Should I Use Public Transport or Buy a Car?

Should I Use Public Transport or Buy a Car?

Posted on July 26, 2021

Canada has one of the best public transit systems around, at least in our cities, but is it too soon to begin using it again, Should you use public transport or buy a car? Some people think so, at least according to our auto loans teams. We have seen an upsurge in enquiries now we’re opening up again.

Our Glen Abbey auto loans team explains how to get a car loan if you’re not quite ready to use public transit to get to work.

Public Transport or Buy a Car?

Ontario’s public transit system is better than most, with plenty of buses and trains covering the province. But with COVD-19 still around, many people are still reticent to be in the same place as many other people in an enclosed space.

Summer is a good time to travel. There is lots of sunshine to help kill bacteria, people are more likely to walk or cycle and more people take summer vacations. Once summer is over though, the buses and trains will begin filling up again, which is going to make some people uncomfortable.

Which is where a car comes in. Most Canadians own at least one but millions of us travel to work or class by public transit.

If you’re not ready for that, you’re going to need a new car and perhaps, an auto loan to pay for it.

How to get an auto loan in Glen Abbey

If you’re not yet ready to use public transit, driving to work is the next best thing. If you need help paying for it, that’s where we come in. We can help find competitive auto loans at great rates. It’s what we do!

Here’s what you need to do to get a competitive auto loan:

Check your credit score – All lending decisions will use your credit score as a basis. If you have a good score, you’re more likely to get a loan at a good rate. If your score isn’t so good, you can still get a loan, but the rate will be slightly higher.

Save for a down payment – Most auto loans require around 10-20% as a down payment. This helps reduce the amount of the loan, helps sway the lending decision in your favour and helps reduce the impact of depreciation if you buy new.

Get your paperwork together – Loans require paperwork proving your income, outgoings, levels of debt, steady employment, ID, address and any savings or investments. There’s a lot to get together, so planning ahead can help.

Get prequalified – Auto loan prequalification is like getting a quote for a loan. It will tell you whether someone in your position will get a loan and at what rate. It’s only a quote but gives you a good idea of what to expect.

Work with the auto loan experts – When you’re ready to get an auto loan, come see our team in Glen Abbey. We’ll walk you through the process, help you with the application and provide all the assistance you need.

We can even help find you a car to buy with the loan too!

Contact Unique Chrysler for help, advice and competitive Glen Abbey car finance and leasing.

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