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Top tips for buying your first car

Top tips for buying your first car

Whether you need a car loan or have the cash to hand, choosing your first car is as exciting as it is daunting. There’s a lot to learn, a lot to know and some preparation you need to undertake before you drive away happy. This post will share three useful tips for buying your very first car.

Do your research

If you’re anything like the majority of Canadians, you won’t buy anything without checking endless reviews, comparing makes and models, checking prices and performing exhaustive research. You will need to do all that and more for your first car. While the process is largely the same, the amount of money you’re borrowing with a car loan or spending is a whole lot more and demands a whole lot more research.

Your research should include the amount of car loan you can comfortable afford, the make, model and trim of the cars you could afford, resale value, servicing and ownership costs, insurance costs, gas mileage and all that good stuff.

Proper preparation

Once you have an idea of the car you want, the size of car loan or down payment you can afford, your needs and anything else that’s important to you, you need to get ready. To buy a car in Canada you will need a driver’s license, proof of insurance and a payment method.

If you’re applying for a car loan you will also need proof of residence, proof of permanent employment, evidence of salary such as pay slips or bank statements. Depending on your situation, you may need to bring a parent or guardian to act as co-signer.

It helps to have all this prepared in advance as you will need to bring all this paperwork with you to the dealership.

Pre-approval for the win

If you don’t have much credit history or think your score is less than ideal, getting pre-approved can set your mind at ease and give you the full picture. It’s a painless process that only takes a few minutes and can let you know exactly where you stand in terms of a car loan.

Once you know how much you can borrow and how much it is likely to cost, you have the fullest possible picture of how your automotive future looks. You can check out the cars in your shortlist or even select a better car depending on what you find!

Car Nation Canada works with new drivers all the time and would be happy to work with you too. We can walk you through the entire process from shortlisting cars to getting pre-approved. It’s all part of the service and something you can expect from any Car Nation Canada dealership. Try us and see for yourself!

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