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Car Loans in Niagara Falls: Get Pre-Approved Today

Car Loans in Niagara Falls: Get Pre-Approved Today

Finding car loans in Niagara Falls involves many moving parts at play, but our team is going to keep things simple so you will have no issues understanding what is going on.

Lack of new and used cars to choose from


Three years ago, if someone said you would have to wait a few months to take possession of a brand-new car you bought today, that person would think you were off your rocker.


There were always more than enough cars to meet demand, and the secondary used car market was a great place to go and find yourself an affordable vehicle until you could upgrade to something brand new.


Today, you will easily spend $50k on a new car, and that is not even the top-of-the-line model.


Used cars prices have never been higher, so you will not find bargains on the asking price. The only way you will be able to find a great deal is by getting the best car loans.


Lenders are more apprehensive about giving out credit


Just recently, the Bank of Canada was forced to raise the interest rate; the Bank must keep inflation at no more than 2% annually, but a recent report indicated that inflation is now tracking at 5% monthly.


It should come as no surprise, if you look at the gas pump, we are nearing $2.00 a liter and will soon go beyond that never seen before pricing point.


As interest rates increase, it puts the entire economy in a precarious position.


For every $1.00 that a Canadian earns, they owe $1.71 on it, so when interest rates increase, it forces everyone to allocate more of their budget to servicing their debt.


More money going to servicing debt means less to be spent in the economy, and this can lead to a recession.


No lender wants to give a loan to someone who cannot repay the debt, so they are focusing on borrowers that have a very stable income and high credit scores.


If your credit score is less than 600 or you have not been in your current job for a long time, you will be forced to pay a much higher interest rate.


Who has the best car loans in Niagara Falls?


We hate to break it to you, but you are never going to find the best car loans in Canada online. The best source of car loans is with the help of a local car dealership.


When you go through a neighborhood dealership, they can find the lenders who have the best deal for you.


Since the dealership has a relationship with the lender, they will offer special terms that you could never get on your own.


The dealership will also show you how to rebuild your credit score, so you will always have access to the best financing terms in the market.



If you're ready for a car loan, we'd love to help with that! simply fill in the form below to get started.

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