Best place in Ontario to buy a car
Best place in Ontario to buy a car
Posted on August 11, 2022
Are you looking for the best place in Ontario to buy a car? Our Halton Hills car loans team has some suggestions to help make your overall car-buying experience a more pleasant one.
Economic headwinds you need to bear in mind
Something that you need to bear in mind is the economic headwinds now working its way through the Canadian economy and, more specifically, in Ontario.
Inflation has reached an unprecedented level, and you need to be prepared financially.
Start by taking a closer look at your budget. Are you able to find savings?
The adage a penny saved is a penny earned comes to mind. By looking for savings in your budget, you can put those funds towards your car payment or pay down any additional debt you are carrying.
Interest rates are on the move
Inflation needs to be reined in before Canada turns into another Weimar Republic, and the only way that the Bank of Canada is able to slow inflation is by tightening the credit market.
Increasing the prime interest rate is the only tool the Bank of Canada has available when trying to slow inflation.
The Bank has posted the dates of its meeting for the calendar year, and you can expect that each time the Bank meets, it will increase interest rates.
Now that you know interest rates are going to keep rising throughout the year, you need to get a car loan in place before rates rise again.
These rates impact everyone; even if you have pristine credit and impeccable income, you are going to end up paying more.
Steps to take if you have weak credit
You should not delay applying for a car loan, even if you have weak credit. What you should do in this situation is access your Equifax and TransUnion credit report (it's free), so you see what prospective lenders can see.
When you have access to your credit report, look for accounts that are past due and make sure you bring those accounts up to date.
Once those accounts have been brought up to date, your credit score will start to improve.
Where to find the best car loans in Ontario
Suppose you seriously want a good deal on a new car in Ontario. In that case, you should follow our advice and go through a local dealership.
There are many benefits that come with going through a local dealership; the first is customer service.
You are making a significant financial purchase, and this is not something you should attempt to do on your own. The dealership will be able to shop the market and find the lender who will give you a good deal.
Even if your credit score is bad, the dealership will roll up its sleeves and work with you to repair your credit and still get approved for a car loan today.
Let's face it, we all need a car in Ontario, and you should go to a local dealership today before the next interest rate increases prices you out of the market.
Contact Unique Chrysler for help, advice and competitive Halton Hills car finance and leasing.
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