5 Undeniable Reasons To Buy a Car This Year in Canada

5 Undeniable Reasons To Buy a Car This Year in Canada

Posted on February 3, 2023

If you are sitting on the fence and not sure whether now is a good time to buy a car, we will give you some key reasons why you should buy a car in 2022, and sooner rather than later!

These reasons are not pressure tactics but compelling evidence on why you should move forward and buy a car.

There is a shortage of cars in Canada

Blame Covid or supply chain bottlenecks, but there is no denying the car marketplace has changed.

There is a shortage of new and used cars in Canada. This means you will pay more for a vehicle, and you still may not get the car you want.

This is not to dissuade you from buying a car but to have realistic expectations. In fact, one of the main reasons you should buy a car in 2022 is that we don't know when this shortage will get better.

What type of vehicle are you interested in buying?

There are all-electric (EV’s) that are gaining popularity, but the asking price for these vehicles is quite high. Another option is hybrids which are good on gas but still affordable for the average Canadian.

An example of a great hybrid would be the Jeep Wrangler, but there are many other hybrids in the market.

Do you have room in your budget?

Money is a sensitive topic, but something we need to cover in this car buying exercise. If you do not know how much you can afford, now is the time to start working things out.

Having your budget defined before you start looking for a car will help make the entire shopping experience a positive one.

How’s your credit?

When you have determined how much cash you have to spend per month on the new car, you should begin exploring your car loan options.

There is a large number of lenders who provide car loans in Binbrook, but your credit score may not be high enough to qualify for a loan.

Head over to both Equifax and TransUnion to find out your credit score. You need to check both of these agencies to make sure there are no errors in your credit report.

If your credit score is under 620, you will have a challenging time being able to secure a car loan at a competitive interest rate.

One of the simplest ways to repair your credit is to avoid carrying a large amount of debt. If you carry too much debt, it will bring down your credit score.

Getting a fair shake

Now that your credit and budget are defined, the next step is reaching out to your local car dealership to explore your options. The dealership has a few distinct advantages that make your life easier.

You will have access to the most competitive interest rates in the market. These dealerships have access to wholesale interest rates that no one else can get. The same dealership has vehicles in their inventory that you can buy today!

The car shortage is going to last for quite some time, so you should buy a car before it is too late. By following our tips, your life is going to get much easier.

We’d love to help you find the perfect car loan. Simply fill in the form below and we’ll get back to you ASAP! 

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