Save money when you are financing a car by knowing your credit score and leveraging competing loan offers.
When you are financing a car we recommend to put as much money down as you can and keep the term short and most importantly don’t buy more car than you can afford. Whenever you finance a car, you want to think about it not just in terms of the monthly payment, but also in terms of the total cost.
Here is what we recommend
Understand your credit score before you go to the dealership
If your credit isn’t perfect, get financing quotes before you go
Keep the term as short as you can afford
Put 20 percent down
Pay for taxes, fees, and “extras” with cash
If you have to finance a car, be as pragmatic as possible. At Calgary Car Centre we offer competitive rates, instant approvals and bad credit car loans.
Other considerations when financing a car
When to refinance a car loan
Let’s say you are stuck with a really bad car loan. No big deal. If your credit is good and your car isn’t too old, you should be able to refinance your car loan just like you can refinance a mortgage.
Wherever you go, ask about any fees for applying or initiating the loan and avoid lenders who want to lower your monthly payment by extending the term of your loan. With an auto loan refinance, you want to get a lower interest rate and pay down the loan over the same or a shorter term.
Know your credit score going in.
Shop for a loan before you go to the dealership and use those offers as leverage to get the lowest APR possible.