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Buying a Car in Milton - Everything to Know

Buying a Car in Milton - Everything to Know

The economy is going through some challenging times, with inflation on the rise there is a considerable amount of uncertainty. If you are buying a car in Milton, these uncertain times may present you with an opportunity to get a bargain.

 

We asked our auto loans team to come up with some useful strategies to help you out when buying a car in Milton.

 

Car dealerships are under massive pressure

 

Car dealerships all across the country are fighting tooth and nail to stay open, with a very limited inventory of new and used cars to sell they are willing to do anything to get a sale. Since there are no signs of this situation changing any time soon, you can take advantage of this opportunity.

 

Taking advantage of the buying opportunity

 

Interest rates are very low, which means there are bargains available for you if you have good credit. Do you know what your current credit score is? If you have not checked your credit score in some time, you can visit websites like TransUnion and Equifax to get that information now. If you have a credit score of 680 or higher then you should have no issues securing a very competitive interest rate on your car loan.

 

Used or new?

 

You could buy a used car but there are some inherent risks, especially if you are buying the car outside of the province. If the used vehicle was purchased out of province, there is a risk it could have been involved in an accident. There is nothing wrong with buying a car that was involved in an accident provided you are made aware of that, but when buying a used car there are no guarantees that the car is reliable.

 

A better option, especially with interest rates at all-time lows is buying a brand new car. You have complete peace of mind knowing that you are the only person who has or will drive the car. Another benefit of purchasing a new car is the bumper-to-bumper warranty that comes with it, not all warranties are equal so it pays to read the fine print and select a car that has a track record of being reliable.

 

Do your homework

 

At this juncture in the conversation, you should begin researching the latest new cars that are in the market and the various features that come standard. One very popular and important feature you should look for is a lane departure warning, this system lets you know if there is a car in your blind spot or if you are drifting out of your lane.

 

How reliable is the make of car you want to buy? While getting a bargain is important, you also want the car to be reliable throughout the life of the auto loan. Some websites are dedicated to reviewing cars, you can spend a little time looking at these reviews until you feel comfortable with a particular model.

 

Timing is key

 

The car industry is cyclical with a new model coming out each year, you should try to do your car buying when it is nearly the end of the quarter or year. Traditionally, the end of the month and year is a time when dealerships are motivated to sell, so your odds of getting a better deal will improve considerably.

 

If you need help or advice on anything to do with auto loans in Milton, contact Car Nation Canada today, we can help!

 

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