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The best way to save money on a new car purchase

The best way to save money on a new car purchase

Canadians who are in the market for a new car or thinking about buying a car soon need to move fast.

There are headwinds impacting the auto market in Canada, and if you continue sitting on the side lines, it could cost you a lot of money, as our Campbellville auto loans team explains.

Car prices are starting to come down

There has been a substantial increase in the number of vehicles being repossessed in the USA; these repossessed vehicles are starting to hit the secondary markets.

As these vehicles increase the total supply of cars, the price per car will start to come down.

The reason we are bringing this up, most Canadians trade in their existing car when buying a new one.

So, you can get top dollar for your used car when buying a new one, but you need to get a deal going soon before this excess inventory from the USA starts to impact the market here in Canada.

Another by-product of the increased default rate in the USA is some lenders in Canada who have US parent companies are tightening their loan underwriting.

This tightening, coupled with the Bank of Canada's increasing interest rates, means you need to have a higher income and credit score to tap into the best financing terms.

Accessing your credit report for free

You should sign up for apps like Koho, which give you free access to your credit report. This app does have paid features, but you can get by just fine with the free credit reporting service.

When you have access to your credit report, look at your score and all of the accounts inside your credit report.

If you come across any errors, they could have a negative impact on your credit score. These errors are not going to disappear on their own; they will stay on file for up to seven years.

What you need to do is go to the website of the credit reporting agency, either TransUnion or Equifax, and file a dispute through their official dispute channel.

After 30 days, the errors should fall off your credit report, and your score will improve.

While you wait for those errors to be corrected, this would be an ideal time to start prioritizing your debts and paying them down.

By reducing the total amount of debt you are carrying, it will raise your credit score and save you money by reducing the sheer amount of interest you are paying.

Where to find the most competitive deals on a car in Campbellville

You could spend days shopping around online and still not be able to get a good deal on a new car. If you are serious about saving money and getting a good deal, your best and only viable option is with a local dealership.

These local dealerships have an impressive inventory of new and used cars to choose from. The dealership will also give you a great deal when you trade in your existing car and buy a new one through them.

Even if you have credit issues, the local dealership is able to get you approved today and drive home in a new vehicle right away.

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

Categories: Auto Loan

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