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Five things you need to know before you get a car loan

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Five things you need to know before you get a car loan

Car loans are a serious business and while they are easier to get than ever before, they are still a substantial financial commitment. While we here at Car Nation Canada would love to  get you a car loan, we also want to get you the car loan you want and can afford. The more information you have on loans, the better for everyone involved.

As part of that effort, we have broken down five key elements of car loans so you can be prepared for one.

Check your credit score well in advance

I say this a lot on this blog but there is a good reason why. You need to know your score, correct any mistakes, address any shortcomings and make any changes before you apply for a loan. Getting everything in order ahead of time will increase the chances of your loan application being accepted. It’s an investment of time that can actually save money when it comes to securing that car loan.

Prepare your paperwork

A car loan requires quite a bit of paperwork. You will need proof of income, proof of residence, any information on other income, proof of insurance and perhaps more depending on the loan and your situation. Having payslips or bank statements showing your salary, savings statements, insurance paperwork and anything else you might need will speed things up nicely.

Compare the market

We are confident that we can secure you the best loan at the best rate but we would also encourage you to compare the market first. That way you know what is a good deal and what isn’t. You will know what prevailing rates are and exactly what is available at your range. If nothing else, it will demonstrate quite clearly how good a deal we can actually get you!

Set your budget and stick to it

Setting a budget is another tip we share a lot. Again, it is because it is so important and because we want you to drive away with the car you want and a loan you can comfortably afford. As unlikely as it sounds, we don’t want to upsell you to a more expensive model if you cannot afford it as that benefits neither of us.

Extended warranties and addons are optional

Some drivers find extended warranties and extra protections incredibly valuable. Others do not. Make sure you know what kind of driver you are and remember that while we offer these services to genuinely make your life easier, they are optional and should only be taken if you can afford them or really need them.

Car Nation Canada prides itself on offering exceptional service across our dealership. That includes car loans. If in doubt, talk to us. We are here to help!

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