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Great Strategies for when you Buy a Car in Hannon

Great Strategies for when you Buy a Car in Hannon

Car buying has evolved dramatically in recent months. With the onset of the pandemic, dealerships embraced the challenge and created a contactless car buying experience.

 

While that worked for the pandemic, we will focus on buying a car in a post-pandemic economy.

 

Our auto loans team discusses your options and some strategies to use when you buy a car in Hannon.

 

Buying from a dealership vs private seller

 

You may be tempted to buy from a private seller instead of having to visit a local dealership and go through that process. Unless the private seller is someone you trust you should not buy from them.

 

There are many risks linked to buying from a private seller but we will touch on some of the major issues.

 

Lack of transparency is by far one of the biggest challenges associated with buying from a private seller. These individuals are not licensed to disclose any known issues with the car, like if it was involved in an accident or subject to flood damage for example.

 

When you go to a dealership, everything is presented to you so there are no surprises.

 

Along with the lack of transparency, another issue is there is no warranty so it is truly buyer beware!

 

When you buy a car in Hannon from a dealership, even if the deal is “sold as is” you are protected by provincial and federal laws.

 

The dealership is also able to help you secure financing which is something that a private individual is not able to do.

 

Requirements to qualify for an auto loan in Hannon

 

These are general guidelines as each lender is going to set their underwriting requirements, but you should be able to lock in some type of auto financing.

 

A credit score of 650 or higher is recommended. You may be able to get a Hannon car loan with a credit score under 650 but the interest rates will be quite high.

 

Check your credit score by clicking on this link.

 

Do you have income that is consistent and verifiable?

 

Put yourself in the lender's shoes, you want to lend money to people who have the track record of paying their bills as promised. The only way they can determine that is to look at both your credit score and income that can be verified.

 

What most lenders want to see is your latest salary slip or income tax notice of assessment for the last couple of years, if you are self-employed.

 

Working on the premise, that you can meet those requirements, then you can secure an auto loan in Hannon. You may be tempted to apply for the loan online to save time but it would be more advantageous to work with a local dealership.

 

The dealership will be able to help you identify which lender is going to provide the most competitive terms based on your financial situation.

 

Not only can the dealership help with securing the financing but they can also assist with finding the right car for your needs.

 

These local dealerships have everything in place to provide you with a one-stop car-buying solution, where you just sign and drive the car away.

 

Now that you know about these strategies, you can start looking for a local dealership to help guide you through the car buying experience.

 

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