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Money saving strategies when buying a car in Burford

Money saving strategies when buying a car in Burford

Follow these simple hacks if you live in Burford and want to save money on your car loan. They have been tried and applied to the real world.

Are you buying a gas, hybrid, or electric car?

You can keep the amount of cash you spend on a car in check by choosing the type of car you buy.

Buy a hybrid or electric vehicle (EV) and you might be able to get a rebate from the federal or provincial government. The amount of the rebate depends on how much the vehicle costs and where you live.

If you buy a regular gas-powered car, there are no incentives, and gas prices are going up, so this choice will cost you a lot of money in the long run.

Raise your credit score to reduce the cost of borrowing

Doing everything you can to improve your credit score is one of the easiest ways to save money on auto financing in Burford.

This may seem like a no-brainer, but you'd be surprised by how many people wait until the last minute to check their credit score before they go car shopping.

If you know you have credit problems, why not start working on improving your score right now instead of taking out a high-interest car loan because you have bad credit?

The key to a good credit score isn't really a secret; just keep track of how much debt you have. For example, if your credit utilization rate is more than 30%, you need to bring it down.

Along with reducing how much debt you have, just make sure your payments are on time. These two things alone will help keep your credit score high.

Don't try to get a loan for a car on your own

Trying to get a Burford car loan on your own is one of the biggest and most expensive mistakes people who want to buy a car make.

They think that if they do their shopping online, they can avoid the "middleman" and save a few dollars.

Nothing could be further from the truth. Online shopping can help you find the best deals on pretty much everything, but when it comes to big purchases like buying a car, you need to go old school and work with a local car dealership.

Why it's better to buy a car from a local dealer

Most of us have been trained by the pandemic to try to do all of our business online.

However, now that Covid restrictions are (mostly) a thing of the past, you should go to your local dealership and start looking at the different loan options that are available to you.

These dealerships have access to Canadian lenders that you could never find on your own because these lenders only work with local dealerships.

These same dealerships also have access to some of the best interest rates in all of Canada, so they will be able to get you approved for a car loan at rates you could never get on your own.

If you really want to save money on car financing, you should call your local dealership right now.

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

Categories: Car Loan

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