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3 Tips to Follow when you Shop for a New Car in 2022

3 Tips to Follow when you Shop for a New Car in 2022

There is a chronic shortage of new and used cars in Canada and throughout the world, but these 4 great tips for buying a used car will get you on the road in no time. Let's dive right in!




Picking the Right Vehicle for Your Needs


This is one of the most important tips for buying a used car in 2023; you will have the vehicle for upwards of five years, so you should pick something that will grow with your needs as you get older.


The vehicle should come from a carmaker that has a reputation for building reliable vehicles; an example of this would be Jeep.


While car prices are high at the moment, you still need to think about depreciation which is why you should select a reliable vehicle with great resale value.



Make Sure Your Credit is up to Par


The vast majority of Canadians will need to get a loan to purchase a new car. Who has $40-$50k sitting in their bank account collecting dust?


Interest rates are currently low, but the Bank of Canada is going to start raising interest rates very soon. Once interest rates start to rise, it will make borrowing more expensive.


Your credit score has to be over 680; if you want the most preferential interest rates, there is no getting around this requirement. Lenders are very cautious and will only provide the best terms to the most creditworthy borrowers.



This does not mean you cannot get a car loan if your score is under 680, but the interest rates are going to be substantially higher. Click here for a comprehensive guide on improving your credit score.


Selecting the Right Dealership


After you have looked over your credit, you will need to select the right dealership to buy your car. While there are many dealerships to choose from, give preference to those with a great customer satisfaction track record.


You want someone that will go the “extra mile” for you. This commitment to customer service is especially important when it comes time to negotiate your interest rate.


When you pick the dealership with the best customer satisfaction track record, your chances of getting a great car loan will improve dramatically.


Now that you know how to get a great car loan, you should start looking for a dealership and schedule a test drive before the car shortage gets worse and you won’t have any cars to choose from.


We’d love to help you find the perfect car loan. Simply fill in the form below and we’ll get back to you ASAP! 


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