3 Steps to get a Great Deal on a Car Loan in Burford

3 Steps to get a Great Deal on a Car Loan in Burford

Posted on March 8, 2022

When shopping for a great deal on a car loan in Burford you will be filled with a variety of different emotions. It is perfectly normal to feel a rush of excitement and anxiety at the same time.

Our auto loans team are going to provide you with some tips that will help make the experience much easier from start to finish, and you'll be able to find a great deal on a car loan in Burford.

Coming up with a game plan

Not to sound like a buzzkill, but you should not try to fly by the seat of your pants when shopping for a new car.

Car prices are high, and you don’t want to take on a $50,000+ debt only to realize that you are not in love with your purchase.

Do you have a specific make or model of car that has caught your eye? Unfortunately, there is a shortage of cars in Canada, but you should not let that dissuade you from buying.

You can get a competitive deal, but since it's a seller's market right, you will need to roll up your sleeves and start doing some initial research.

Crunching the numbers

Having a budget in place will reduce any stress you may feel when it comes time to negotiate the final price.

The average Canadian is less than $200 away from having serious financial hardship, so we don’t want you to make the wrong financial decision.

Open up a spreadsheet and list income and all your expenses; prospective lenders will accept 35% of the maximum debt-to-income ratio, so add together all of your debts plus the projected Burford car loan.

If the percentage is under 35, you will qualify for the loan provided you meet the other underwriting requirements that we will go into shortly.

Lenders are going to look at the debt-to-income ratios, but some other numbers they will focus on is your credit score.

Your credit score needs to be over 680 to qualify for prime interest rates and 720 plus for the best interest rates.

TransUnion and Equifax will give you free access to your credit report and score.

Don’t worry if the scores do not much; these credit reporting agencies have different scoring models, so it is natural that the scores do not match up.

Finding the right car at a great price in Burford

When you have completed all of your research and feel at ease about the finances, your next step is to visit a neighborhood dealership and explore your options.

While shopping online is convenient, you should never try to buy a car online without first going for a test drive. Another reason why you should visit the dealership is their ability to get you great financing.

There are websites advertising car loans online, but you are not going to find a good deal on those websites. These websites do not provide car loans; they just pass your information on to multiple lenders who will follow up with you.

The dealership will show you how to rebuild your credit and get an outstanding car loan if you have credit issues. Now that we covered all of the key things you should consider when buying a car, it is time to start your car-buying journey.

We’d love to help you find a great deal on a car loan in Burford. Simply fill in the form below and we’ll get back to you ASAP! 

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