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Where to Finance a Great Car Loan in 2022 Anywhere in Canada

Where to Finance a Great Car Loan in 2022 Anywhere in Canada

Are you shopping around for a new car? These tips are going to show you how to get a great car loan in 2022 just about anywhere in Canada.

 

By the time you finish reading this post from our Paris car loans team, you will be able to negotiate like a professional car buyer,

 

What is your budget

 

This is going to be the first question that the salesperson will ask you when you show up at the dealership, so knowing your budget in advance will reduce the chances of you buying more cars than what you can afford.

 

Most Canadians are guilty of not having a budget, so don’t feel bad if you are not sure what you can afford right off the bat.

 

However, going forward, there is no excuse for you not having a budget.

 

Experts suggest using 35% of your gross income as the maximum amount of debt you can service. Take all of your monthly debts and add them up, then compare that number to 35% of your gross pay; whatever balance remains is how much you can put towards a car loan.

 

This may sound like complicated math, but once you do the calculation, you will see it was easy.

 

Are you going for conventional or electric?

 

The electric vehicles are starting to gain traction in the marketplace; if you are an early adopter of the EV’s, then you might consider taking the plunge now.

 

Most Canadians feel that the cost of these vehicles and lack of adequate recharging infrastructure are why they opt for a conventional vehicle.

 

Will you be purchasing new or previously owned?

 

In the past, buying a used car was like rolling the dice in Vegas; you didn’t know what you were getting for your money.

 

Thanks to laws and applications like CarFax, you can research prospective vehicles and see whether there are any unreported issues with the vehicle.

 

This transparency coupled with improved vehicle reliability means you can get a great vehicle, even when it was previously owned.

 

Financing the car purchase

 

This is where having the right knowledge can save you thousands! There are websites offering car loans, and since Covid forced us to do most of our shopping online, why not get a car loan?

 

That would be a huge mistake, these websites have slick advertising, but they cannot give you the best interest rates or find you a great car.

 

Suppose you want to get competitive interest rates even if your credit has blemishes. In that case, your only viable option is to work with a local car dealership.

 

When you go through a dealership, they can get you approved for a car loan via their network of lenders. These lenders offer wholesale interest rates to the dealership; this means you are getting the most aggressive terms.

 

This same dealership will have vehicles in their inventory that you can take for test drives until you have selected the car that is truly best suited for your needs.

 

By going through the dealership, you will get the best deal; this is where the pros go, and now you know.

 

We’d love to help you find a great car loan in 2022. Simply fill in the form below and we’ll get back to you ASAP! 

 

Thanks for reading. 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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