When you Buy a New Car in Mississauga you Must Know this

When you Buy a New Car in Mississauga you Must Know this

Posted on March 17, 2022

Any person who is thinking about buying a new car in Mississauga, you need to familiarize yourself with the new normal that everyone has been facing since the onset of the pandemic.

We will never know the true economic or emotional impact Covid has left on society, but it has caused some issues in the automotive sector.

The pandemic forced car manufacturers to curtail production. While it made sense during the height of the pandemic, consumers are back in full force.

Still, there are bottlenecks in the supply chain that are preventing carmakers from being able to ramp up production, specifically a shortage of microchips.

Without these processors, the carmakers are forced to wait, and this has caused a spill over effect in the global supply of cars.

With the shortage of new cars, some Canadians are trying to buy used cars, but even that well is running dry.

The lack of new and used cars combined with record-setting inflation has placed tremendous upward pressure on car prices.

Financing is harder to get

Prior to the onset of the pandemic, you would be able to get a Mississauga car loan with a 620-credit score and a payslip.

However, lenders have pivoted to a more conservative stance and now require a credit score of 680 for a prime interest rate car loan.

If you have credit issues, you will need to deal with them or face higher borrowing costs.

Apps like Credit Karma will help you get a handle on your credit score and whether you have any errors inside your credit report.

How to repair your credit fast

Since you already have access to your credit report, look at the report to see if there are errors inside of it. When there are errors, it will bring down your score, and these errors stay on your report for six years.

TransUnion and Equifax have a section of their website dedicated to disputes; you will need to go through that channel to have those items removed.

Buying new or used

The loans on used cars are historically higher than the rates being charged on new cars. This is because new manufacturers provide low-interest rate loans as an incentive to sell more units. If you have time and can wait, then you should consider buying a new vehicle.

Securing the best deals on a new car

When you want to get the best deal when you buy a new car in Mississauga, you are not going to find it online. The best source of a great new car deal is by going through a local dealership.

These dealerships have a vast inventory of new and used cars that you could test drive right away. Another benefit to dealing with these dealerships is their access to the best financing anywhere in Canada.

You are going to save a tremendous amount of money dealing with the dealership, even if you have credit challenges.

You should contact the dealership today, before the available inventory of cars is reduced even further.

We’d love to help you buy a new car in Mississauga. 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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