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Best Ways to Save Money on Car Loans in Rockton

Best Ways to Save Money on Car Loans in Rockton

The average Canadian has a car payment of roughly $500+/- per month. If you are in the market for a new car, these strategies are going to help you save money on car loans.


While car prices are at all-time highs, interest rates are at all-time lows so you will be able to get a great bargain, just remember to not make any rash decisions due to FOMO.


Our Rockton auto loans team lists some practical tips to save money on car loans in the future. We want everyone to drive away happy, so hope these tips can help!


What’s your Fico score?


Your Fico score is a 3 digit number that rates your perceived credit risk. Each credit reporting agency sets its scoring model but generally speaking, if the score is 660 or higher then you are considered to have good credit.


If you have not checked your credit score in a few months then you should make that your priority.


Some websites charge you to get your credit score but there are services that provide your score for free.


You can also request one credit report for free per bureau per year, contact TransUnion or Equifax to order.


Fixing your credit


Should your credit score fall below the 660 range, you can take immediate steps to help correct it. Start by reviewing your credit report for any potential errors. These errors can hurt your overall score so take this task seriously.


Your credit score has a profound impact on whether you can qualify for auto financing and if so, what interest rate would you be charged.


Identifying the cars with the greatest resale value


Once you have sorted out your credit score, the next step is to identify which make and model of car is going to give you the best value for money.


All cars depreciate but some vehicles preserve their value over the long term.


There are websites like Kelly Blue Book, that will give you insight into which makes and models are worth an investment. It would not be prudent to focus solely on one website when trying to find the right vehicle for your situation so be try reviewing a few trusted review platforms and see what you learn.


Getting the right car at the best possible price


Now that you have determined what make and model car represents the best value, you can look for dealerships that have those cars available in their inventory.


There could be dealerships located clear across the country that has the specific car that you want. The challenge with buying a car from dealerships across the country is the cost to ship the car to you.


If the bargain is very competitive, you could fly out to the dealership and drive the car back home. An easier way is to identify a local car dealership that can get you the car or at the very least have it delivered.


While you could do everything over the internet on your own, you really should work with a reputable car dealership. The dealership will take care of all the logistics involved in buying a car so you can focus on enjoying your new car.


If you’re not sure which car dealership is the right one, you can look for customer reviews that were posted by other people who recently bought from the dealership. Or, you could save yourself the trouble and just come visit us. 😊


By doing your initial research and working with a reputable car dealership, you will find a car without having to break your budget in the process.


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