The Secret to Getting a Great Car Loan in Dunnville

The Secret to Getting a Great Car Loan in Dunnville

Posted on February 3, 2022

The car-buying market is experiencing unprecedented growth that has never been experienced in recent history. When the pandemic hit, production across the globe came to a screeching halt.

Carmakers are not able to get the microchips they need to produce new vehicles, so there is a shortage of both new and used cars.

This limited supply of vehicles has driven up the prices of cars and even if you wanted to buy a brand new car today, there is no guarantee you will be able to get the exact car you want without paying a massive premium. Regardless, we'll show you how you can get a great car loan in dunnville on the cars that are currently available.

How inflation impacts your car buying options

Inflation has increased the prices of everything, as prices rise it reduces the amount of disposable income you can allocate towards your new car payment.

If you have not determined how much you are willing to pay for the new car, you should consider drafting a budget now.

When you are drafting the budget, it would be smart to have a healthy emergency fund. We are still battling the pandemic, and there is a tremendous amount of uncertainty.

Having a great credit score is key

To get a great car loan in Dunnville, your credit score needs to be in the good to excellent range.

The median credit score in Canada is around 660, so if your score is above 660 you are in great shape. TransUnion and Equifax will give you access to your credit score for free.

If your credit score is under 620, you would be in the subprime category which means the interest rates will be considerably higher.

There are some easy steps you can take to help boost your credit score. Try to reduce your debt, debt will weigh down your credit score and also lower the maximum amount of money you can allocate to the car payment.

Picking the right make and model of car

We have discussed the importance of having a great credit score but that is just one element, you need to select the right make of vehicle. There are some brands that retain their value over the long term, an example of great brands is Jeep and Dodge.

Locking down the best car loans in Dunnville

The secret to getting the best car loans is by dealing with a reputable local dealership. Dealerships have direct access to lenders all over Ontario. This is something that online lenders cannot offer you but it goes one step further.

The dealership has the ability to help you find a lender even if your credit is subprime, this is something you cannot find elsewhere.

These dealerships are able to provide you with easy-to-follow credit rebuilding tips that you can implement today. The first thing you have to do is schedule an appointment with the local dealership and test drive a few vehicles until you find the one that you like the most.

Now that you know the secrets of getting a great car loan in Ontario, you can reach out to the dealership and find a suitable car.

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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