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Finding the Perfect Low Interest Car Loan in Waterdown

Finding the Perfect Low Interest Car Loan in Waterdown

Canadians are trying to cash in on cheap credit before the Bank of Canada starts to rein runaway inflation by raising interest rates. Right now is a great time to find a low interest car loan in Waterdown, but it's best to act soon because the future of interest rates is uncertain!

 

Even though the Omicron variant is causing issues throughout Canada, the Bank of Canada, has to be proactive and raise interest rates or it could lead to hyperinflation like what we see in Argentina!

 

Closing window of opportunity

 

By the middle to late 3rd quarter of 2022, interest rates are going to rise. Major lenders have already increased their rates for mortgages and start raising car loan rates in a matter of months.

 

The good news is, these lenders are eager to gain market share and provided you qualify for a low interest car loan in Waterdown, you can save a substantial amount of money.

 

How to qualify for a low interest car loan in Waterdown

 

The lenders who provide low interest rate car loans, have a sales target they need to hit. These same lenders are also worried about issuing loans to borrowers that won’t pay them back as agreed.

 

If the lender issues too many bad loans, the loan underwriter will lose their job and the lender may go out of business.

 

In an attempt to protect themselves, the major lenders have increased the minimum credit score that is required for a low interest car loan in Waterdown (the best possible rates) is in the 700 range.

 

If you are not sure whether you are at that level, you could use free services to find out whether you meet that level.

 

If your credit score was below 700, you can still get a car loan but you can kiss those prime interest rates goodbye. You owe it to yourself to try and correct your credit issues and get your score back in the 700+ range ASAP.

 

Most of us are not familiar with how credit scores are calculated, in a nutshell, you need to pay your bills on time, even if it is just the minimum amount due.

 

Along with paying your debts on time, you also need to reduce the total amount of debt you are carrying.

 

Additional factors that impact your ability to get a great auto financing is whether your income is sufficient and significant enough to repay the car loan. Most lenders will not approve a loan where the debt-to-income is more than 35%.

 

Accessing the best automobile financing in Waterdown

 

Even when you have a great credit score and good income, you still need to locate the lenders that are going to provide you with the most competitive terms.

 

You will not be able to find these lenders online, the lenders that advertise online can’t hold a candle to these lenders. The only way you can access the most preferential auto financing terms, is by going through a local car dealership.

 

These dealerships have wholesale access to all of the lenders across Canada, and can get you the best deal in the market.

 

In order to enjoy the benefits of these ultra-low interest rates, you should contact your local car dealership today, you will be happy you took the initiative.

 

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

 

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