Canadians thinking about buying a new car should steer clear of websites offering auto financing.
While online shopping is very convenient and has become part of our daily lives thanks to Covid, when making a serious financial decision like buying a car, you need a more systematic approach.
Identity theft is a real issue
The biggest issue with applying for car loans online is once your personal information is entered online, it is there forever.
No organization is able to guarantee with 100% certainty they can keep your data safe; we have seen numerous companies attacked by hackers and having their customer data lost to the highest bidder.
You already have enough problems in your life without having to deal with identity theft, so do yourself a favor and just avoid these platforms.
How to get a good car loan in Canada
We would be remiss if we told you not to do something without providing an alternative path towards success.
Car prices are on the rise; this is something that we cannot understate enough.
Inflation has wreaked havoc on the Canadian economy, and the automobile industry is not immune. All of the materials that go into the manufacturing of a car, including the labor, are getting more expensive, and these costs are going to be passed on to you.
Since car prices are on the rise, you will need to dig even deeper into your budget to find the funds necessary to afford the monthly car payment.
Prior to the pandemic, you could easily spend $500 a month on a new car payment, but that is now closer to $600-$700.
What type of vehicle are you going to buy?
EV, Hybrid, or Conventional internal combustion engine?
As a Canadian car buyer, you have never had more car-buying options available. Gas prices are rising and will continue to rise with the Trudeau carbon taxes put in place to try to stem carbon emissions.
This means the days of affordable gasoline are long gone, which, coupled with runaway inflation, is a double whammy being faced by average hard-working Canadian.
One way to safeguard your budget from out-of-control gas prices is to get rid of your dependence on gasoline entirely by switching over to an EV.
The latest generation of EVs in the market has a driving range similar to the gas-powered equivalent without the high prices to refuel like what you would pay for the same amount of distance driven in a gas-powered car.
Where to get the best terms on a new car loan in Canada
Whether you are buying an EV, Hybrid, or conventional gas-powered vehicle, if you want a good deal, then you need to go through a local car dealership.
The local dealership will be able to get you approved for a car loan, even if your credit is on the low side.
When you go through a dealership, they can teach you what steps you must take to raise your credit score, so you can access the most preferential financing terms.
What you need to do is head over to your local car dealership today and go for a test drive.
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!