How to Find a Car Loan in Oakville for 2022

How to Find a Car Loan in Oakville for 2022

Posted on January 4, 2022

2021 was truly a challenging year with the pandemic and as we roll into 2022, Covid is still a fact of life.

If you are find a car loan in Oakville for 2022 or just want to refinance your current car loan, our auto loans team has some practical tips you can implement right away.

The economy is adapting to Covid

While the economy is not back to pre-pandemic levels, it has started to show signs of recovery. Unemployment levels are at unprecedented levels and employers are fighting tooth and nail for qualified candidates.

If you have a stable income, even if your credit is less than perfect, you will be able to find a car loan in Oakville for 2022.

Interest rates are tracking up

Since the economy is showing subtle signs of recovery, the Bank of Canada is keeping a close eye on inflation which has been well over 5% and is appears to be accelerating.

If the Bank of Canada does not raise interest rates soon, we could be faced with runaway inflation which drives up the cost of everything including Oakville car prices!

Since these interest rates are going to be rising soon, you will need to be proactive, if you hope to get a really good deal.

How to get a prime rate auto loan in Oakville

Car loan providers have quotas they must hit to stay in business and generate a profit. The lenders have a clearly defined profile of who gets a prime interest rate car loan, with the first requirement be a credit score over 700.

You can find a car loan in Oakville for 2022 if your score is below 700, but the interest rate will not be in the prime range.

If you are not sure whether you meet that requirement, you can get free credit score reports from Equifax and TransUnion, or apps like CreditKarma.

There are a few things you can do to raise your credit score, if you are not where you need to be. Look at your credit report and see if there are any accounts that are past due?

If you notice there are accounts that are past due, pay them ASAP. Your payment history has the biggest impact on your overall credit score, so you always pay your debts on time.

You may not have a good mix of credit products, you should have revolving and installment credit accounts. This will help raise your score and show you are responsible with your finances.

How to access the most competitive car loans in Canada

The only way to access the most competitive car loans is via a local car dealership. These dealerships have direct to all of the auto loan providers throughout Canada.

This means the dealership is able to shop around and get you the absolute lowest interest rate based on your profile. The same dealership also has cars in their inventory you could test drive and buy right away.

There is a shortage of cars throughout Canada, so if you were waiting for the right time to buy a new car, now would be the time.

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

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