the last 90 days.


The lender will want to see how much you earn and whether it is consistent. Just remember that the lender is looking for reasons to approve your loan. So long as you give them the documentation that is required, you will get the car.


How to select the right dealership


You will come across numerous websites that offer low-interest auto loan quotes, but it would be smart to work with a local dealership, someone you can meet with in person.


A great way to assess the suitability of a prospective car dealership is by looking at the comments made by other people who recently bought a car from the dealership.


It would be unrealistic to expect a car dealership to have a 100% customer satisfaction track record but you should be able to create a shortlist of dealerships that have a great reputation.


While online shopping is very convenient, you are making a serious financial decision and that is not something you should do on a whim. By meeting up with the representative at your local dealership, they will be able to shop the market to find you competitive interest rates and will also schedule your test drive.


Test driving a car is pivotal when trying to make the right decision. Do you know which car you want to buy or just want to try a few different options? There is no right or wrong approach, it comes down to what you prefer.


Have you given any thought to buying an all-electric car like a Tesla? While gas-powered cars are becoming more fuel-efficient, eventually gas prices will become unaffordable, so you should give serious thought to migrating away from gas and save yourself some money.


There are many compelling reasons why you should move forward and buy a car but you need to take action. The sooner you do reach out the happier you will be.


We will use all our skill and experience to deliver the lowest possible Simcoe auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.


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Categories: Auto Loan

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