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How to find a Burford Car Loan in your Budget

How to find a Burford Car Loan in your Budget

Are you in the market for a new vehicle? Whether you are buying a new or used car, you will need to get financing because frankly who has $20k-$40k saved up to pay cash for a car? Our own Burford auto loans team are going to give you some insight into how car loans work and what you can do to get the best possible terms and a great car loan in your budget.


There are many lenders who offer car loans in Burford, and they will claim to have “the best deal out there”.


Are you buying new or used?


There is a shortage of new cars in the market, this shortage is caused by a shortage of microchips that are needed for the manufacturing of vehicles.


Since there is a limited number of new cars available, even if you were to buy a car today, you may have to wait a few months to take possession.


If you are like most people, and need a car loan in your budget, then buying a used car may be the best option.


What will surprise you is the lack of used cars available for sale. The majority of car buyers who originally wanted to buy a new car, did not want to wait so they are buying used cars to.


These shortages are driving up car prices, so you will need to get a car loan that covers these increased prices.


Lenders are getting more aggressive


Since there is a limited number of new and used car loans that can be written due to the lack of inventory, lenders are doing everything in their power to attract prime and even subprime buyers.


The pool of prime lenders is not large enough to sustain lenders, so they have revised their underwriting requirements.


Even if your credit score is not high, you can get a Burford car loan provided your income is stable. While this may seem like risky behavior, the lenders need to keep writing loans or they won’t be in business!


Fix your credit to save money


You can get a car loan with less than perfect credit, but it would be in your best interest (pun intended) to raise your credit score. A low credit score makes all loans more expensive, even your mortgage! It doesn’t take much effort to repair your credit, just make your payments on time and reduce the amount of debt you are carrying.


Finding a lender that will give you a good deal


This is an important step, we mentioned there are many lenders to choose from. To get the most competitive interest rates on a car loan, stop looking online and head over to a car dealer.


The websites that advertise car loans, don’t have the negotiating power or clout that a car dealership has over the lender. These dealerships have cars that you can buy today and drive home! As mentioned, there is a limited number of cars available so you must be proactive or end up not having a car for quite some time to come.


When you’re ready for a car lease or loan, get in touch with the Burford auto loan experts at Northway Ford for great deals on auto finance.


We’d love to help you find the perfect car loan. Simply fill in the form below and we’ll get back to you ASAP! 


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    Categories: Car Loan

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