How to Save Money Financing a New Car in Halton Hills

How to Save Money Financing a New Car in Halton Hills

Posted on October 14, 2021

Buying a car can be stressful, especially if you need financing and do not know where to turn for help. There is a tremendous amount of information available on the internet, however, there is too much information that a person may be unable to make a fully informed decision. To help steer you in the right direction, our Halton Hills auto loans team have some suggestions will make your life a little easier and save money financing a new car.

Car dealerships are there to help

There was a stereotype in the past that car dealerships used less than ethical tactics to sell cars, sadly in all industries, there are a few bad actors that ruin it for everyone else.

Car dealerships must be licensed, bonded, and meet some of the strictest legal requirements to do business in Canada.

The dealership is there to help you find a car you will love now and for years to come.

Since the average person will buy 5 cars throughout their life, the dealership wants you to keep coming back to them every time you are in the market for a new car.

As you can see, these dealerships are thinking long-term and have a strong incentive to help you save money financing a new car and give you a great shopping experience.

You need to do your part

Local car dealerships will work hard to get you a great car and auto loan custom-made for your unique circumstances. You will need to have satisfactory credit and income to meet the underwriting requirements that are set by the lenders though.

Lenders in Canada want to know whether you have a track record of keeping your financial obligations which are presented as a credit score ranging from 300-900.

If your score is over 680, then you will have no issues getting favourable terms from banks and auto loan providers across the country.

Having a great credit score feels great and opens up opportunities that you would not have access to but you still have to show proof of income.

Your credit score shows how you have managed your money in the past but lenders want to know if you will have enough money coming in to keep all of your future commitments, including the car payment.

What most people do is bring a copy of their payslips, that will show your regular pay along with everything you have earned that year. If you have more than one job or multiple streams of income then have your bank statements available.

Work with a local dealership

You may be able to get auto financing online but your best bet in our opinion is to go through a dealership. The dealership already has relationships with all of the major auto lenders across Canada.

By leveraging these relationships, you will be able to get a competitive Halton Hills auto loan without any hassles.

If you were dealing with an online auto loan provider, you would need to do the document submissions and discussions on your own but with a dealership, they do all of this work for you.

By reaching out to your local dealership you are going to save money and time finding a great car, if you are eager to save money then try going to the dealership around the end of the month.

Traditionally these dealerships have monthly targets to hit so you may be able to save even more money!

Contact Unique Chrysler for help, advice and competitive Halton Hills car finance and leasing.

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