While 2022 was a year of overcoming challenges, car buyers who waited for the right time to buy a car should move fast.
You have many choices and a chance to get a great deal before interest rates get out of hand, but you need to act quickly if you want to take advantage of this unique opportunity.
What kind of car do you think is best for you?
You are in the market for an electric vehicle, a hybrid, or a normal car that runs on gas? The high prices at the gas pump are partly due to inflation, but that’s not the only reason.
The carbon taxes that Ottawa is charging will have a long-term effect on how much you end up paying for gas.
These carbon taxes artificially raise the price of gas at the pump, which affects the prices of almost everything because we depend on trucks to get the things we need at retail stores in our area.
Gasoline prices they are likely to continue to rise, so you should choose a hybrid or electric vehicle.
Using your credit to help you save money
If your credit score is above 7, you can get the best interest rates. However, even if your credit score isn’t around 700, you can still get a good deal as long as you get a loan before the Bank of Canada raises rates again.
Most Canadians are too busy with other things to know if they have good credit or not. Since your credit score affects how much you have to pay to pay off your debts, sign up for free credit score monitoring services like Credit Karma.
It won’t cost you anything and will help you know where you are.
When you receive your credit report, review it to see if there are any possible errors.
Mistakes are the main reason for low credit scores, and you can fix this by following the official procedure for contesting your credit report, which you can find on the TransUnion or Equifax online portal.
The place in Canada where you can get great car loans
You may have thought we’d tell you about some websites, but the best place to get a car loan in Canada is a short drive away. Local car dealers will have the best deals and will be able to help you find the best car.
Even if you have bad credit and are having trouble getting financing, however, the local dealership already has working relationships with all of the auto lenders in Canada. They will be able to help you in any case, as long as you are not in a consumer proposition or bankrupt.
As time is running out, your next step should be to call a car dealer near you and ask which lender will give you the best deal.
Unfortunately, with each passing day, the possibility of interest rates going up. You can no longer take any chances, so call the dealership right away.
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!
This article was published by: Jamie Kavanagh by title: The best time to buy a car in 2022
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