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What new Canadians need to know about buying cars in Stoney Creek

What new Canadians need to know about buying cars in Stoney Creek

Canada is one of the most popular countries for people looking for a fresh start. If you have recently moved to Canada and either received permanent residency (PR) or citizenship, these tips are going to help make your car buying experience a truly enjoyable one.

Our Stoney Creek car loans team outlines everything you need to know about buying a car in the great white north.

Owning a car is a necessity for most Canadians

For people who live in Japan, Singapore, or various parts of Europe, there is no need for a car since the public transit system is well-established and efficient.

Canada is a massive country, the sheer amount of land that we call home is one of the largest countries in the world but the population is condensed into a few areas.

Since you need to travel a fair distance to get to school, work, and shopping there is a need for a car.

With average new and used car prices rising, you will need to get financing for the purchase.

How do people finance their car purchases?

In Canada, you can get a car loan from your local bank/credit union or through some other 3rd party provider. What most Canadians do is get their financing via the car dealership they eventually purchase their vehicle from.

There are many benefits associated with using a dealership instead of going through a local bank or 3rd party. The first benefit is the dealership will know precisely how much of a loan you will need because you will have already known which vehicle you want to buy.

There are a few other key benefits that are linked to using a dealership.

These dealerships have an extensive network of lenders that they work with, so even if you did not qualify for a prime interest rate auto loan (credit score of 680+ required to qualify), the dealership can get you approved with alternative lenders.

The dealership can also give you advice on how to get your credit score higher if it does not meet the 680 requirements.

What you need to get a car loan in Stoney Creek

We mentioned that you will need a credit score of 680 or greater to get a prime interest rate auto loan in Stoney Creek, you can check your credit score for free online.

Having a high credit score is important, but you also need to have a stable income that lenders can verify. If you earn a salary then your latest salary slip and employment letter should be fine.

Self-employed borrowers will need to bring along their bank statements for the last 60-120 days and their income tax notice of assessments. The lenders need to confirm you are making enough money to repay the loan and all of your other bills.

When you go to a dealership, they will help make the entire process much simpler, and save you money at the same time. It can seem like a daunting task but by going to a local dealership you are going to get a car you need at a very competitive price.

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

Categories: Auto Loan

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