There has never been a better time to buy a new car in Canada. You have multiple options available and the ability to lock in a great deal before interest rates get out of control, but you need to move fast if you want to make the most of this unique opportunity.
What type of vehicle makes the most sense for you?
Are you looking for an EV, hybrid, or conventional gas-powered vehicle? Inflation is partly to blame for the high prices we are paying at the gas pump, but it is not the only reason.
Something that will have a long-term impact on how much you end up paying for gas is the carbon taxes being levied by Ottawa.
These carbon taxes artificially inflate the price we pay at the pump for gasoline, and that impacts the prices on just about everything because we rely on trucking to get the products we need on retailer shelves in our community.
It would be fair to expect gas prices to continue increasing, so you should opt for a hybrid or an EV.
Leveraging your credit to save money
If your credit score is over 700, you qualify for the most competitive interest rates.
Even if your credit score does not exceed the 700s, you can get a good deal, but this is predicated on you securing a loan before the Bank of Canada once again increases interest rates.
Most Canadians aren’t aware of whether they have good credit or not; they are too busy with other things.
Since your credit score impacts how much you have to pay to service your debts, sign up for free credit score monitoring services like Credit Karma, it doesn’t cost you anything and will help give you a better understanding of where you stand.
When you have access to your credit report, look it over for potential mistakes.
Errors are the leading cause of low credit scores, and this problem can be solved by simply going through the official credit report dispute process listed on either TransUnion’s or Equifax’s website.
The source of amazing car loans in Canada
You may be expecting us to recommend some websites, but the absolute best source of car loans in Canada is just a short drive from your home.
Your local car dealerships will have the most competitive terms and be able to find the best car for you.
Even if you are having credit issues and finding it difficult securing financing on your own, the dealership already has working relationships with all the auto lenders in Canada.
They will be able to help you no matter the situation, so long as you are not in a consumer proposal or state of bankruptcy, they can help you.
With time running out, your next move should be to contact your local car dealership and find out which lender is going to give you a fantastic deal.
With each passing day, the risk of interest rates going up draws closer, so you cannot tempt fate any longer, call the 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 approved for a car loan today!