This is why you should Buy a Car During the Pandemic

Posted by on Oct 29, 2021 - Archived under Uncategorized

You may be thinking about buying a new car but want to wait until the pandemic is over before you make a decision. While that train of thought does make sense, you could be missing out on a great opportunity to save money and buy a car during the pandemic, a great one at that.


Our Waterloo auto loans team explains why it may be a good idea to move quickly and buy a car during the pandemic.


The big carmakers are shifting from gas to EV


The big carmakers are currently in the process of retooling and rolling out their line of electric vehicles. With each passing day, the total number of new gasoline-powered cars is being reduced.


We are not an anti-electric vehicle group, Jeep has a pretty cool electric Wrangler. However, these carmakers have been making gasoline vehicles for nearly 100 years and have the entire process down to a science.


When it comes to electric vehicles, there will be some natural growing pains that have to be worked out.


As the number of gas-powered cars is dwindling, you might consider buying a gas-powered car now and then upgrading to an all-electric in a few years.


The government has provided substantial rebates for purchasing an electric vehicle but if you live in areas of Canada where there are not many charging stations, it could impact your ability to utilize the vehicle.


Getting the right support


The only way you can make an informed decision is from a position of confidence. Auto financing interest rates are at historic lows and car dealerships are going to work hard to win your business.


Your first action item should be to speak with our dealership and figure out how much of a Waterloo car loan you can secure.  This is where having a good credit score can make your life easier.


If your credit score is over 700 then you are classified as a prime customer and would get an interest rate in the 5% range, maybe lower.


Even when your credit score is lower than the 700 range, you can get a car loan. What you should keep in mind is the average cost of an all-electric car is higher than a gas vehicle.


The higher price tag may be more than what your budget can bear, even when factoring in the rebates being provided by Ottawa.


Your local dealership will let you know which cars fall within your budget and you can then test drive each one until you found the one you like the most.


Fixing your credit


If your credit score is in the 620-650 range, the dealership will need to provide you with steps to take to raise the score. Your credit score is always changing so by taking a few proactive steps now, you can benefit from an improved credit score.


The pandemic has changed the way we live, work and do things. While the pandemic will eventually go away, climate change is here to stay and so the sooner you move over to a new car the better it will be for your wallet and the environment. So make it a point to reach out to a dealership now.


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 buy a car during the pandemic today!


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


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