Anyone who is thinking about buying a new car but is waiting for the “right time” should consider making a buying decision soon or miss the opportunity to buy a car.
Our Cambridge auto loans team outlines why now could be the ideal time to get a loan for a new or nearly new car.
An extremely limited supply of new and used cars
Before the pandemic, there was a surplus inventory of new and used cars to choose from, we were spoiled for choice. Fast forward to the modern-day, there is a chronic shortage of new and used cars that shows no sign of changing any time soon.
The chip shortage is hampering the number of new cars that can be manufactured, since there is a very limited number of new cars that are coming online and a growing number of people who want to buy a new car, things are starting to get complicated.
Market forces are driving up costs
With a spike in demand for new cars and insufficient new inventory, this is putting upward pressure on prices. It is a simple supply and demand where if there is more demand than supply, prices will go up.
While higher prices may seem like a good thing, and it is for those who are selling cars. Without adequate supply, there are going to be situations where people will either have to pay a significant premium to buy a car or live without one.
Since most Canadians cannot live without a car, you should buy one soon before the prices go sky-high.
Don’t go it alone
Buying a car is simple in concept, but the actual work involved in securing financing and finding a suitable vehicle is a logistical challenge.
You first need to find lenders that will approve you for a loan based on your financial situation, if you have bad credit or credit issues, that makes finding a lender even more difficult.
Even when you have lenders lined up, the next challenge is finding a car you like and can afford. There are websites like Autotrader and Kijiji that have car listings all across the country but by the time you find something you like, it is already sold.
Getting the help you need when you need it most
Instead of putting yourself through the ordeal of doing everything yourself, you can instead enlist the help of a local car dealership.
The dealership already has cars in their inventory that you can take for a test drive until you find the one that you love.
Not only does the dealership have cars in their inventory, but they can also help you with getting an auto loan for the car. If you have credit issues, the dealership can give you sound advice on what steps must be taken to get your credit score high enough to qualify for prime interest rates.
While working on rebuilding your credit, the dealership is still able to get you approved for a car but you need to contact the dealership. With each passing day, the number of cars available for purchase is being reduced so you need to act fast or you will miss out.
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!