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how to get a car loan burlington

How To Get A Car Loan

Car loans are the last great enabler. Despite increased urbanization, we still equate car ownership with freedom and success and that isn't likely to change for a while. If you're looking for a first car, or a new car, chances are you're going to need to borrow money to buy it.

That's where we come in.

The object of our desire might be faster, sportier or just newer. But chances are we can't afford to pay cash for it. A car loan enables us to afford that object and pay for it over time. As long as you can afford the payments, the car you thought you couldn't afford suddenly becomes accessible.

If you're new to car loans, or want to learn all you can before going to the dealership, we're here to help. Here are the main steps to getting a car loan.

Check your credit

All credit applications begin here. If you're young, you may not have much of a credit score as you have no history. If you had bad debt, your history may not be ideal. Otherwise, you will probably have an average history. Whatever your circumstances, you will need to check your creditworthiness beforehand.

Checking credit will show you exactly where you stand and give you the information you need to do a deal. It's essential preparation that gives you an idea of what to expect. Just bear in mind that the score the auto dealer has access to is unlikely to exactly match the one you see. As long as it's close, you're fine.

Check affordability

A car loan is great for being able to afford that new car, but it only works if you can comfortably afford the repayments. You need to assess what you can afford per month and work out a figure from there.

Most responsible lenders won't give you a loan you obviously can't afford, so doing this early saves time and effort.

Get pre-approved

Getting pre-approved for a car loan is useful but not mandatory. It shows the you and the dealer right away that you can qualify for a car loan of a given amount. It provides a maximum amount you can spend on a car and a bargaining position for you with the dealer.

Some dealerships, such as Car Nation Canada offer their own auto loans, so it's worth checking with them directly too. There are always deals to be done.

Choose the car

Most of us will already have a car in mind when we apply for a car loan. Once you have a figure, a budget and possibly pre-approval, it's time to go shopping.

If you're looking for an auto loan or a new car, Car Nation Canada can help. Visit one of our locations today for great deals on cars and finance!

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