Tips for Financing a Used Car
Things to Consider When You're Financing a Used Car in Eastern Canada
So you want to buy a used car? This is one of the biggest purchases in anyone's life. Some people decide to buy a brand new car outright, while others tend to think that purchasing a used car is a much more stable financial idea. One big reason people think this is because used cars tend to be thousands of dollars cheaper than new ones. Finding a car that fits you is a process, and when you finally find that car figuring out how to pay for it can be a real headache. That's why our valued customers throughout Eastern Canada use Smart Financing. With us, you can have the peace of mind knowing you'll find the best rates in Eastern Canada. Let's dig in some more.
Benefits of Financing
Financing a used vehicle comes with a lot of benefits that most people don't know about. Car financing is much simpler than most expect. Some of the advantages of financing a car is that:You build equity in the car while you are financingOnce your loan is completed, you are done with paymentsWhen your payments are done, you can either keep the vehicle or you can trade it in for a newer model if you so choose.
How Does Financing Work?
Going through financing through a dealership is typically the way to go. You can find Smart Financing at Every 1 Drives for the vehicle of your dreams. The traditional way to enter into financing with the dealership is that you enter into a contract when you decide to purchase a vehicle. You make an agreement that you will pay a set amount of money over time. This includes the amount financed and usually a finance charge. The dealer then sells the contract to a bank or credit union, and they are the ones who collect your monthly payments.
10 Tips for Financing a Car
In order to be able to have the best financial luck for purchasing a used vehicle, there are ten tips that you should be aware of.
- Know your credit score before you walk into a dealership
- Get as many financing quotes as you can, it's good to have a broad range of options
- Try to keep the finance term as short as you can
- Put as much money into your downpayment to drive down your monthly payments
- Use cash to pay fees
- Look into getting a non-recourse loan
- Find a dependable co-signer
- Stick to what you know
- Always make your payments on time