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How to Find a Low Interest Car Loan in Bronte

How to Find a Low Interest Car Loan in Bronte

The auto financing sector is very competitive, with interest rates at all-time lows. Finding a low interest car loan in Bronte has never been easier.

 

Our goal is to provide you with a better understanding of how the auto financing industry works in Canada, and how you can leverage that knowledge to save money.

 

Old school way of getting a car loan in Bronte

 

In the past, when you wanted to buy a car, you would either save up the cash (no one can do that these days with the average cost of a new car over $40,000), or you went to your local bank and took out a car loan.

 

Your local bank may be able to offer you a car loan, but the odds of you getting a great deal are slim to none. These banks have overhead and costs that must be recouped by charging you a higher interest rate.

 

Banks are great for financial services but when it comes finding a low interest car loan in Bronte, we are going to show you a better way.

 

Assessing your financial situation

 

Before we can show you how to access the best interest rates in Canada, you need to review your current financial situation to see if you meet the qualifying criteria.

 

If you are working a conventional job, you should have been in that role for at least 90 days and ideally more than a year. With the Great Resignation, there is a significant portion of the Canadian workforce that is changing jobs, and lenders are taking that into consideration based on the type of work you are doing.

 

Individuals who are self-employed, will need to show 2 years of activity. The way you can prove that is by showing your income tax and bank account statements for the last 1-2 years.

 

Having a suitable credit score

 

Without a stable source of income, you may not get a low interest car loan in Bronte but income is just one part of the equation. Your credit score determines whether you are classified as “prime” or “subprime”.

 

These classifications do not mean you are not a good person, it just indicates whether you pose a greater risk of defaulting on a loan.

 

We are living in a digital age where identity theft is a real problem, even if you have great credit, you should always monitor your credit to make sure there are no mistakes or unauthorized accounts opened in your name!

 

The current credit score needed for prime interest rates is 680+, so aim for 700 or higher.

 

If your credit score falls below 680, you are not sub-prime but you are going to pay a higher interest rate, so do everything in your power to get your score over the 680 mark.

 

One way to get excellent credit advice and access to the most competitive Bronte car loans is by going through a local car dealership, the dealership is able to give you expert advice to help improve your credit score and can get you the most competitive interest rates in all of Canada.

 

This is by far the best kept secret when it comes to getting the lowest interest rate car loans in Canada, going through a local car dealership.

 

We will use all our skill and experience to deliver the lowest possible Bronte 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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