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How to get a competitive auto loan in Welland

How to get a competitive auto loan in Welland

The internet has a vast number of websites that are dedicated to auto financing and finding the lowest possible interest rate.

These websites do provide some valuable insight into the market but the information that is provided is general and, when it comes to Welland auto loans, you need a loan that is tailored to your situation.

Our Welland auto loans team explains how the internet isn’t always the best place to buy and that we could help you save more.

Drawbacks to looking for auto loans online

The internet is usually the first place we go when trying to research products and services, so it stands to reason that it’s the best place to get a low-interest rate auto loan.

What you may not realize, is the interest rates that are being offered online could just be there to catch your attention and are not valid.

The websites that provide this information are usually paid by Welland auto loan companies whenever a request for a quote is completed. These websites will use a disclaimer saying that the rates quoted are subject to approval but no one would be able to secure those rates.

There are also risks associated with providing your details online to these websites which frankly speaking are not regulated by any type of government oversight.

Working with local dealerships

The only proven way that you can access very low-interest rates on your next car purchase is to work with a dealership.

These dealerships can access Welland auto loan financing from a variety of lenders throughout Canada. These lenders do not post their wholesale rates online, and the only way to benefit from them is by going through a dealership.

If you are wondering why these lenders provide dealerships with such competitive rates, there are many reasons. The first is the dealerships can send these lenders a large number of customers.

The lenders would never be able to reach these prospective car buyers and offer them a loan, since the lender is not spending money on advertising and marketing, they can pass the savings on to the dealership in the form of lower interest rates.

The dealership can also help the lender increase their market share, by sending your loan to lender “A” instead of lender “B”, which gives the lender a competitive advantage.

Since these dealerships and lenders have great working relationships, you stand to benefit tremendously.

Putting your best foot forward

The dealerships are willing to work hard to earn your business but there are some things you can do to make your life and their job easier.

Take a look at your credit report and if there are mistakes inside the report, you need to get them addressed ASAP. These errors can bring your score down, just remember that a lower score means higher interest rates.

Your local dealership will be able to give you some helpful advice on what you can do to boost your score, like always paying your bills on time and keeping your balances as low as possible.

If you have followed the outline we have provided, then you should have no issues saving money buying a car in Welland.

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

Categories: Car Loan

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