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How to get a great car loan in 2022

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Canadians who want to find amazing deals on a new car loan are in luck, because we’ll show you how. If you thought you could shop online for the best deals, the short answer is “no”; The internet is not the best place to find auto loans.

If you stay with us until the end of this discussion, you will be able to choose the car loan that best suits your needs and situation.

Do you work for someone else or are you self-employed?

The first thing we should talk about is whether you work for someone else or for yourself. If you Opera for you, the underwriting process is more complicated because the lender will need more proof that you meet their loan requirements.

Getting a car loan is the same whether you work for yourself or someone else.

Seriously, how good is your credit?

It might seem like a very personal question, but you have to give an honest answer. Your credit score it’s the first thing a lender will look at, even before your income.

If your score is above 720, you are doing great and will have no problem getting good interest rates.

Even if a Canadian’s credit score is less than 700 but at least 600, he can still get a good car loan. They will need the help of a professional, which we will explain shortly.

Do you earn enough to pay off the loan?

After looking at your credit score, the next question that comes to mind is whether or not you earn enough money to pay all your current bills and the new car loan. Lenders use a debt-to-income ratio to figure this out.

If the proposed loan is more than 40% of your income, you will not be able to get that loan.

Canadian self-employed workers will need to provide lenders with copies of their most recent bank statements and government tax assessment notices.

Without these documents, the loan application will not proceed.

Where to get the best deal on a car loan in Canada

We said we would tell you where to find the best terms and we didn’t say it was online. Instead, it’s at a local car dealership.

You will need to do some research to find the dealership with the best experience in making customers happy.

Once you figure out which local dealership is best for you, you’ll need to meet them in person. During the pandemic it was fine to do everything via Zoom and the phone, but now there are no good reasons or practical reasons not to meet in person.

When you go to the dealer, you will speak to one of their internal credit experts. This person will take the time to know your situation so they can find the lender who will give you the best deal.

These credit experts will also show you how to increase your credit score in the easiest way possible. Now that you know how easy it is to get a car loan in Canada, contact a dealer near you now.

For those of you who know you have a challenging credit situation, visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for an auto loan today!

Let’s get in touch!

This article was published by: Jamie Kavanagh by title: How to get a great car loan in 2022


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