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Why you Should Buy a Car in Acton Ontario Soon

Why you Should Buy a Car in Acton Ontario Soon

If you are reading this, you may be considering whether or not it's a good time for you to buy a car in Acton Ontario.


The reason we are encouraging readers to move ahead with their buying decision is the Bank of Canada will be raising interest rates very soon. Once interest rates begin to rise, they will be in quick succession.


This is not some conspiracy theory being discussed by a bunch of people at a Tim Hortons. Professional traders have already begun pricing rate hikes into their trading strategies.


Interest rates are at historic lows, so it may now sound like a “big deal,” but you must bear in mind that the prices of both new and used cars are rising, and a new vehicle will easily set you back $50k!


Rising interest rates have a knock-on effect on the economy


The purpose of raising interest rates in modern economic theory is to slow inflation.


When there is an oversupply of cheap money, prices start to rise, and if not kept in check, it could lead to hyperinflation like what we see in countries like Argentina.


Covid-19 has caused massive economic pain, and the Government of Canada went into stimulus spending overdrive. History will decide whether the decisions that were made were the right ones.


All Canadians are going to pay the cost of this spending with higher taxes and higher costs of pretty much everything, including cars.


Inflation is driving up the cost of food, shelter, energy, and cars, so even when interest rates do rise, the effects of inflation will remain for years to come….


Talk about a double-whammy!


We have a unique opportunity though, if you are in the market to buy a car, you have to move forward with the purchase before rates rise.


You don’t have to “buy” the car today, but you can get approved for a loan with an interest rate locked in. This will buy you some time while you find a car that is going to suit your needs.


Lack of new and used car inventory


Another compelling reason (in case you weren’t motivated yet) is the lack of new and used cars to buy in Canada.


This lack of inventory is not specific to a particular make or model of car, the shortage is across the board.


Locking in the best terms


You can’t find an outstanding car loan online. To lock in the best terms, you need to have good credit and go through an Acton car dealership.


The financing experts at the dealership are going to help you buy a car in Acton Ontario with the lowest interest rates possible. Even if your credit is less than optimum, you can get a competitive car loan.


2022 will be a year of rising interest rates, so you have to buy a car in Acton Ontario before prices rise and inventories drop even further; the alternative is you not having a car or paying an exorbitant interest rate for the “privilege” of owning a car.


We’d love to help you find the perfect car loan. Simply fill in the form below and we’ll get back to you ASAP! 


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    Categories: Car News