How to Save Money when you Buy a Car in Rockton

How to Save Money when you Buy a Car in Rockton

Posted on January 25, 2022

The retail prices of new and used cars are very high! Even wholesale car buyers who use websites like Copart are having a tough time finding a bargain.

While the market is tight, with a bit of elbow grease, you will be able to find a good deal when you buy a car in Rockton.

The limited supply of new and used cars to buy

The limited inventory of new and used cars limits your ability to negotiate down the price.

Prior to the pandemic, you could haggle on the asking price of a vehicle, but sellers don’t have many cars to sell, and there is a lineup of interested buyers.

Where you can find real savings is by finding competitive financing.

Getting a competitive new car loan in Rockton

The car shortage has also created a shortage of lending opportunities for lenders. With the limited number of lending opportunities, lenders are willing to do whatever it takes to close a deal.

If you want to benefit from this opportunity, you need good credit, well over 650. A credit score under 650 may get you a car loan, but the rate will be high.

Do you know your credit score?

It is not fixed but changes monthly. You can access your credit score for free by signing up with Equifax.

Your credit score is key, but we have to stress the importance of having a good income. If you have a stable income and not much debt, you are the ideal candidate, and the lender will do whatever they can to get your business.

Locating suitable lenders

The Internet is a great tool to do research, but when you are looking to save money when you buy a car in Rockton, you will not find the best deal over the Internet.

The websites that you see advertising car loans are not actual lenders. These websites collect your information and forward it to lenders. The lenders who use these services are not able to access wholesale interest rates.

This means that no matter how competitive the lender wants to be, they cannot compete with the wholesale prime rates that only select lenders can access.

Accessing wholesale lending

To access wholesale lending rates, you will need to work with a local car dealership. The dealership will have a special relationship with lenders across Canada. These lenders know the dealership can bring them a large amount of business, so the lenders offer reduced interest rates.

The dealership has access to low-interest rates, and they can also help you with finding a suitable car. When you go to a dealership, they have cars for you to test drive and pick the one best suited for your needs.

We are not trying to stress you, but you will need to move fast to benefit from the low-interest rates. The Bank of Canada is going to start raising rates, and when that happens, you will have a tough time being able to get a good deal on a new car.

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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