Despite the growing popularity of riding a bike and taking public transit, driving is still the way most people get around, especially in the suburbs. Most people will drive to work, to get groceries, and to get where they need to go. For example, in Surrey BC, a large majority of people commute to work via either driving a vehicle or being a passenger in a vehicle.
While cars are definitely among the best and most effective ways to get around quickly, there is a caveat. Unfortunately, owning a car can be expensive. Not only do they often cost thousands of dollars, but you also have to keep them maintained as well. Thankfully, the availability of car loans helps more people get access to the vehicles they need.
Take a look at this infographic for everything you need to know about auto financing.
What Type of Vehicle Can You Get With a Car Loan in Surrey?
While we know that car loans are incredibly helpful, what sorts of vehicles can you actually get with them? Well, the good news is, most car loans will allow you to get any type of car that you want. Most lenders won’t have rules or stipulations on their loans, and you will be able to choose the vehicle you want. You can get:
- Electric Cars
Of course, the actual car you end up getting will depend greatly on things like your needs and your budget. While it is generally quite easy for most people to get a car loan, you need to be careful. Just because you can be approved for a massive loan to get a nice car, you need to be sure to be responsible.
10 things all consumers need to know before buying a car, click here.
Purchasing a car that you struggle to pay off can hurt your financial situation for years. Instead of just blindly shopping for cars, you should set your budget beforehand and be sure to stick to it. However, be sure to get a car that is reliable. Canada is known for its unpredictable weather from coast to coast, so you want something that can handle it. Also, it is important to remember that the type of car you get will also depend on the available stock of the dealerships in your area.
Deciding between a new vehicle and a used one? This infographic is for you.
Bad Credit Car Loans
This all sounds great, but what if you have bad credit? Well, the good news is that there are a variety of different car loan options out there for everyone in Surrey, even those with less-than-perfect credit. In general, bad credit is seen as a credit score of lower than about 550 or 600.
Getting approved for a bad credit car loan in Surrey might be a little bit more difficult as you are seen as riskier than those with great credit. There are a few different things you can do to improve your chances of being approved.
Finding The Right Lender
The first is to make sure to find the right lender. Not all lenders are willing to work with everyone, so you need to find one who is happy to work with bad credit individuals.
Consider Saving For a Large Down Payment
Next, you want to be sure to save up a healthy down payment if possible. A large down payment lowers the risk for lenders significantly, so having one could get you approved despite your credit not being the best. Borrowing money in an affordable manner is all about minimizing the risk you present to the lender.
Work to Improve Your Credit
Of course, while some may opt to go with one of these bad credit car loans, others may want to improve their credit first and then simply apply for standard car loans (for more information about bad credit card loan, click here). Thankfully, there are a number of things you can do to quickly and easily improve your credit such as:
- Making your payments in full every month
- Using credit responsibly
- Not constantly applying for new credit
- Using a secured credit card
These methods, and many others like them, will help your credit improve quickly. While the exact time will depend on how good you stick to the plan and how bad your credit was to start, within a few months you should begin to see improvements in your credit.
Interested in more information about credit? Click here.
What About Trading In My Old Car?
One of the best ways to cut down the size of the car loan you need is to trade in your old vehicle. Many dealerships will do trade-ins where they will take your old car and in return will give you a small deal or discount on your new car. This can lower the cost of your new car, but it is important to be realistic about how much you will get.
Check out these cars that have high trade-in value.
You will rarely get more than a few thousand for a trade in, and many times, it might only be a few hundred. What you get will depend on the type of car, how old it is, the condition it’s in and a variety of other factors. While you may get more selling privately, the convenience and ease of doing a trade-in at a dealership can sometimes be worth it as well.
A Great Car Loan For You
In need of a car loan or want to learn a little bit more about your options? If so, reach out to Loans Canada and we are confident that we can help you out.