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Looking For Canada Car Loans? 5 Tips To Get The Most Attractive Deals
As a rule of thumb, always buy a car that you can afford. Make sure the car truly meets your budget even before you agree to take a loan to finance it. With that said, it’s important to shop for car loans with a few tips in mind.
Know your credit rating
You need to request for a credit report from the major reporting agencies. The good thing with having your own report is that you can verify whether the lender is using an accurate figure to determine your interest rate. Sometimes the credit score varies but it shouldn’t be a huge disparity. If you notice some mistakes in your report, go ahead and have them rectified because they do affect your interest rates.
Compare interest rates offered
Most importantly, make sure you compare the interest rates offered by different institutions. If you are being offered a loan by the used car dealership, don’t rush to accept it before you know what other lenders have to offer. In fact, you are always advised to start shopping for a loan even before you approach the dealer. Doing this allows you to focus on cars that you can actually afford. When you start shopping ...
... for a car before the loan is approved, you risk going for an expensive car.
Find a reputable dealer
Buy your car at a dealership you can trust. This is important because the used car dealership will be there in the event that anything goes wrong. If you buy from a seller who you can’t locate soon after, you’ll be at a loss in case something goes wrong. Make sure you also read the terms of the contract and understand what’s covered in the warranty. You shouldn’t have to pay for an extended warranty in order to be guaranteed coverage in case of damage.
Focus on the total loan amount
A lot of people think that if they can afford a monthly payment then they’ve found a good deal on an auto loan. The thing with most loans is that, the lower monthly payments you make, the more you are likely to pay in the long run. The lender usually increases interest rates for loans that take a longer duration in order to compensate for the high risk. Short term loans are cheaper but you should expect to pay a higher monthly payment.
Work with a licensed dealer
Car dealers in Canada should be registered by the required body. If a dealer doesn’t show you their proof of registration, don’t agree to do any business with them. This registration protects you as a buyer from dealing with cons when buying a car.
Know when to examine the car
Assess the car during the day and when there’s adequate light so that you can see its condition properly. Don’t be in a rush to examine the car. Avoid taking the car for a test drive in bad weather. Examine it when the weather is dry.
Watch out for red flags
Find out if the used car has a fresh coat of paint. This fresh paint can be used to hide a multitude of defects. It could be that the car has been in an accident and the spraying is done to hide underlying problems. You can tell that the body panel has been freshly painted by looking for inconsistencies.
Crooked bumpers and panels
When the bumpers and panels do not align, it could be a sign that the car has been in a collision. Look for any signs of repair done on the car and ask the dealer about this especially if it’s not included in the inspection report. Trim pieces that look newer than the others mean that something has been done to repair the car.
Take the car for a drive
You shouldn’t consider buying a used car until you’ve taken it for a drive. Taking the car for a test drive helps you to ensure that it works well for you and you also get a chance to take note of any problems such as a noisy engine whenever you turn the ignition.
Buy a certified car
Ask for the car’s paperwork before you buy. Most used car dealerships in Montreal sell certified cars. But it’s important to examine the car’s safety certificate just to ensure that it has accurate information. Check the car’s history as well to ensure it has been well maintained by the previous owner.
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