Here's how to Buy a Car in Port Colborne you'll Love

Here's how to Buy a Car in Port Colborne you'll Love

Posted on February 7, 2022

If you are shopping to buy a car in Port Colborne, these pro tips from our auto loans team will make the entire experience a more pleasant one.

Of course, the first thing you must do is decide what type of vehicle you will buy. Will it be a hybrid or an all-electric?

EVs seem to be gaining in popularity (3.5% of total car sales were EV’s).

But if you live in a rural part of Canada, where there is inadequate recharging infrastructure, you should stick with a hybrid.

What are the features you want in your car?

Some features are nice to have, like heated and cooling seats, and other features are needed to have.

An example would be lane departure warning. If you have a young family with active kids in the back seat, this lane departure technology can seem like a gift from heaven.

What is your car-buying budget?

Most buyers do not work out their budget. They find a car they love and then try to make it work for their budget. When a person uses this approach, they could get themselves in over their head financially.

Take a look at your budget and figure out how much money you have left that can be allocated when you buy a car in Port Colborne.

The lenders who underwrite car loans in Port Colborne will not approve a loan if your debt to income is higher than forty percent.

If your gross monthly income is five thousand dollars, then the maximum amount of debt you can carry is two thousand dollars.

Making sense out of your credit score

Your credit score ranges from 300-850. If you are over 680, then you qualify for the most competitive interest rates.

The car loan provider will pull your credit report from both TransUnion and Equifax, so you need to check your credit score with both of these agencies to make sure your scores are the same.

If your scores aren’t the same, you should notify the agency with the lower score. The law protects consumers like you from erroneous credit reports, but you must go through the dispute process.

Locking down the best car loans in Port Colborne

To lock down the best car loans, you must work with a local car dealership. You can find car loans online, and some of them may sound like a great bargain, but your best option is going through a local dealership.

The dealership has a network of wholesale lenders with rock bottom interest rates. Your local dealership will also help you rebuild your credit if your score is under 680.

The immediate benefit of going through a dealership is having your pick of all the cars in the inventory.

There is a chronic shortage of new and used vehicles in Canada, so being able to find a suitable car and buy it right away is one of the many reasons why you should go through a local dealership. If you follow these pro tips, you will find an affordable car that meets your needs.

We’d love to help you buy a car in Port Colborne. Simply fill in the form below and we’ll get back to you ASAP! 

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