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Tips to Buy a Car in Burlington after the Pandemic [2022]

Tips to Buy a Car in Burlington after the Pandemic [2022]

With the freedom convoys dominating the news, you may feel a little apprehensive about making significant financial decisions like buying a a car in Burlington after he pandemic, but as the expression goes, “life must go on.”


So, our auto loans team are going to provide some practical tips that will help you buy a car in Burlington after the pandemic quickly, easily and for a fair price.


There is a massive shortage of new and used cars


The last time you bought a car was most likely before the pandemic, so you were spoiled for choice, and you had dealerships all fighting for your business, while there is fighting taking place at dealerships, it is by consumers who are trying to get their hands on a new car.


If you are wondering why there is a shortage of cars, there are multiple issues that combined have led to the current vehicle shortage.


First, the microchips that go into the manufacturing of the vehicles are in short supply; since there are not enough chips available, it causes a shortage of cars.


Some prospective car buyers have tried to buy used cars instead of having to wait for a new car, and that worked for a while. Unfortunately, there is a shortage of used cars now, and prices are on the rise.


Leveraging your credit to get a good deal


Interest rates are low, but this will not last forever, especially with inflation at 5+% and growing monthly.


So, before interest rates start to rise, if you have good credit, you can lock in the low rates before they start to rise.


To qualify for one of these low-interest rate car loans in Burlington, your credit score has to be 680, but ideally, you should aim for 720 to be on the safe side.


You are able to access your credit score for free by signing up with TransUnion and Equifax; while there are other platforms like Credit Karma that will give you access to your credit score, they all piggyback off TransUnion and Equifax.


If your credit score is over 600, you can still get a car loan in Burlington, but you are not going to benefit from the low-interest rates.


However, you can work on rebuilding your credit score by reducing the total amount of debt you are carrying; as the amount goes down, your credit score will rise.


While you are waiting for your credit score to rise, you can still move ahead with your car shopping.


Where to get a fair deal on a new car


You are probably accustomed to shopping online, but when it comes to buying cars, at least in Canada, your best option is through a brick-and-mortar dealership.


A local dealership has vehicles in their inventory that you are able to take for a test drive.


The dealership can also help you access lenders that will offer you a loan regardless of your credit situation. This is something that you cannot find anywhere else.


Since the number of cars is going down each and every day, we recommend you contact your local dealership as soon as possible; you will be happy you made an effort.


We’d love to help you buy a car in Burlington after the pandemic. Simply fill in the form below and we’ll get back to you ASAP or see our selection of new and used cars at our Burlington dealership. 


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