A growing number of Canadians have begun struggling with making their Calgary car loans in a timely fashion. The numbers might look low, but they continue to rise. Melinda Zabritski, Experian Automotive’s senior director, said that before you sign the dotted line for a vehicle, you should make sure you can afford the vehicle. Here are some quick and useful tips when applying for a new car loan.
1. Look at Your Credit Report
You will want a report from each of the three major credit report agencies: Equifax, Experian and TransUnion. Check all three because you don’t know which the lender will use.
2. Shop Around
To get the best deal on your next vehicle, shop around. Most people don’t and only go through the dealer, which can wind up costing them.
3. Pick the Shortest Loan
While the longer payment terms lower the monthly payments, it will also raise your costs by a lot. You always pay more in the long run for a longer loan.
4. Beware of the Yo-Yo Finance Scam
Let’s say you drove the vehicle home and signed the paperwork. A couple of days or weeks later, the dealership calls and they were unable to approve the financing at the previous price. You will have to return the vehicle and forfeit your deposit or agree to a higher interest loan. The only way to protect yourself from this scam is to either take the financing elsewhere or tell the dealerships in Calgary you won’t take the car until after the loan has been finalized.
5. Don’t Pay Too Much Attention to the Monthly Payment
Too many people focus on monthly payments, and this can be a huge mistake if you don’t know the total you’re being charged for.
We understand that purchasing a vehicle can be stressful and overwhelming, especially with bad credit. The experts at Easy Car Loan Approval are here to guide you and take the stress of the process off you.
For any questions or enquiries contact us:
Phone: 1(800) 774-0480
Email: [email protected]