How to Easily Buy a New or Used Car in Dundas

How to Easily Buy a New or Used Car in Dundas

Posted on January 31, 2022

Our auto loans team has put together an overview of the things you need to consider when you decide to buy a new or used car in Dundas.

Whether you are buying new or used, these suggestions are going to make your life easier.

How soon do you need a car?

Before the Covid-19 pandemic took the world by surprise, you could buy the car you wanted with ease. The pandemic has caused a shortage of new cars, which has reduced the number of used cars that are available for sale.

If you need a car right away, your new car options are limited. Or, you can opt for a used car. In either situation, you will need to temper your expectations.

Used cars are a great option, provided you buy them from a reputable seller. You should avoid buying a used car from private sellers, there is a risk of buying a lemon.

When you go through a reputable dealership, you will have peace of mind knowing the vehicle is going to be reliable.

Doing your research

Courtesy of carlogos.org

Something that we cannot stress enough, is the need for you to do your research on the vehicle you are considering. There are some great brands like Ford, which have been around for more than 100 years.

Look for vehicles that have the best track record.

Establishing a budget

After you have identified which car is suitable for your needs, it is time to start working out your budget.

Car prices rose dramatically in the last 12-months, if you don’t have your budget worked out, now would be a great time to start doing those calculations.

When drafting your budget, you should note how much cash you have left after you have factored in all of your obligations. Most lenders will not approve a loan if your debts are more than 40% of your income.

Once you have your budget worked out, the next thing is your credit score.

Lenders are extra-proactive and don’t want to take on any bad debts. Prospective lenders want borrowers with a credit score that is well over 620.

If your score is over 700, you qualify for prime-interest rates which is great news! Interest rates are low but they are going to start rising at some point this year.

Should your credit score fall under 620, you'll still be able to buy a new or used car in Dundas with a loan but you will need professional help securing a loan.

Finding a great deal

If you're looking for a great deal when you buy a new our used car in Dundas, your best option is to go through a local car dealership. While there are many websites offering car loans and having cars for sale, you will not get the same quality service you get from a local dealership.

Something you may not realize is the local dealership is able to help you get a car loan, even when other lenders have declined your application.

You should contact your dealership today and begin exploring your car buying options. If you wait too long, the interest rates could rise and that may price you out of the car-buying market.

When you’re ready for a car lease or loan, get in touch with the Dundas 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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