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4 Easy Tips to Save Money on a New Car in Waterdown

4 Easy Tips to Save Money on a New Car in Waterdown

Who doesn’t want to save money? The economy has been experiencing the worst inflation since the 1970s when OPEC nearly brought the world to its knees due to high oil prices. The pandemic coupled with supply chain bottlenecks has driven up the cost of food and pretty much everything else. With no relief in sight, you will need to pull out all of the stops if you want to save money on a new car in Waterdown.

 

Car prices are at all-time highs

 

The median price of a new car in Canada is just over $45,000; even if you have the cash available to pay that amount, there is a vehicle shortage, so you will not be able to get the car you want.

 

Instead of waiting for new cars, some Canadians are electing to buy used vehicles instead of waiting for new cars.

 

The immediate of buying a used car is you are able to buy a car right away, but the options that are available is dwindling as time passes by.

 

Having good credit is key to saving money

 

Your credit score is going to impact your ability to save money; everyone relies on credit to lead a normal life. Interest rates are at historic lows, but the only way you can access those rates is by having a credit score over 700.

 

If you are not sure whether you meet that requirement, you can access your credit score for free by simply signing up with both Equifax and TransUnion.

 

Then, while you are comparing the credit reports, if you notice any significant discrepancies, you can dispute those mistakes, and your score will rebound.

 

If you have a credit score under 700, you can still get approved for a car loan but the interest rate being charged by lenders will be higher than the prime rates you see advertised online.

 

How to boost your credit score

 

There are some easy-to-follow strategies you can follow if you want to raise your credit score. Are there any accounts that are past due or in collections?

 

The main reason that a person would have a bad credit score is because they did not make their payments on time. Even if the payment was for a small amount of money, it can make your credit score drop like a rock.

 

Best places to save money on a new car in Waterdown

 

Online shopping is great when you want to do some research, but your best option is to go to a local car dealership if you want to save money.

 

Even if you have spotty credit, the dealership is able to shop around and get you approved at competitive rates. In addition, the dealership will have vehicles in their inventory that you can take home today once you have selected the right loan provider.

 

The dealership will also be able to provide you with expert credit rebuilding advice that is free of charge.

 

This credit rebuilding advice will help you save money throughout your life. We need credit for the vast majority of the major purchases we make.

 

We’d love to help you save money on a new car in Waterdown. Simply fill in the form below and we’ll get back to you ASAP! 

 

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