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The truth about gas prices in Canada 2022

The truth about gas prices in Canada 2022

Do you feel like everything is getting more expensive like you just got your paycheck and boom, your bank account is already in overdraft? You are not alone; the majority of Canadians, from coast to coast to coast, are experiencing real financial strain.

The source of your financial hardships

You are not doing anything wrong; the root cause of your financial hardship is rising fuel prices.

Everything in Canada is either shipped by rail, air, or semi-tractor trailer. In all cases, these modes of transportation require fuel, and fuel prices are out of control.

These increased costs cannot be absorbed by the shipping companies, we know that truckers are working hard to keep food on the shelves.

Reduce or eliminate your need for gasoline

While we are talking about gasoline, diesel costs are actually higher than gasoline! Diesel used to cost less than gasoline because it required less refining, and there was a greater demand for it since most heavy equipment relies on it.

Your current vehicle was designed with affordable gas prices in mind, but that is no longer the case. Your options are to get a hybrid which will greatly reduce the amount of gas you require to commute on a daily basis, or say goodbye to gas forever and get an EV.

There will be some people who say that EVs pollute more than a gas-powered cars because of how the electricity is generated to recharge the vehicle.

We are not here to debate whether that is true or not; we just want to help you save money and be able to lead a normal life.

Budgeting for your newer, more fuel-efficient vehicle

Whether you are opting for a hybrid or an EV, you will need to create room in your budget for the purchase. We presume you don’t have the cash to buy the car in one lump sum, so you will need to get a loan.

Lenders are extremely squeamish

The pandemic left a bad taste in the mouth of most lenders who are trying to stay afloat.

With rising interest rates and contractions in the Canadian economy, these lenders are trying to balance their need for growth by not taking on bad debts.

Some lenders are willing to underwrite loans to borrowers with bad credit, provided they have a stable source of income. If you want to access the most preferential interest rates, your credit score will need to exceed 720.

The need for speed when it comes to making the switch to an EV or hybrid

The longer you delay making the switch over to an EV or hybrid, the more it is going to cost you in the short term and long run. You need to make the switch, and it has to happen before interest rates go any higher.

Your best bet is to work with a car dealership in your community. These dealerships have access to the best financing terms in Canada.

They will be able to get you approved for a car loan at very low-interest  rates and, at the same time, help you find the vehicle that is perfect for your needs.

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

Categories: Auto Loan

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