How to Buy a Car for a Great Price in Milton
How to Buy a Car for a Great Price in Milton
Posted on October 11, 2021
Auto prices are on the rise and show no signs of slowing, these suggestions can help stack the odds in your favour but you will need to do some homework. Our Milton auto loans team explains how to get a buy a car for a great price and find a car loan without breaking the bank.
Finding a suitable car dealership
The initial step in this process is finding a dealership that can help you access lenders from across Canada. You could go online and look for auto loan quotes which is what most people do but that would be ill-advised.
While the interest rates you find online will be lower than what the dealership may quote but you are not going to get customer service.
To find out whether the dealership is a viable option is by looking at feedback that was left by other consumers who bought from the dealership in the last 1-2 years.
It would not be realistic to expect dealerships to have a 100% customer satisfaction track record, you cannot please everyone all of the time.
It would be smart to target dealerships that have at least an 80 % or higher customer satisfaction track record. A quick and easy way to get that information is to look at the reviews posted on social media. If you come across any dealership that does not have a social media presence, you should not deal with them.
Locking in a great auto loan
Not only will your local auto dealership be able to help you track down a suitable vehicle, but they will also be able to get you a loan provided you have decent credit.
Any credit score below 650 will have a difficult time securing prime rates but you may be able to qualify for sub-prime interest rates.
The interest rates for prime auto loans are typically below 5% but sub-prime auto loans can be between 10%-30% depending on your credit score and overall risk profile. No matter, your credit situation the dealership will work hard to help you get the financing that you need.
When was the last time you checked your credit? Most of us don’t think about our credit score until we apply for a loan and get declined. You can access your credit score for free online, so there is no excuse for not knowing what your credit score is, just go to Mogo or Credit Karma.
Your income is a critical part of your auto loan application, the dealership will be able to advise you on what documents are needed. If you work a traditional 9-5 job and only have one source of income then your salary slip would suffice.
There is a significant portion of the population that works multiple jobs or has side-line sources of income that may be difficult to prove. The simplest way to prove this income is to provide your latest bank statements for the last 90 days and your income tax notice of assessment.
By having your financial house in order and working with a reputable local dealership, you will be able to buy a car for a great price with little hassle, there is no harm in exploring your options now so reach out to your dealership and look at their inventory.
Contact Unique Chrysler for help, advice and competitive Milton car finance and leasing.
For any questions, concerns, or inquiries. Please don’t hesitate to contact us here!
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