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Tips to follow when trying to get a car loan after your spouse has died

Tips to follow when trying to get a car loan after your spouse has died

If your spouse has recently passed away and you need to buy a new car, getting a loan may seem intimidating, especially if your spouse was the one who took care of the finances.

Our St. Catharines auto loans team are going to go over some of the things you should do to make sure you are getting the best value for your money.

Do you have credit in your own name?

If your spouse was the primary breadwinner and had all of the accounts in their name, you may have to start from scratch.

The good news is you can build your credit easily with services like a secured credit card offered by Capital One Bank in Canada.

You are guaranteed approval for the secured credit card, so once you receive it, be sure to use it and pay the balance in full every month before the due date.

It may take a few months before your credit score starts to increase, but you are laying the foundation for a more secure financial future.

How much cash do you have available for the new car payment?

Since the passing of your spouse, your income may have taken a hit. You will need to prepare a budget based on your current income.

When creating your budget, since you are the only person bringing in an income, you need to set aside an emergency fund to tide you over in case there are hiccups in your cash flow.

Only when your budget has been defined can you move forward with the next step.

What type of vehicle are you interested in buying?

Are you looking for a conventional gas-powered car, hybrid, or EV? There are many benefits to switching to an EV.

You will receive rebates from both the provincial and federal governments. Another compelling reason to switch to an EV is never having to buy gas again.

Gas prices are at an all-time high in Canada and will never go back to the good old days; with the current carbon taxes in place, high gas prices are here to stay.

How to find the best car loan in St. Catharines

You should never try to make a major buying decision without getting help from a professional.

Contact a car dealership in your area. When you go to the dealership, they will look at your unique financial situation and come up with some suggestions on which lender will give you the most competitive car loan terms.

The same dealership would have cars in their inventory that you can take for a test drive today.

You need a car to function in Canada; the longer you delay going to the dealership, the more inconvenient your life will become, so head on over to the dealership today and start leading your best life.

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

Categories: Auto Loan

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