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Common Car Buying Mistakes in 2022 to Avoid

Common Car Buying Mistakes in 2022 to Avoid

There are a few car buying mistakes in 2022 you should keep in mind when looking for a new vehicle anywhere in Canada.


Are you planning on buying through a private seller or from a legitimate business?


There has been a spoke in the number of private sellers and while you could buy from them, it would be smart to deal solely with legitimate businesses. Legitimate companies are regulated so you are protected should anything go wrong with a deal, private deals aren’t regulated so you should stick with legitimate firms.


Picking the car that matches your needs


Do you have a list of the features you want in your new car? The last thing you should do is walk onto a car lot and just check out cars that you like.


This type of car shopping is ill-advised, especially with the shortage of new cars in the market.


Since there is a limited number of cars available, you might have to make some sacrifices, so be sure to pick the car that is going to check most of the boxes on your list.


Budgeting for the new car


Budgeting has to be one of the biggest car buying mistakes in 2022. Do you know how much per month you are willing to spend a month on a new car? Along with the price of the car, you also need to include the insurance and maintenance costs associated with owning one.


If you haven’t made a budget before, don’t worry about it. Most of us were never taught budgeting in school, so creating a budget could make you feel anxious.


After you have created a budget, you will know if there is room in your budget for a new car. If you don’t have room for a new car, then you should consider getting a used car.


Used cars usually have a warranty on them; if the car you are considering does not have a warranty, you should buy an extended warranty for added peace of mind.


Sources of financing


The auto-financing market has experienced some remarkable growth. Interest rates have never been lower, but lenders are worried about taking on bad debts.


To qualify for a prime-interest rate car loan in Campbellville, your credit score is what lenders are going to focus on. You need a credit score of over 700 to get the most competitive deal.


If your credit score is under 700, there are lenders that will help you. The interest rates on subprime car loans are pretty high, but if you need a car, this is your best option.


Since we are on the topic of financing, dealerships are going to provide you with the most competitive deals. These dealerships also offer world-class customer service, and this is something that most buyers overlook.


The dealership will give you advice on how to streamline your credit so, in the future, you will be able to qualify for a prime-interest car loan. Buying a car is a significant financial commitment, and if you follow the tips we have outlined, you will have a great experience.


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! 


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