When buying a car in Brantford, you can apply these money-saving strategies to stack the odds of success in our favor. Don’t worry, these suggestions are easy enough to follow.
Timing your car purchase
There are specific times during the year when buying a car in Brantford makes the most sense. One of the best times in the last couple of days of a calendar month or quarter.
The dealerships and reps want to hit their sales goals, since the reps and dealerships are motivated to sell you can use that to your advantage when trying to negotiate a deal.
Buying last years model
Near the end of the year, the carmakers will launch their newest models and the dealerships within that network will need to clear the old inventory.
The car is not used, it is just one year older than the latest model. By buying a car in Brantford that is only one year older you could save thousands of dollars so it is something worth considering.
Picking a car with great resale value
You should research the cars you like and pick the one with the greatest resale value. There is no denying that cars depreciate but you can protect yourself by selecting cars that hold their value over time.
After a few years, your situation may change and you want to buy a new car but you first need to trade in the current car you have. If you are not sure which cars have the best trade-in value, you could ask the sales rep at your local dealership for their expert opinion.
Getting the lowest possible interest rate
Find out if the dealership is running any promotions that offer zero or near zero percent interest rates. The Canadian economy is facing some economic challenges and interest rates are at all-time lows, so you may be able to get a car loan at a very low-interest rate.
The one catch to getting a low-interest rate Brantford car loan is having a great credit score. You should plan on having a score of 720 or higher to get the zero percent car loan but some dealerships may be able to get you that rate with a 680 credit score.
Putting a sizeable down payment is another way to get lower interest rates. This approach is common in the U.S. where borrowers pay “points” to reduce the interest rate.
While this approach is not common in Canada if you have a down payment the lender may be motivated to give you a better deal.
Protecting yourself from disappointment
To safeguard yourself from disappointment and help ensure a great experience, you need to look over your credit score to make sure everything is in order.
The last thing you want to do is get your hopes up only to have them dashed because of a credit mishap. Your local car dealership credit expert will be able to give you some pointers if your credit score is borderline and you just need a little nudge in the right direction.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!
For any questions or concerns, please don’t hesitate to contact us here!