The Government of Canada has increased the wage subsidy from 10% to 75% in an effort to financially support businesses affected by COVID-19.
Car Loans Mississauga
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Written by Kale Havervold
Best Car Loans Mississauga 2020
Living in a suburb of a large city in Canada has many benefits. Homes are larger and it is often a quieter and laid back experience. However, if you want to go into the city, it can be a bit of a journey. For example, travelling from Mississauga to Toronto can take an hour or more, despite the fact that the journey is less than 30 km.
As a result, most people in Mississauga get around by driving. Unfortunately, cars aren’t cheap, especially in a high cost of living area like the GTA. Thankfully, the existence of car loans makes it easy for the majority of Canadians to afford a vehicle. Without car loans, there is a good chance we’d see a lot fewer vehicles on Canadian roads.
Check out this infographic all about your auto financing options.
What Sort of Vehicle Can You Get With a Car Loan in Mississauga?
So just what kinds of vehicles can you get with a car loan in Mississauga? Well, the answer is that you can really get anything you want. This includes:
- Electric vehicles
The actual make and model of the vehicle you get will depend on the dealerships you have in Mississauga, and what they have in stock when you visit. However, just because you can get any vehicle you want with a car loan, doesn’t mean you should. You still need to have a budget and make sure you only get a vehicle that you can afford. If not, you may be stuck making payments for years that you can barely afford. This will make it very hard to reach other financial goals that you may have set for yourself.
Can’t afford a new car? Consider a certified pre-owned vehicle.
Of course, be sure to get a vehicle that fits your lifestyle in Mississauga. With the frigid winter that most of Canada face, it is a good plan to get a reliable vehicle. You need one that will not only handle the cold but also the snowy and icy road conditions.
Bad Credit Car Loans in Mississauga
While you can get any sort of car you want with a car loan, getting one isn’t always that easy. Sure, if you have a solid down payment, steady income, and a good credit score, it will be relatively easy. However, getting a car loan with bad credit can prove to be more difficult.
While there is no exact definition of what bad credit is, it is generally seen as anything between 300-600 (credit scores in Canada range from 300 on a low end to 900 on a high end). Now that you know what bad credit is, let’s take a look at a few things you can do to improve your chances of getting approved for a bad credit car loan in Mississauga. The first thing you can do is to find the right lender in Mississauga. Some lenders will be willing to work with bad-credit individuals, while others will not.
Next, you need to make sure to have a strong down payment. The more you offer up as a down payment, the more certain lenders will be willing to work with you. This is because the higher the down payment, the less risky you are to the lender. Of course, you can also just hold off on getting a car loan for a few months until you increase your credit score or improve your credit. This will likely save you money, but not everyone has a few months to spare before getting a new vehicle.
Read this for more information about bad credit car loans in Canada.
Vehicle Title Loans
While most people will use a loan to get a car, you can also use your car to get a loan in Mississauga. If you are in need of a loan, and you own your vehicle, a vehicle title loan could be a great option for you. These allow you to put your car up as collateral and borrow the money that you need. Of course, be sure not to default on these loans as they could cost you your vehicle.
If you have bad credit, a vehicle title loan is a good way to get approved for a larger loan in Mississauga. However, you may not be able to get one with an old or broken down vehicle. The vehicle that you put up for collateral will have to have at least some value, or else no lender in Mississauga will be willing to work with you. Also, you must completely own the vehicle, so this may not be an option for everyone.
Trying to decide between a new car and a used car? Take a look at this infographic.
The Right Car Loan For You
Looking for the right car loan for your unique needs? Be sure to reach out to us at Loans Canada. We are confident we can help the car loan you need in Mississauga.