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Why you shouldn't get a car loan from your local bank

Why you shouldn't get a car loan from your local bank

If you are thinking about getting a loan for a new car, your local bank may not have the best deal out there. In fact, we would say they will not have the best deal.

Our Bronte auto loans team are going to show you how to navigate the car buying market in Canada and come out on the other side with a good deal.

A world of change

The auto finance world has changed dramatically since Covid-19 has to lead to a shift in the way people work.

While most employers are trying to get their employees back in the office, at least with a hybrid of in-office and work from home, a growing number of Canadians are opting to work from home permanently.

Individuals who work from home do not have to commute as much, so their car-buying needs will change.

Also, since you don’t need to live in the town where you work, you could live anywhere in Canada.

This freedom to live anywhere is complimented by the vast number of lenders in Canada that offer car loans.

Serious food for thought

You will see numerous websites advertising car loans at fantastic rates; these websites do not actually offer car loans.

They just get you to fill out an online form and send your details out to the highest bidder.

While this is convenient, you will not get a great deal, and in most cases, your information could end up in the hands of scammers.

Credit score and income verification

Your credit score is the single most important variable that comes into play when you are trying to secure a Bronte car loan.

Lenders are under immense pressure to issue new loans but only to borrowers that meet their underwriting guidelines, and the first thing that they look at is your credit score.

In order to get the best terms, your score must be 700 or higher; you could get approved for a car loan if your credit score is at least 600, anything under 600, and you are in the subprime range.

If you are not sure about your credit score, you can sign up for free access by going to TransUnion and Equifax. After you have completed the ID verification process, you will be able to access your credit score in real-time.

Where to get the best car loan terms in Bronte

This answer may sound counterintuitive, especially since everyone does their shopping online, but your best option is with the help of a local car dealership.

These local dealerships will be able to help you access all of the lenders in Canada and select the one that will give you the best deal.

The local dealership will also be able to help you with test-driving vehicles, so you can select the car you like the most. What you should do is head on over to your local dealership today and start reviewing the various cars that are available.

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

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