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How to Secure a Great Car Loan in Lincoln Ontario

How to Secure a Great Car Loan in Lincoln Ontario

2022 has been a year of unique challenges; we are not even past the first quarter and are still battling unexpected challenges. The Covid-19 pandemic has now transitioned into an endemic, with most restrictions being lifted. So the good news for those looking to buy a new vehicle, it's becoming easier to secure a fair priced car loan in Lincoln Ontario.


This should be great news, especially with the unemployment rate in Canada dropping to historic lows.


Europe is in a world of trouble


There is conflict breaking out in Europe, and that is impacting the global economy.


The Canadian economy is connected to the worldwide market, so what happens in Europe will directly impact all of us here in the Great White North.


Credit markets are preparing for a Russian default


Russia has some significant debts coming due, and all signs point to a default. While the amounts due are small in comparison to the global economy, it is the psychological impact it will have on the mindset of investors.


The Bank of Canada has raised interest rates to slow inflation and will need to raise them even further. Inflation was at 5.1% monthly, but that will go even higher once new gas prices are taken into account.


Everything sold in Canada must be trucked in, and that requires fuel, it will take a month or so before prices at the stores increase, but it will be a dramatic increase.


Revisiting your budget


If you have not updated your budget recently, now is the time. Prices are going to rise on just about everything, so you will need to look for savings wherever you can get in your budget.


Any extra cash you have in your savings account should go towards paying down your consumer debts.


While having extra cash in your account may give you some peace of mind, inflation is eating away the buying power of that cash.


Paying down your debts will help reduce your borrowing costs and improve your credit score so that you can access credit at more competitive interest rates.


Since interest rates are going to rise, you need a good credit score to lock in the savings for a car loan in Lincoln Ontario.


Finding the right vehicle for your needs


With gas prices rising, you will need to find a vehicle that is affordable and good on gas. If you were looking for an excuse to purchase an all-electric, now may be the time.


Consider buying an EV from a company that has been in business for a long time, so you know there will be support long after you buy the vehicle.


An example of such a company would be Jeep which has the all-new Wrangler 4X-E. This model gives you the savings of electric with the reliability of a gas-powered engine.


Suppose you are thinking about waiting until things settle down. In that case, it may be years before the situation in Europe settles down.


There is always the risk of another new pandemic that may surface at any time.


Canadians need a vehicle to get around, and if you wait too long, there may not be any suitable vehicles for your budget, so you need to begin shopping right away.


We’d love to help you find the perfect car loan in Lincoln Ontario. Simply fill in the form below and we’ll get back to you ASAP or see our selection of used cars at our Burlington dealership. 


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    Categories: Auto Loan

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