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Simple rules to follow when buying a car in Brantford

Simple rules to follow when buying a car in Brantford

When buying a car in Canada, you may feel overwhelmed with the options that are available so our Brantford auto loans team are going to outline some simple rules that should make things manageable.

Working out your needs vs wants

Start by making a list of what you need in a car, how many seats, and whether you are getting a hybrid, EV, or conventional car.

Now, what are some additional features that you would like the car to have? the sky is the limit when it comes to options available to you.

When thinking about options, give some thought to what your needs will be a few years from now. The average car loan is roughly 5 years so you want a car that will grow with your needs.

Paying for your new car

The vast majority of Canadians have to finance the purchase of their car. As cars become more sophisticated, the costs to own one rise and right now stand at roughly $40,000 for a new car.

There is a growing number of 3rd party lenders that offer Brantford car loans and you can find them online. One of the biggest challenges with looking for a loan online is knowing whether you are getting a good deal.

What some of these firms do is advertise a very low teaser rate and then in the fine print say for “well-qualified borrowers” which is ambiguous by design.

The premise is that few would qualify for that low-interest rate so it is just a lure to get you in.

Instead of taking a chance online, you can go to a local dealership and find out what is the maximum loan can secure based on your credit and income.

Not all credit scores are created equal

Something that you will notice when looking at credit scores from TransUnion and Equifax is each will have its credit scoring system.

TransUnion may score you 700 and Equifax 650, and depending on the lender these discrepancies could make all the difference between a prime or subprime auto loan in Brantford.

If your credit score is on the weaker side, you should speak with the dealership to find out what steps you can take now to rectify the issue. It could be something simple like a mistake inside your credit report that is weighing down your score.

Since most of us were not taught about credit or finance in school, we could be hurting our credit score and not even know it.

While working with the dealership and picking the car you truly love, you can also work on boosting your credit score so the next time you get a car loan, you are going to have the lowest interest rates possible.

If you have followed the rules we have put here, then you will have no major issues buying a new car, so why not book a test drive with your local dealership now. The sooner you go through these steps, the happier you will be in your new car.

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

Categories: Auto Loan

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