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Simple Ways to Lower your Car Payments in Niagara

Simple Ways to Lower your Car Payments in Niagara

We all need to save money at one time or another. One way to do that is to spend less and not buy the things we need. Another, more palatable way is to still buy what you need but get the best value you can. It’s that latter way we’re concentrating on today. We asked our Niagara Falls auto loans team for some simple ways to lower your car payments in order to help you save money.


Lower your Car Payments in Niagara Falls


If you’re planning to buy a new car or get a new car loan, it’s a good time to pick a few tips that could make that loan more affordable.


Tips like the following:


Improve your credit score


We say this all the time, but for good reason. Your credit score directly influences how much interest you’ll be charged on a car loan. It also influences how likely you are to be approved for that loan.


Anything you can do to improve your credit score will lower your car payments. Lower rates mean paying less interest, which saves money monthly and over the term.


Put more money down


The same for larger down payments. This is another piece of advice we state often. Again, because it’s so important. The more you put down, the lower the amount you need to borrow, which reduces the cost of the loan.


While you have to balance this between spending time saving and needing a new car now, the more you can allocate to a down payment, the lower the cost of the loan.


Use a cosigner


If you have a less than perfect credit score or are rebuilding it, consider using a cosigner on your next car loan. It would be much cheaper than a bad credit car loan and could save money both monthly and over the term.


Your main challenge is finding someone willing to come in with you on the loan. If you can do that, you can save a lot of money compared to a subprime auto loan!


Buy used instead of new


We appreciate there is nothing quite like that new car smell or the idea that nobody has drive it before you. But both those things wear off while you’ll be paying for the loan long after.


Buy a car that’s 2-3 years old and you’ll still get all the new technology and safety equipment but will pay a lot less for it. Even though used car prices are at an all time high, they are still cheaper than buying new.


Get more for your trade in


Talking of used car prices, maximize the price you get for your trade in by selling it to a dealership. Tidy the car up, make any minor repairs, give it a thorough clean inside and out and make it look as good as it possibly can.


The bring the car to our dealership and have it appraised. You’ll be surprised at how much it could be worth!


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


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