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Why now is the time to buy a new EV in Canada

Why now is the time to buy a new EV in Canada

Now is the time to buy a new EV in Canada.  Even though this seems illogical, it is the only surefire way to save money over time and still get the car you need right now. Warren Buffet once said you should be greedy when everyone is fearful and be fearful when everyone is greedy.

With inflation getting close to record highs, lenders and car companies are all trying to make sales.

The Bank of Canada has to increase interest rates to a level where it triggers a recession, or we could end up like Sri Lanka, Argentina, and a host of other countries.

Once a recession starts, lenders are extremely cautious and charge considerably higher interest rates, so you should act quickly to lock in the savings before it's too late.

Considerations that go beyond your credit score

Even though having a good credit score is important and can save you money when you need to borrow money, it shouldn't stop you from getting an EV car loan.

But if your credit score is low and you wait to buy a car until it is much higher, you may end up spending more than you'd like.

If you have bad credit right now, the interest rate you can get may be better than what you'd pay six months from now if you had a better credit score.

As a good way to keep track of your credit score, you should sign up with both credit agencies. This way, you'll always know where you stand.

Budgeting with a margin of error for comfort

Even if we weren't facing a recession, one of the best things you can do is make a budget with a safety net in case something goes wrong with your money.

Covid has shown us that our economy is weak and that it doesn't take much to stop everything in its tracks.

If your budget is full and you don't have any extra money for unexpected costs, you might have to go deeper into debt.

If you don't make enough money to create this buffer, you might want to get a second part-time job to boost your income, so you have money left over at the end of every month.

You would be wrong to think that the Internet is the best place to find a good EV car loan.

Canada's best place to get a good deal on a car loan for an EV is not online but at a local car dealership.

These local dealerships have access to loans that no one else does. If you've been turned down for a car loan before, these dealerships can help you get one.

If you want to improve your credit score, the dealership has the tools to show you what you need to do. Even though no one wants to admit it, the recession is coming.

Contact a dealership in your area today and get things going. If you continue to wait, it will cost you dearly over the long term.  That's why now is the time to buy a new EV in Canada.

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Categories: Auto Loan, EV motoring