While Vancouver is a big city with a solid public transit system, it is still a good idea to have a car if you want to go to the suburbs or travel around the beautiful province of British Columbia.
However, with the cost of living and real estate in the city, having the money to shell out for a new (or even used) car isn’t always easy. Thankfully, a car loan can be just what you need to get the car you want without breaking the bank and spending all of your money.
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What Type of Vehicles Can You Get With a Car Loan?
The great thing about car loans is that most of them are quite flexible. As a result, you can pretty much get any type of vehicle you want, new or used. Just keep in mind that the type of car you should get is one that will fit your needs. Some people need a larger vehicle for their families or for work, while others will just need something small to make life a bit more convenient in Vancouver.
The type you ultimately go with will depend on what’s available at the dealerships in your area, but you can choose from a wide variety of vehicles including:
Of course, while you can get a car loan for basically any vehicle, you should still be smart. Only get a loan that you can afford, even if you might qualify for a larger one. Just because you can pay off a larger loan now, doesn’t mean you’ll always be able to, so it’s always a good idea to keep your future finances in mind when taking out a loan.
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Bad Credit Car Loans in Vancouver
When many people think of getting a good car loan, they may believe that good credit is needed. While you will often get more affordable rates and less strict terms when you have a solid credit score and report, getting a car loan with bad credit is still possible.
The key to getting a bad credit car loan is finding the right lender. Some lenders are more than willing to work with anyone, even if you have bad credit. Next, having a decently large down payment can help to offset some of the lender’s worries surrounding your subpar credit score.
As for what bad credit is in Canada, it is generally a credit score under 600. If you find yourself with bad credit and want to improve it before applying for a car loan, there are a few things you can do. These include:
- Paying your bills on time, in full
- Keeping credit utilization low
- Using credit only when you need to/can afford it
- Leave old debt accounts alone
- Limit your credit applications
Check out this article for more information about your credit score.
What About Trading My Car In?
If you currently have a vehicle but are interested in getting a newer or upgraded one, you should definitely consider trading your car in. Many dealerships give you the option to trade in your old vehicle to get a bit of a discount on a new one. It is a fantastic way to not only get rid of an old car that you no longer need but also to lower the cost of your new vehicle.
However, you should be sure to temper your expectations when it comes to trade-ins. Because of how quickly vehicles depreciate in value, you shouldn’t expect to get thousands and thousands of dollars for your old vehicle. Of course, you can also privately sell the vehicle instead of trading it in, but that can be a much longer process and involve a lot more work.
New cars vs. old cars, check this infographic out.
The Perfect Car Loan For You
Loans Canada is confident that we can find the perfect car loan for you. Don’t hesitate to reach out and contact us with any questions or concerns you may have. Or get started right away by filling out an application.