Buying a car brand new is not an easy thing for many Canadians to do, especially in this economy with everything being so pricey. Since this is the unfortunate but true reality of things, it’s very common to find people work to seek affordable alternatives, like purchasing a used car. When you buy a used vehicle, you get the freedom of owning a car and going wherever you need to go safely and effectively, all while saving a bunch of money doing so. Even though you may be in the market for a pre-owned vehicle, sometimes people still need a little extra help financing the vehicle and paying it off in increments, rather than all at once. If you are a bit confused about what to do next, Good Fellow’s Auto Wholesalers has put together this handy guide on getting a car loan in Canada.
How to Finance Your Used Car Purchase
In every situation there are two main ways to decide on how to finance a car. You will need to obtain a used car loan either from the dealership itself, or with your bank. Usually dealerships can match or most cases beat the rate of banks, but if you have a close relationship with your bank you may have a good chance at getting a better deal at a dealership. Either way your credit will decide what interest rate to be offered.
What about Interest Rates?
The main reason a person decides to purchase a used car is to be more affordable and save more money. That being said, you should always keep an eye out for interest rates on your loans, as these interest rates have the chance of becoming more expensive than the car itself! Each bank and dealer will offer a different interest rates based on: the car you are buying, your credit score, and any current promotions. Take some time to ask your dealer the different options to make sure that you are getting the best rate and price available for the used car that you want. Be aware that shopping your credit at several dealerships will impact the number of inquiries on your credit bureau and lower your score.
How We Can Help
With our team at Good Fellow's Auto, we do everything possible to secure a car loan for our clients. Whether it be a person with good credit, bad credit or otherwise, our team works incredibly hard to bring your car needs to the forefront. To learn more about our Toronto Auto Financing, be sure to visit our official website and call us today!
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Refinancing a car means a new loan is used to pay off an existing one.
Refinance your auto loan with of our low rates.
We offers competitive rates on new and used car loans.
Auto Loans | Learn how refinancing your auto loan may help lower your monthly car payments.https://www.axosbank.com/blog/2019/12/17/17/17/Have-You-Considered-the-Benefits-of-Auto-Loan-Refinancing
