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Save money on your next car purchase in Vineland

Save money on your next car purchase in Vineland

The Canadian used and new car market is experiencing unprecedented demand. If you are in the market for a newer vehicle, these suggestions will make your car buying experience a very pleasant one.

Our Vineland car loans team has a few moneysaving suggestions to help when it comes time to buy your next car.

Car prices are rising at a rapid pace

Car prices are increasing monthly and with inventories around the world being depleted, it will take 1-2 years before the carmakers can get caught up to pre-pandemic levels.

So, unless you can wait 2+ years or longer for things to stabilize, you will need to start shopping for a newer car.

Financing the purchase of your new car

The average price of a new car in Canada has jumped to $40,000+ and that is going up monthly. Used car prices are high too, so you will need to get financing in place as soon as possible.

Your credit score will dictate the interest rate you will pay, so if you haven’t checked it already you can use Credit Karma or similar apps.

To get the best interest rates, your score must be over 700 but if it falls short, you can still get a loan in Vineland.

You should make it a priority to fix your credit going forward but since time is running out, you need to find a car ASAP so the next step is getting expert help.

Getting expert support

We are dealing with large sums of money and you will need to get expert support. Your best option is to contact your local car dealership and discuss with them your situation and needs.

Bear in mind the dealership is there to help you buy a car at a very competitive interest rate. They are working to earn your business and naturally want you to have a positive experience.

You will need to be transparent with the dealership about your credit issues if you have any. The dealership will be able to assess your situation and come up with a strategy to repair your credit.

There are no costs for the advice being provided by the dealership so why not take advantage of it.

Picking the right car for your needs

After speaking with the dealership and finding out your car-buying budget, you can start looking at the different cars they have available in their inventory.

While inventories are tight, you should be able to find something suitable. A question that you will need to address is whether you are getting a conventional, hybrid, or all-electric (EV) car.

The price of gas is on the rise and will soon reach $2 per litre. The challenge with all-electric vehicles is the charging infrastructure is not where it needs to be in Canada.

What you might consider doing is taking a look at a hybrid like the Jeep Wrangler 4XE, it has the reliability that Jeep is known for and allows you to benefit from the latest in hybrid technology.

By going to a dealership and following our advice you will be able to save money on your new car purchase, just be sure to take action soon before the costs of borrowing rise.

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

Categories: Car Loan

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