Where to Find a Great Deal on a New Car in Waterdown
Where to Find a Great Deal on a New Car in Waterdown
Posted on April 19, 2022
Ontarians looking for a great deal on a new car in Waterdown have some amazing options available, but they should be willing to move fast before their borrowing costs begin to rise.
We have been enjoying a prolonged period of ultra-low interest rates, especially when it comes to Waterdown car loans. But it looks like those days are over.
The Bank of Canada has issued warnings about upcoming rate hikes and showed it was serious by increasing the prime lending rate by 25 basis points.
This may not sound like a lot, but it has a cumulative effect; now, it costs more to finance all debts, whether it is mortgages, car loans, or any other type of financial product.
The Bank of Canada has no choice but to raise rates before inflation gets out of hand, and we end up in a period of hyperinflation like what is seen in Argentina.
While Canada is nowhere near as bad as Argentina, the central bank must act fast and decisively, which means more interest rate hikes for the foreseeable future.
Time to lock in a low-interest rate car loan in Waterdown
Instead of sitting on the side line and waiting to see if rates are going to rise, you should start looking for the most competitive car loans based on your financial profile.
Lenders are going to focus on two key elements, your income, and your credit score.
To qualify for the most competitive car loan interest rates in Waterdown, your credit score must be over 720.
Lenders are more cautious than ever, and the days of getting a great car loan with a 650-credit score are long gone.
If your credit score is over 600, you can get a car loan, but the interest rate is not going to be super-low.
If you are having credit issues, this would be a great time to work on rebuilding your credit score so you can access the best deals going forward.
Raising your credit score is relatively straightforward, pay your debts on time and lower your credit utilization rate to below 30%; if you focus on those two goals, then your score will increase in a month or two.
The fastest way to find a great car loan in Waterdown
There is only one true option when trying to find a great car loan fast, and that is through your local car dealership.
The pandemic has conditioned most of us to do our shopping online, and while online shopping is great for certain products when it comes to car loans, your local dealership is by far the best option.
You will need to move fast, though, the Bank of Canada has already provided a fair warning, and inflation is quite high, so interest rates are going to skyrocket to try and slow down inflation.
By locking in a low-interest rate car loan now, you will be saving a tremendous amount of money throughout the life of the car loan.
The car dealership will also give you credit building advice that will help you get the best deals on any and all credit-related products going forward.
We’d love to help you find a great deal on a new car in Waterdown. 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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