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When Buying a New Car in Simcoe: Avoid these 3 Mistakes

When Buying a New Car in Simcoe: Avoid these 3 Mistakes

Posted by on May 16, 2022 - Archived under Uncategorized

There are some common mistakes you need to avoid when you buy a new car in Simcoe. If you follow these suggestions, you are practically assured a wonderful shopping experience.

 

So, let’s roll up our sleeves and get cracking.

 

Your local bank does not have the best terms

 

In our parent’s and grandparents’ time, if you wanted any type of financial service, you would go to your local bank or credit union.

 

The manager at these establishments knew you by your first name; heck, your kids played hockey with their kids. While the sense of community spirit is great, these institutions are not able to provide you with the best deal when it comes to car loans.

 

Most local brick and mortar lenders have massive overhead, staff, and other expenses that are passed on to you, the consumer.

 

When you buy a new car in Simcoe, you should avoid these establishments and only use them for basic banking or when buying a house.

 

Trying to do everything by yourself

 

While you should not take car overpriced car loans from your local bank, you should not try to arrange financing on your own.

 

There are websites that promote car loans, and while they may appear to have compelling offers, these websites simply capture your details and send them to the lenders who are willing to pay a premium for this information.

 

While the Internet is fantastic when doing research, you should leave the car loan sourcing to the professionals (we will show you how to reach them later).

Setting yourself up for success

 

The first thing you should do is find out what your credit score is; this number has the power to unlock the most competitive car loan terms.

 

Sign up with Credit Karma to see how things are shaping up.

 

  • Credit score ranges: 300-590 is considered subprime
  • 600-679 fair
  • 680-719 good
  • 720+ prime or excellent

 

Your credit score is not set in stone; there are things you can do to keep your score in positive territory.

 

One of the best things is to reduce the total amount of debt you are carrying.

 

The more debt you carry, the more it will weigh down your credit score, plus it drives up how much

 

money you have to spend on servicing the debt.

 

The best decision you can make when buying a new car in Simcoe

 

By far, the best decision you can make when buying a car in Ontario is to work with a local car dealership.

 

The dealerships have access to the most competitive lenders throughout Canada, so they are best suited to meet your needs, even if you are having credit challenges.

 

Another benefit of working with the dealership is you can go through their inventory of cars and pick the one that you like the most.

 

Having the ability to head over to a local dealership, get approved for a car loan, and drive home the same day is very convenient; you will save money in the process.

 

Now that you know the mistakes to avoid, the next thing you should do is drive over to the local dealership today and start the car-buying process.

 

Click here to get approved for your next great new car loan in Simcoe online today! we have a team of credit specialists ready to help you buy a new car in Simcoe suited to your needs and will work with you no matter your credit score. 

 

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

 

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