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Tips for Canadian students wanting to buy a new car

Tips for Canadian students wanting to buy a new car

If you have recently finished school and want to buy a new car, these tips from our Delhi auto loans team are going to make your car buying experience a lot more fruitful.

The pandemic has changed the way we all live and work but what hasn’t changed is our need for a car to get around.

You have many choices in front of you, are you aiming for a conventional, hybrid, or electric car? What are your budget and current/future car needs?

All of these questions can seem overwhelming but we are going to help you address them with ease.

Determining your car-buying budget

This is the first step, most of us don’t think about the total price of a car but look at the monthly payments.

Take a look at your budget and see how much cash you have available for a car payment, are you able to reduce your spending in other areas so you have more funds to put towards your new car?

You should leave some wiggle room in your budget for unexpected expenses, if you are not sure how much to set aside, we will let you know how to work that out in a little while.

Credit score review

Your credit score is the first thing prospective lenders look at so you should check out your credit score to see whether there is room for improvement.

The goal is to have a credit score of 680 or higher, if your score does not reach 680 then you should take a closer look at your credit report to figure out what is causing your score to plummet.

Are you current with your student loans and other financial obligations? The main reason your credit score would be under 680 is not making payments on time.

Fortunately, you can turn things around by paying your bills on time but you will need to take action right away. With each passing day, your credit score will continue to drop.

Picking the right car

This is a matter of personal preference but with gas prices on the rise, you should think about getting an electric vehicle from a reliable carmaker like Jeep. There is the all-new Jeep Wrangler 4x-e which is fully electric but has the reliability Jeep is known for around the world.

Getting the right advice

It would be unwise to try and buy a new car by yourself. What you should do is go to a local dealership and discuss your car buying needs with them. These dealerships are there to help you and earn your business.

The dealership will look at your credit profile and let you know what you can do to raise your credit score. Even if your score is not perfect, the dealership will know which lenders would approve your Delhi car loan.

These dealerships also have cars in their inventory that you can buy right away. Since there is a shortage of new and used cars available to buy, which is something you don’t have to worry about when dealing with a local dealership.

Buying a car is a major milestone in your life and by going through a local dealership, you will be able to get a great deal on the new car.

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

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