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Save money buying a car in Lincoln

Save money buying a car in Lincoln

Car prices are rising due to limited supply and inflation, so if you are in the market for a new car then you cannot delay the buying decision much longer or it will end up costing you.

Our Lincoln auto loans team has come up with a few practical ways you could save money the next time you buy a car.

Very limited inventory of new and used cars

The pandemic has caused a microchip shortage which has impacted the sheer number of new cars being produced. This lack of new cars has dramatically reduced the total number of new cars that are available at dealerships throughout Canada and even the world.

There is also a limited supply of components to fix the current cars that are on the road so drivers are opting to keep their existing car instead of buying a new one.

Pandemic induced auto loan restrictions

Auto loan providers are caught in a proverbial catch-22 scenario. They have access to capital that can be loaned out at super-low rates but at the same time, they must be extra diligent when underwriting the loan.

Lenders are worried that Canadians impacted by the pandemic will not be able to repay their loans as promised, so the requirements for loans have become more stringent.

The first thing that lenders are looking for is good credit. If your credit is over 680, you would be able to secure a prime-rate Lincoln auto loan. But, applicants who have credit scores below that magic number will still be able to get a competitive auto loan.

Save money by turning to the professionals

There is only one proven way to access low-interest auto loans in Lincoln with prime or slightly blemished credit and that is by going to a car dealership for help.

You probably do most of your shopping online, the majority of us have been forced to shop online due to the pandemic.

While it may be tempting to try and apply for a car loan online, your best option is still visiting a brick-and-mortar dealership and letting the experts help secure your loan.

These dealerships have worked on thousands and thousands of car loans throughout the years, they know which lender specializes in prime auto loans and which specializes in sub-prime.

Not only do the dealerships know which lender is most likely to approve your loan application, but they will also be able to get a lower interest rate. The dealership provides these lenders with a large number of customers, so the lender will want to work with the dealership to make the deal happen.

Repairing your credit

The dealership can help you get a car loan today, but they have so much more to offer. After the dealership has assessed your credit report and score, they can then show you the steps that must be taken to help raise your credit score over 700.

By sticking with this approach and going to a dealership, you can buy a car at a very competitive interest rate and save money in the process.  The first step is to schedule an appointment to meet with the dealership, the sooner the appointment is booked the sooner you can get your new car.

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

Categories: Auto Loan

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