Why you should consider buying a new electric car now

Why you should consider buying a new electric car now

Posted on August 31, 2022

In Canada, there has never been a better time to purchase a new electric vehicle. You have a wide range of options at your disposal and the chance to lock in a fantastic deal before interest rates spiral out of control.

But you must act quickly to take full advantage of this exceptional opportunity.

Which kind of electric vehicle is the most practical for you?

Are you interested in an electric, hybrid, or plugin hybrid?

The high gas costs we are currently paying at the pump are partially the result of inflation, but it is not the main cause.

The carbon levies imposed by Ottawa will have a long-term effect on how much you ultimately spend for gas.

Because we rely on transportation to get the goods we need onto retailer shelves in our neighbourhood, these carbon taxes artificially raise the price of fuel we pay at the pump, which has an impact on the costs of just about everything.

You should choose a hybrid or electric vehicle because it would be reasonable to anticipate that petrol costs will keep rising.

Using credit to your advantage to save money

You can obtain a decent deal even if your credit score is less than 680, but this depends on you getting a loan before the Bank of Canada raises interest rates once again.

If your credit score is over 700, you qualify for the most competitive interest rates.

The majority of Canadians are too preoccupied with other tasks to pay attention to whether or not they have good credit.

Sign up for free credit score monitoring programs like Credit Karma. It won't cost you anything and will help you understand where you stand since your credit score affects how much you have to pay to service your debts.

Examine your credit report for any potential errors once you have access to it.

Low credit scores are primarily caused by errors, and this issue can be fixed by merely following the formal credit report dispute procedure outlined on the websites of either Equifax or TransUnion.

The best source of outstanding electric auto loans in Canada

Although you would have expected us to give you a list of websites, the greatest place in Canada to get a vehicle loan is quite nearby.

The best terms and the best cars for you can be found at your nearby car dealerships.

The dealership already has working relationships with all the auto lenders in Canada; they will be able to help you regardless of your situation, so long as you are not in a consumer proposal or state of bankruptcy, they can help you.

This is true even if you are having credit issues and finding it difficult to secure financing on your own.

As time is running out, your best course of action is to call your neighbourhood car dealership and find out which lender will give you a great bargain.

You can no longer tempt fate by waiting any longer; call the dealership right away as the possibility of interest rates rising increases with each passing day.

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