If you’re looking for reasons to buy a car in Burlington for 2022, now is the time you need to start shopping. There have been numerous reports about a shortage of new and used cars, this shortage could last 2 years but some reports indicate that it could last longer.
To compound this problem, interest rates are going to start rising. As interest rates rise, it makes buying a car more expensive and Canadians are already strapped for cash with rising inflation. This article will explain 3 reasons to buy a car ASAP.
Credit scores and your financial bottom line
With interest rates set to rise soon, you have to lock in a low-interest rate car loan. Lenders have raised the minimum credit score required for prime rates from 650 to 680 since the onset of the pandemic.
The economy is fragile and no one wants to take on bad debts. Even if your credit score is 680, it does not guarantee you will get the best interest rates. Along with having a high credit score, your income will impact your ability to secure a low-interest rate car loan.
If your credit is below 680, you should still consider moving forward and getting a car loan. While you may not get the preferred interest rates, you will be able to buy a car before the shortage worsens and there are simply not enough cars for people who are interested in buying one.
How to rebuild your credit fast
There are a few things you can do to help rebuild your credit quickly. Start by getting a copy of your credit report and looking it over for mistakes, if there are errors you can have them corrected.
One of the main reasons that a person will have a low credit score is missed payments, even missing a small payment will have a detrimental impact on your credit score. If you notice any accounts that are past due, pay them immediately. The sooner the payment is made, the sooner your credit score will start to rise.
Finding the best car loan providers in Canada
Contrary to what you may have read online, you will not be able to find the best car loan providers online. Hands-down the best source of car loans is by going through a local car dealership. These dealerships already have a network of established lenders, so based on your credit and income profile, the dealership is able to pick the lender best suited for you.
A benefit of working with the dealership is they already have an inventory of vehicles that you can buy right away. Being able to test drive potential cars will really help you find the one that is you like the most.
The dealership can help you with any credit issues that you may have. Their in-house credit experts are able to give you a comprehensive gameplan that will help boost your credit score.
Time is of the essence, with inflation driving up the cost of everything, if you continue to wait then your chances of being able to buy a car are greatly reduced so book a meeting with your local dealership today.
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!
These are out main reasons to buy a car in Burlington today. For any questions or concerns, please don’t hesitate to contact us here!