Getting an auto loan is easy; getting the right auto loan for you requires preparation. To get the best 2016 auto loan rates in Canada you should:
• Know Your Credit
• Have A Budget
• Know The Vehicle You Want
• Consider All Your Financing Options
If you are not fully prepared to make your vehicle purchase you can expect to pay more.
Know Your Credit
Before looking for your vehicle or applying for you loan, you should know what your credit looks like including your:
• Credit Score
• Total Debt
• Payment History
You might be surprised at what you find. By knowing your credit, you know what you should qualify for.
Have A Budget
Not having a budget is one of the first mistakes many consumers make. When you set a budget you:
• Don’t Get Unexpected Surprised
• Have A Good Idea of What Your Payments Will Be
• Can Avoid Considering Vehicles Not Within Your Budget
When you make your payments on time, you can increase your credit score in as little as six months.
Online financing is often a last resort for many consumers; however, Online financing cars with bad credit is typically on of the best options. When you gain pre-approval online you:
• Control the Negotiation Process
• Stick to Your Budget
• Get the Car You Want
Know the Vehicle You Want
You should know what you want before entering into a dealership. When you are fully prepared you can avoid:
• Unnecessary Upsales
• Extended Time At the Dealership
• Agreeing to Terms You Can’t Afford
Knowing the vehicle you want also entails knowing the factors that can affect the Price of your desired car.
Two Factors That Can Influence The Price Of Your Desired Car
Cars and homes have several things in common. Price happens to be one of the main things that they share in common. That is, they both can have price tags at extreme ends. They can be extremely expensive or extremely cheap. For cheap deals, there is an adage that always applies – if and when the deal is too good, think twice. Use the same concept to buy a car.
A cheap deal can easily mean that there is something wrong with the car and the dealer wants to get rid of it as soon as he possibly can. An expensive one can on the other hand can easily mean that you are about to get ripped off. It is therefore up to you to gauge what is before you. Here is how to go about it.
There are models that are always considered ‘hot cakes’. They sell quickly. They are much more ideal than the not so common or rather little known car models. Do keep in mind though that popular car models always come along with different price tags. Your best bet is to window shop for the best deal. You won’t have a problem with new cars though. Most of them come with the same price tags. All you need to worry about is which car dealership you will buy the can in question from.
Your car is nothing if its engine is faulty. It will obviously not start. Fortunately, all car dealerships always allow their clients to take their desired cars for test drives. Take advantage of that. Request for a test drive just to feel the engine. Then note that any car with a perfect engine will cost you more than a car with what many car experts would call average instead of poor.
These factors are essential and you should definitely consider these so you can make the right call in choosing the best car that fits your lifestyle and budget. You should also be aware of the pitfalls of new car buyers. Consider avoiding the following mistakes before buying a car:
People make mistakes all the time when acquiring assets. This is not a bad thing at all. If anything, it is from the same mistakes that people often learn. It therefore does not come as a surprise that people seem to make mistakes when buying cars more than they do when acquiring other assets like houses. The mistakes are common. One then wonders if it is true that people often learn from their mistakes. That is the bad news. The good news though, is the fact that you do not have to make any mistake when buying your first, second or even third car. Simply avoid the following mistakes.
Trusting exterior and interior aesthetics
They say that looks can be deceiving. The same rule applies to cars. It may look perfect from the inside. It may even start perfectly and impress you during the test drive. But don’t believe it until you have tried it for a long distance. That applies to used cars without warranties. For new cars however, trust that you are getting value for your money. You may after all, be covered by warranty.
Trusting your dealer
Car dealers use catchy words all the time. You may hear stuff like, ‘This is the last one left’ and think that you are about to miss out on an opportunity. While some dealers may actually mean it, most of them only use the words to close sales. They hardly mean what they say. With that in mind, never make rush decisions when buying a car. Then trust your instincts all the time. If you have reason to doubt that there is something amiss, then by all means take a break and consult someone who understands cars and car buying more than you do. This brings about the next point, which is,
Shopping on your own
Always have some company. Sometimes all you need so as to make a good decision is to simply have a second opinion. It could be from a friend or just someone you know whose knowledge on cars is way deeper than yours.
Some upsales dealerships offer can void the manufacturer’s warranty. Don’t fall into these traps, finance with us!