Hybrid and EV car buying tips you should follow

Hybrid and EV car buying tips you should follow

Posted on September 6, 2022

You must want to buy a hybrid if you are reading this. Our Port Dover car loans team are going to show you what you need to do if you want to buy a good car at a good price.

Assuming that you will need financing, we will talk about what you should do to save money on financing.

Canadians are buying electric cars by the thousands

Many Canadians are tired of high gas prices and are buying electric vehicles (EVs).

The high demand for EVs has put a huge strain on the big car companies, which are making EVs as fast as they can.

Demand for electric vehicles is at an all-time high, but demand for hybrids is not as high. This gives you a unique chance.

The newest generation of hybrids are very good at using gas, so switching could save you a lot of money.

One thing that gives the EV an advantage is that there is a strong market for used hybrids that you could use if you don't want or can't get a brand new one.

How good is your credit?

To get the best auto financing deals in Port Dover, your credit score needs to be over 680; the higher it is, the better.

Do not let a low credit score stop you from making the switch. We live in very interesting times.

Gas prices are going up, and so are interest rates.

When the Bank of Canada raises interest rates to try to slow down inflation, it hurts the economy as a whole.

When you go to fill up your car, this pain gets worse because you have less money to spend on gas because interest rates are going up, but gas prices are going up because of inflation and federal carbon taxes. It's a vicious circle.

When you buy a hybrid, at least you're using less gas, and you can lock in a lower interest rate if you get a loan before the Bank of Canada raises rates.

When buying a hybrid, where is the best place to get expert advice

The best place to get expert advice when shopping for a hybrid, EV, or any other car is not online, but at your local car dealership.

You should take a few minutes to look at the different dealerships in your area and choose the one with the most happy customers.

Once you've found that dealership, the next step is to call them and set up a meeting in person.

The dealership will look at the whole Canadian auto loan market to find the lenders who will give you the best terms based on your current financial situation.

The dealership can not only get you approved for a car loan right now, but they can also show you how to improve your credit score so that you can refinance the loan in the future if interest rates go down.

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