Blog

Best time to buy a car in 2022

Posted by on Jul 12, 2022 - Archived under Bad Credit Car Loan Tips

While 2022 has been a year of overcoming challenges, car buyers who have been waiting for the right time to buy a car should move fast.

You have a lot of choices and the chance to get a great deal before interest rates get out of hand, but you need to act quickly if you want to take advantage of this one-of-a-kind chance.

What kind of car do you think is best for you?

Are you in the market for an electric vehicle, a hybrid, or a regular car that runs on gas? The high prices at the gas pump are partly due to inflation, but it is not the only reason.

The carbon taxes that Ottawa is charging will have a long-term effect on how much you end up paying for gas.

These carbon taxes make the price of gas at the pump go up artificially, which affects the prices of almost everything because we depend on trucks to get the things we need to retail establishments in our area.

Gas prices are likely to keep going up, so you should choose a hybrid or an electric vehicle.

Using your credit to help you save money

If your credit score is over 7, you can get the best interest rates. However, even if your credit score is not in the 700s, you can still get a good deal as long as you get a loan before the Bank of Canada raises rates again.

Most Canadians are too busy with other things to know if they have good credit or not. Since your credit score affects how much you have to pay to pay off your debts, enroll in a free credit score monitoring services like Credit Karma.

It won’t cost you anything and will help you know where you stand.

When you get your credit report, look it over to see if there are any possible mistakes.

Errors are the main reason for low credit scores, and you can fix this problem by following the official process for disputing your credit report, which you can find on either TransUnion’s or Equifax’s online portal.

The place in Canada where you can get great car loans

You might have thought we’d tell you about some websites, but the best place to get a car loan in Canada is just a short drive away. Local car dealers will have the best deals and be able to help you find the best car.

Even if you have bad credit and are having trouble getting financing, however, the local dealership already has working relationships with all the auto lenders in Canada. They will be able to help you no matter what, as long as you are not in a consumer proposal or bankruptcy.

Since time is running out, your next step should be to call a car dealership near you and ask which lender will give you the best deal.

Unfortunately, with each passing day, the chance that interest rates will go up grows. You can’t take chances anymore, so call the dealership right away.

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!

Let’s get in touch! 

Dixie Auto Loans