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2 Minute Guide to a Bad Credit Car Loan in Welland

2 Minute Guide to a Bad Credit Car Loan in Welland

Canadians looking for a bad credit car loan in Welland have to move fast before they are completely priced out of the market.


Therefore, you need to ask yourself whether your current vehicle is able to last another two-to-three years? If the answer is "no" or "hesitated," you need to continue reading this.


The automobile market is in a state of flux right now


Covid-19 has caused disruptions in the global supply chain, and while most of Canada is learning how to live with the virus, the supply chain has not been able to recover.


Carmakers are not able to produce enough cars to meet current demand; this has forced car buyers to wait, in some cases, months to take possession of the car they bought.


These buyers who cannot wait are electing to buy cars from the secondary used car marketplace.


However, what has really thrown things into a loop is the rapid increase in gas prices. The primary cause of these spikes is the conflict in Europe, where Russian oil cannot make it to market due to sanctions.


As a result, the global oil market is scrambling to find sources of oil, and even Venezuela is being called upon to help meet the demand.


Inflation is here to stay, at least for the rest of 2022


It will take time for this new oil to make it to the market, so we are in for a rough ride until then.


Gas is nearly two dollars a liter but what makes it challenging is that even if you drive an all-electric vehicle, the high cost of petroleum will take a bite out of your budget.


Everything you buy, whether it is online or in-person, has to be shipped to you, and that requires fuel.


So, with fuel prices rising, you, the consumer, are going to take the hit at the checkout. Inflation was at 5.1% before the outbreak in Europe, and that rate is going to skyrocket from there.


Why now is a great time to buy a new car


Interest rates and car prices are going to rise; this is due to inflationary pressures that have not worked its way through the economy yet.


When you purchase a car now, you will be able to lock in an interest rate that is competitive compared to what rates could be one year from now, even if you have bad credit.


A bad credit auto loan today may seem like a bargain 12-24 months from now, especially if the conflict in Europe gets worse and NATO troops are called in.


How to get a bad credit car loan in Welland


You cannot access auto loans in Canada with bad credit, at least not on your own. Contact your local car dealership and start exploring all of the available options to you.


The dealership will be able to find lenders that will give you a chance; if you follow the dealership's advice, you should have no issues getting a good deal on a new car loan.


Now that you know what is going on in the economy, you need to act fast before things deteriorate further and you are not able to get a car loan.


We’d love to help you find a bad credit car loan in Welland. Simply fill in the form below and we’ll get back to you ASAP or see our selection of new and used cars at our Brantford dealership. 


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