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Avoid these Mistakes when Buying a New Car!

Avoid these Mistakes when Buying a New Car!

There are some common avoidable mistakes when buying a new car, these tips are going to make your life easier so please give them some thought.

 

Falling in love with a particular color or style of car

 

One of arguably the most common mistakes when buying a new car is falling in love with a specific car. Once you become emotionally attached to the idea of a particular car, you will agree to just about anything to realize the goal of owning it.

 

It happens when you go for a test drive and dream about owning the car without thinking about whether you can afford it. There are Canadians who are car poor because they let their emotions get the better of them.

 

Not doing their research on the dealership or carmaker

 

Sometimes, we just get caught up with the idea of owning a new car, that we throw caution to the wind. You need to make sure the actual car you do intend on buying is made by a reputable carmaker and sold via a trustworthy local dealership.

 

The tried and true way to determine whether a particular dealership or carmaker is suitable is to look for the reviews posted by other drivers. Granted this step will take some time to complete but you need peace of mind knowing that you are going to get top-notch customer support.

 

Not keeping track of your credit score

 

Your credit score is a 3 digit number that can make or break you financially. You have to check it at least once a month to make sure there are no mistakes that could bring your score down.

 

It would advantageous to always pay your bills on time and keep your balances as low as possible. By following those simple tips, your credit score should be well above the 680 thresholds. 680 is the score needed to qualify for prime interest rates. While there are additional variables, this credit score is the bare minimum.

 

The benefit of having a high credit score is your local car dealership will be able to secure a very low-interest rate auto loan for you.

 

Selecting the right car

 

Take some time analyzing the various available cars, the average car loan ranges anywhere from 5-7 years. It should be reliable, have reasonable resale value at the end of your loan, and not be a gas guzzler.

 

While this may sound like a tall order, you are spending a considerable amount of time, energy, and money selecting a car so you want to make the right decision.

 

Toyota produces some very reliable vehicles that are fuel-efficient, take the Prius for example. This hybrid has been one of the most popular hybrids available in the market.

 

We can give you pointers when it comes to picking a great car, you have to drive it and decide for yourself whether it is a perfect fit. Buying a car is similar to falling in love, when it “clicks” you know it. By avoiding the common mistakes we highlighted and working with a great local dealership, you will not have any problems buying a great new car.

 

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

 

For any questions or concerns, please don't hesitate to contact us here!

 

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