Car Loans in Cambridge Ontario: Getting Approved
Car Loans in Cambridge Ontario: Getting Approved
Posted on February 18, 2023
Having trouble getting your head around car loans? Want some simple tips to make sure you get a good deal on your next auto loan in Cambridge? We are here to help!
It’s our job to ensure you get the car you need at a price you can afford but there are some things you can do to help your cause. Following these five tips would be a great start.
1.  Know your options
Research as much as possible around the car and car loan market. Know what loans are out there, the average interest rates, the qualifying criteria and any special deals available right now.
Assess the benefits of a car loan vs leasing or using other forms of finance to pay for the car. We are Cambridge car loan specialists but we want you to be completely happy with your choice!
2.  Know your budget
It’s very easy to overspend when car shopping. That ‘fixed’ budget in your head can go quickly out the window once you begin checking out luxury models and looking for new technologies.
Knowing how much you can comfortably afford and sticking to it is an essential tool for getting the right car loan for your needs.
3.  Don’t always go for the lowest monthly payments
The best car loan in Cambridge doesn’t always mean the cheapest. Not when it comes to monthly payments anyway. Sometimes a higher monthly payment can make the overall cost of the loan cheaper.
Some car loans offer longer loan terms to help spread payments. This may be cheaper each month but you will likely end up paying more in interest over the term.
4.  Never accept the first offer
When it comes to buying the actual car, negotiation is key. Getting a few hundred off the sticker price means a slightly lower car loan, which can benefit your financial position.
You don’t have to accept the first car loan offer either. We would counsel caution when applying as every application is a hard inquiry on your credit report. But if you’re sure you can get a better deal elsewhere, try it.
5.  Co-dependent relationship
Remember car loan companies need you as much as you need them. Without borrowers they will quickly go out of business. Don’t assume that because you want something from them that you’re the supplicant. You’re not.
You are equal to the lender in all possible ways. They need you as much as you need them. Deal fairly with them but don’t just accept whatever they give you.
If you’re looking for a car loan in Cambridge, a little preparation can go a long way. The more you research, the more you know what’s out there. If you’re aware of the prevailing interest rates and deals available, you should have a much better idea whether the offer in front of you is a good one or not.
From there, you should be able to get the right car loan for your personal situation.
If you need help or advice on anything to do with car loans in Cambridge, contact Car Nation Canada today, we can help!