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Car Buying Tips to Follow this Winter in Canada

Car Buying Tips to Follow this Winter in Canada

The Canadian car buying market is very unique, so our Ancaster auto loans team has put together some important and easy-to-follow tips that will make your life easier.

 

Picking the right type of car

 

There is a vast array of vehicles to choose from, whether you are getting a car, SUV, truck, or something in-between you will be spoiled for choice.

 

It helps to do some preliminary research but the only way you will know which vehicle is “the one” is by going for a test drive.

 

One of the key things to consider is the fuel consumption of the vehicle. The price of gas in Ancaster is rising and with the world facing an energy crisis, we can expect prices to remain high for quite some time to come.

 

Finding a reliable car

 

While fuel economy is important, you also want a vehicle that is going to be reliable for many years to come. One brand that has stood the test of time is Jeep.

 

This vehicle was first used by the military and helped during World War 2. It may look modern but under the chrome and leather is the heart of a vehicle that gave the allies a fighting chance!

 

Reliability and resale value go hand-in-hand, you want to pick a reliable vehicle but when it comes time to trade in the vehicle for a new one, you want to get a good price for it.

 

Paying for your new car

 

Most Canadians do not have a large sum of cash in their bank account set aside for buying a car, those funds are usually earmarked for their RRSP.

 

Interest rates are very low and if you have a high credit score, you should be able to secure a competitive offer.

 

You will not be able to get a competitive auto loan interest rate on your own. While numerous websites offer auto loan quotes and promise you very low rates, the only surefire way to access these low-interest rates is to work with a reputable local dealership.

 

Why you should use a local car dealership

 

The dealership generates a large number of auto loans every month which gives them a tremendous amount of negotiating power. When you apply for an auto loan through a dealership, the dealer will be able to get a much lower interest rate than what you could secure.

 

To access these low-interest rates, your credit score and income will need to be high enough to qualify.  Generally speaking, and this could change at any time, if your credit score is over 680 then you should be able to qualify for a prime interest rate auto loan in Ancaster.

 

Are you able to substantiate your income? With a good number of Canadians working multiple jobs, if you are a freelancer then the only way you can document your income is by presenting your bank statements to the prospective lender.

 

Don’t worry, the dealership will explain all of the steps and even help you if your credit does not meet the 680 level by giving you advice on how to raise your credit score.

 

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

 

Thanks for reading our winter 2021 car buying tips. Be sure to connect with us on Facebook, Twitter, Instagram, or LinkedIn to stay up to date on our latest great articles!

 

 

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