Buying a Car For a Road Trip: Everything You Should Know
Buying a Car For a Road Trip: Everything You Should Know
Posted on May 6, 2022
With travel in 2021 still very much in the air, we think the staycation or Canadian road trip will be order of the day for many of us. Until the COVID passport has been agreed and rolled out and there is no more risk of coming home to a new quarantine requirement, we think staying at home and enjoying the vastness of our country will be the way to go. With that in mind, now would be a good time to talk about car loans for road trips, for those who are wanting a new set of wheels this summer.
We are expecting a lot of auto loan activity through spring into summer so if you want to be ready, now is the time to apply for an auto loan in Mississauga.
Save for your down payment
If you don’t have savings in the bank, start as quickly as you can. The more money you put down, the lower the loan amount and the higher your chances of being accepted.
If you don’t have the luxury of time to save, use whatever savings you have as the down payment.
Check your credit score
Credit scores have a huge influence over auto loan acceptance so you should check yours right away. You may as well check your credit report while you’re there to make sure it’s accurate, that there are no errors and that it accurately reflects your situation.
You won’t have time to improve your score much before summer but if it could do with improving, you could put a plan in place now so it can begin benefitting you later on.
Check your credit report with TransUnion or Equifax.
Prepare your trade in
Trading in your old car is another way to reduce the loan amount and increase your chances of loan acceptance. Give your old car a good clean inside and out, make any repairs, get it serviced and make it as presentable as possible.
The less the dealership has to do to prepare your car for resale, the more they will offer for it. Even if you have to spend a few dollars on making it presentable, you could make that back with a better offer.
You can check its approximate value using Kelley Blue Book
Car Loans for Road Trips Preapproval
Auto loan preapproval will show you whether you’re likely to be accepted for the loan amount you’re looking at. It’s a practice run that won’t impact your credit score and will provide guidance on whether you’re on track or whether you have to adjust your loan application.
Preapproval isn’t an offer and won’t impact your credit score so is well worth doing.
Apply for the loan
Once you’re ready to go, contact our team and we’ll work with you to find competitive car loans for road trips. It’s a fast, painless process that will require proof of ID, of address, proof of earnings and income and of any debts you might have. If you have extra income, we’ll need to see proof of that too.
If you have a car in mind, we can help with that too. As a leading dealership network, we have access to a huge range of vehicles from across the industry.
Whether you’re looking for an SUV, minivan or wagon, we can help!
If you need help or advice on anything to do with auto loans in Waterloo, contact Car Nation Canada today, we can help!
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