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What you need to know for your first car loan in St. Catharines

What you need to know for your first car loan in St. Catharines

It's a general fact that the cost of using a gas car today is very high, and it's only natural to want to get an electric car.

This way, you would not only be able to save the cost of fuel but also have a more environment-friendly means of transportation. Electric cars are still very expensive, and you might need a loan to help you purchase them.

So, whether you're going to a financial institution or a car dealership, here are some things you need to know for your first car loan.

Places where you can get your first car loan in St. Catharines

  • Banks: There are banks in Canada ready to lend you a lot of money to help you get your vehicle. They give good interest rates and also allow you to pay the loan over a considerable amount of time.
  • Online Retailers: Online auto businesses have lenders
  • Dealerships: Car dealerships are another awesome place to get your car loan. In this place, you can find the car and get your loan approved. It's important to note that you have to pay additional dealer fees when getting a car loan from this place.

Requirements needed to be eligible for your first car loan approval

  • You Must Have A Steady Income: To approve your car loan, you must have a provable source of income. This helps to assure your lender that you can pay back the loan you're requesting for. Here in Canada, you must make at least $1,800 a month (before tax) for your loan to be approved.
  • You Must Possess A Great Credit Score: Your credit score is another way to show your eligibility for loan approval. It is an assessment that displays how likely you will pay back your loan on time. Not only does a great credit score affect your eligibility for loan approval, but it also helps you get a better interest rate. It is important to note that your credit score is not definite. It's usually calculated based on the data they have in your credit report. Some of the things used to calculate your credit score include your bill-paying history, the number of loan accounts you have, your current unpaid debt, and your credit history.
  • You Must Be Above 18 Years: In some states, it's 19, but the least age you can be to request

 Documents you need for your first car loan

  • Evidence Of Insurance: This lets the lender know that the car is protected since it's still their property till it's fully paid for. To get your evidence of insurance, all you have to do is to make a visit to your insurance company to get an insurance binder proving that your vehicle is insured.
  • Drivers License: You must be able to present your valid driver's license to your lender upon request when requesting a car loan.
  • Your Former Vehicle Documents: In cases where you intend to trade in the car you were using in the past as a form of the down payment for your car loan, you must present the essential documents of that car to the lender.

Contact Unique Chrysler for help, advice and competitive St. Catharines car finance and leasing.

Categories: Auto Loan

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