Mistakes to avoid when buying an EV in Smithville

Mistakes to avoid when buying an EV in Smithville

Posted on July 1, 2022

We have put together some of the most common mistakes you can avoid when buying an electric car in Smithville. While these suggestions are intended for Ontarians, they can be leveraged by anyone in Canada so please continue reading on.

Your bank doesn’t have the best EV car loans

One of the biggest mistakes you can make is working on the premise that your local bank is going to give you the best car loan because of your existing relationship.

Banks don’t look at their relationships with borrowers any more. The relationship is purely transactional, and while banks may have competitive mortgage rates, there are more aggressive car loan providers in Canada that would be happy to earn your business.

Buying a car solely based on the colour or features

This is a dangerous way to buy a vehicle. You don’t want to purchase a vehicle solely on the aesthetics. While looks are important, you want something that is reliable and has great resale value, like a Jeep.

If you are thinking about buying a vehicle that will help you save money and do your part for the environment, then consider making the switch over to an EV.

With an EV, you don’t have to worry about your carbon footprint; it has been dramatically reduced, especially if you are using green energy sources for your level 2 and 3 charging.

Not taking good care of your credit

Your credit score is all that separates you from a great loan, but most of us are not proactive when it comes to credit monitoring and following industry best practices.

Sign up with Koho and Credit Karma; both services are free and will give you access to your credit report.

Once you have access to your credit report, you should note which accounts, if any, are nearly maxed out.

Your credit utilization rate will impact your credit score, so you should focus on bringing down any high balances to something that is under 30% of your total available credit.

If you have any accounts that are past due, this is the time to bring them up today. By cleaning up your credit score, it makes it all the easier to secure a competitive interest rate on your next car purchase.

Getting the best terms on a new car in Smithville

The simplest way to get the best terms on a new car in Ontario is to go to the source of great auto financing, namely your local neighbourhood dealership.

While the Internet is overloaded with websites touting car loans, these websites don’t have the access that a local dealership would have.

These dealerships also have credit experts who will show you how to improve your credit score and qualify for the best deals.

By going to a local dealership, you are going to avoid most, if not all, of the mistakes a consumer can make when buying a car in Ontario or anywhere else in Canada.

With that in mind, why not contact your dealership now and go for a few test drives? It is fun, and you will be able to find the car you truly love the most.

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