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Great Car Buying Tips for 2021 in Canada!

Great Car Buying Tips for 2021 in Canada!

The car market in Canada has gone experienced some growing pains since the Covid-19 pandemic swept the globe. There is a limited supply of cars and a growing global appetite for new cars which has caused a perfect storm for car dealerships and consumers like you. Our St. Catharines has put together some car buying tips they have collected from our sales teams. We hope they help.

 

How to get a fair deal

 

With the growing competition, you will need to dot all of your i’s to gain an advantage. With the global economy trying to recover, lenders have become more conservative with their loan underwriting requirements.

 

While these same lenders have become more risk-averse, they also have been flooded with cheap capital from the Bank of Canada which is trying to stimulate the economy with cheap money.

 

This means that people who could get a St. Catharines car loan in the past will need to improve their credit score, substantiate their income, or both.

 

Simple ways to boost your credit score

 

Do you know what your credit score is? You can check out your credit score by visiting TransUnion or Equifax.

 

If your score is below 680, you will have a difficult time securing a low-interest rate car loan, while you could get a loan at a higher rate, just follow these tips to lock in the most competitive rates.

 

How many credit accounts do you have and how long have you had them?

 

If you only have a few accounts and they are less than 2 years old, your credit score will be relatively low.

 

Try to diversify your credit products to include a mix of revolving and installment loans so you have a good mix of credit products.

 

Pay on time

 

Paying your debts on time is a great way to increase your credit score and also reduce the total amount of interest you end up paying throughout the life of the loan.

 

If you missed a payment by accident, it may not seem like a big deal but it will bring your score down very quickly so never miss a payment. If you are the type of person that forgets to make payments, you can set calendar reminders or just set up automatic payments.

 

Don’t go it alone

 

Talking about financial matters can be a sensitive topic for some people but there is help available. Your best resource is enlisting the help of a well-established local car dealership that will shop the St. Catharines auto loan market on your behalf.

 

The dealership wants you to win your business, especially since there is a limited number of cars and qualified buyers for them to do business with.

 

While the dealership wants to make money, they also want to keep you as a long-term customer.

 

The truly successful local dealerships understand the need for repeat business and will do whatever it takes to make you happy.

 

If you want to buy a new car and save money, the only surefire way to attain that goal is to work with a local dealership that puts your needs first, only then will you be able to realize your goal.

 

Hopefully these car buying tips helped you feel a little more prepared! When you’re ready for a car lease or loan, get in touch with the St. Catharines auto loan experts at Northway Ford for great deals on auto finance.

 

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Categories: Car Loan

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