Car loans can be extremely expensive these days and more Canadians are finding that they can’t afford to make the payments. However, if you follow these easy tips, we at your dealership can help you find the best rate for your budget.
Know Your Credit History
Your credit score is the main basis for your loan rates and helps determine if you’re worth the risk of financing. Knowing your credit score will even the playing field with reputable and seedy dealers alike so you can find the best rate for you. An honest dealer like us will work with bad credit if you have a decent reason for payments being late.
Choose Short-Term Loans
We suggest choosing shorter terms for car loans to avoid paying hundreds to thousands of dollars extra in interest over the period of financing. This might mean paying a little extra each month for your regular payments, but the overall savings are well worth it.
Pay Attention to the Annual Percentage Rate
Look for loans with us that have a lower APR. This includes all interest and fees that will be added to the cost of the car, so the lower the rate, the less money you’ll pay overall. We can help you figure out the best rate available for your credit ranking.
Concentrate on Overall Cost
Instead of focusing on the cost of your monthly payments alone, you should be haggling over three things, price, trade-in value and financing. Then we’ll find the best rate that encompasses all three. By doing this, we can help you save a large amount of money over the term of your loan. Lower monthly payments often mean longer loan terms and more interest payments.
Our team is willing to work with you to get you the car loan you can afford. By following the simple advice above, we can get you into a safe and reliable vehicle that will get you everywhere you need to go for years to come.