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Strategies to follow when shopping for a new car in Bronte

Strategies to follow when shopping for a new car in Bronte

We are going to share with you some of the best strategies to follow when shopping for a new car in Bronte. 2022 will be known as the year filled with challenges; as we transition out of a pandemic, there are a new series of challenges that must be overcome.

One of the biggest challenges is how the economy has changed profoundly.

A significant number of Canadians are working from home (WFH), this was a necessity as most businesses were forced to adopt a temporary remote working format.

With pandemic restrictions out of the way, businesses want employees back into the office, at least a few days a week.

Canada is a large country, so you need a vehicle if you are required to commute to the office.

Those of us who have grown accustomed to working from home find the prospect of commuting to be a major turnoff, but with a recession on the horizon, it seems the days of the Great Resignation are behind us.

New or used car

If you are concerned about taking on too much debt, instead of a brand new car, you could opt for a high-quality previously owned model.

The used car market is growing, and there are new vehicles being added every day.

One of the benefits of buying a used vehicle is the lower asking price. Since you are financing a smaller amount of money, the total amount of interest you pay is also lower.

Another benefit of buying a used vehicle is your insurance costs are also reduced.

Financing the purchase of a used car in Canada

Traditionally, interest rates on used car loans are higher than on brand new vehicles; the difference between new and used car loans was especially pronounced when interest rates were artificially low since 2008.

Now that the Bank of Canada has recently started a series of quantitative tightening, interest rates are rising, so the difference between a new and used car loan will be more competitive.

To qualify for the best loan terms, your credit score should be over 680 and ideally 720+.

Not sure what your current credit score is? Apps like Koho and Credit Karma will let you find out your credit score in real-time; it’s free so sign up now.

Where to get the best financing terms on a used car

Whether you want to buy a new or used car, the Internet is the last place you should look for a great deal.

The Internet is good for doing research, but when it comes time to actually make a buying decision, you need to visit your local car dealership.

The local dealerships give you the option of test driving the car before making a decision. Test driving is the only way you will know whether a particular vehicle is suitable or not.

The dealership also has access to lenders all over Canada; this means that you can get approved regardless of your credit challenges, but you need to start the process by calling the dealership today.

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

Categories: Auto Loan

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