2 Minute Guide to Buy a New Car in Copetown [2022]

2 Minute Guide to Buy a New Car in Copetown [2022]

Posted on March 9, 2022

The economy is sputtering, but it is showing signs of a recovery which is great news if you are thinking about buying a car.

Our auto loans team has written these suggestions to help buy a new car in Copetown, but they will help you no matter where you live in Canada.

Are you able to afford buying a new car in Copetown?

We all need a car to lead a normal life in Copetown, but the rising costs are pricing most Canadians out of the market. There are over 37 million cars registered in Canada and 38 million people living in the country.

No one wants to admit they cannot afford something; we all work hard for our money and to feel deprived is not a pleasant experience.

The median car payment is anywhere from $300-$900 depending on the vehicle, and this is for actual vehicle purchase and not leases.

To determine if you can afford that price, you need to list all of your expenses in a budget, and factor in an emergency fund for unexpected events.

Then, when you have all of those numbers, you can type in your total income less those expenses, and based on that figure, you will know if there is room in your budget for a new car.

If you do not have enough cash in your budget, you can try to reduce your debts by trimming non-essential expenses.

After trimming your expenses, if there is still not enough room, then you will need to start taking on additional sources of income like sideline jobs.

While this may not be an ideal situation, it is the most viable path to you getting a new car.

Having a good credit score is very important

Even if you have enough room in your budget to afford the car payments, there is still work to be done. Lenders who provide car loans look at your ability to repay the car loan and whether you have a track record of keeping your financial obligations.

Since the lenders do not know you personally, they will rely on the credit scores provided by TransUnion and Equifax.

You should be checking your credit score often; if you do and your score is below 680, then you could have a tough time getting the most competitive interest rates. On the other hand, most people can get a car loan with a score over 600, but the borrowing costs will be higher.

Getting a great car that works for your budget

Even if you have credit issues, you should not give up your dream of buying a car. There are lenders who are willing to take a chance on you, but they are not found online. Instead, you have to turn to a car dealership that specializes in these car loans and get their help.

The dealership would know which lenders would most likely approve the loan. In addition, you will be able to test drive the cars that fall within your budget at the dealership, so you are saving time and getting a great deal in the process.

We’d love to help you buy a new car in Copetown. Simply fill in the form below and we’ll get back to you ASAP! 

Thanks for reading. Be sure to connect with us on Facebook, Twitter, Instagram, or LinkedIn to stay up to date on our latest great articles!