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Save money on car financing by using these hacks

Save money on car financing by using these hacks

Canadians looking for simple and effective ways to save money on car financing should follow these simple hacks; they have been tested in the real world by our Dundas auto loans team and many of our customers.

Are you buying gas, hybrid, or EV?

One way you can moderate the amount of money you end up forking out for a vehicle is what type of car you buy.

If you buy a hybrid or EV, you may be able to apply for rebates being offered by both the federal and provincial governments. These rebates vary depending on the cost of the vehicle and where you live.

If you purchased a conventional, gas-powered car, there are no incentives, and with gas prices on the rise, this decision will no doubt end up costing you dearly over the long term.

Boost your credit score to drive down your borrowing costs

One of the simplest ways you can save money on auto financing in Canada is to do everything in your power to raise your credit score.

This may sound like a no-brainer, but you would be amazed by the sheer number of people who wait until the last minute to check their credit score before they actually go shopping for a vehicle.

If you know that you are facing credit challenges instead of taking on a high-interest rate car loan because you have bad credit, why not start working on improving your score right now?

The secret to having a good credit score isn’t much of a secret, just pay attention to how much debt you are carrying. If your credit utilization rate is greater than thirty percent, you will need to bring that down.

Along with reducing the sheer amount of debt you are carrying, just make sure your payments are current; just these two items alone will help keep your credit score on the high side.

Don’t try to secure a car loan by yourself

One of the biggest and most costly mistakes prospective car buyers make is trying to secure a Dundas car loan on their own.

They figure that by shopping around online, they can cut out the middleman and save a few bucks in the process.

Nothing could be further from the truth; the reality is that while online shopping can help you find the best deals on most consumer products and services when it comes to major financial commitments like buying a car, you need to keep it old school and work with a local car dealership.

Benefits of going through a local car dealership

The pandemic has conditioned most of us to try and do all of our transactions online, but with Covid restrictions a think of the past (for the most part), you need to visit your local dealership and start reviewing all of the different loan options that are available to you.

These dealerships are able to access lenders in Canada that you could never find; these lenders only work with dealerships.

These same dealerships also have access to some of the most aggressive interest rates in all of Canada, so they will be able to get you approved for a car loan at interest rates you could never access.

If you are serious about saving money on auto financing, then you need to contact your local dealership today.

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

Categories: Auto Loan

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