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Why you shouldn’t finance a car online

Why you shouldn’t finance a car online

Who doesn’t shop online? It is convenient, and you don’t even have to take out your wallet.

While buying simple things online is fine, when you are looking to make a significant financial decision like purchasing a home or financing a new car, you shouldn’t try to secure financing online. Our Cambridge auto loans team explains further.

Drawbacks to trying to get a car loan online

The first and most overlooked risk is the website is there to harvest your personal information.

Scammers go to great lengths to make the website appear legitimate, but the sole purpose of the site is to harvest as much personal information from you as possible.

With device fingerprinting, scammers are able to target you, and once they have some basic information, then all bets are off. We are not trying to make you paranoid, just aware that not everything is as it seems.

Another drawback that is linked to securing car loans online is the websites aren’t actual lenders; they take your details and send them to a variety of different lenders who pay a premium to access this information.

The website does not have a vested interest in whether you find a great deal or not.

Best source of car loans in Cambridge

The hands-down best source of car loans in Cambridge is with the help of a local car dealership.

These dealerships have long-standing relationships with all of the lenders in Canada, including those that no one knows about.

What makes the dealership truly remarkable is they negotiate the deal on your behalf, and the lenders are well aware of this and will work hard to make the deal happen.

Even Canadians that are having credit issues can get approved for a loan and advice on how to improve their credit score.

Picking the vehicle that is right for you

The dealership is able to assist you every step of the way; you should give some thought to what type of vehicle you need and what is your maximum car-buying budget.

In Canada, the average car loan is just under $600 a month, and that doesn’t cover your running costs and fuel, suffice to say, you can easily spend $1k a month to own a car.

It is no secret that gas prices are on the rise and will continue to do so for the foreseeable future. Instead of giving your hard-earned money to the government in the form of carbon taxes, consider getting a hybrid or EV.

If you opt for an EV, you can breathe of sigh of relief that your fuel costs are fixed because, unlike oil, the prices of electricity are heavily regulated, and that provides a measure of predictability.

Now that you know how to get a great deal on a new car, the next item on your agenda should be to head over to your local car dealership and start the process.

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

Categories: Auto Loan

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