Your child finally turned 16, which for most parents in Ontario means a teenager constantly hounding them for their own car since family SUVs or old pick-ups just aren’t “in style”. The day you taught your child to drive, you knew that you’d eventually have to spend a portion of your savings to get him his own vehicle. Fortunately, unlike the time when you bought your first car, most car dealerships currently operating in Ontario now have financing departments which help you afford any of the vehicles in their lots.
You no longer have to spend a lot of effort going from one bank to another, i.e., comparing payment terms, and at times even getting your car loan application disapproved. Various car dealers in Ontario have their own stipulations when it comes to approving auto loans and are less rigid compared to other lending institutions. Thus, it’s up to you to decide which dealership you’d like to do business with. To help you make a smart choice, here are some tips on how to choose the right auto loan:
Do Your Homework
Before heading out and selecting a car with your child, try narrowing down your choices by browsing through websites of well-established dealerships. Majority of car companies put up their inventory of vehicles online with their corresponding prices and other specifications. Compare these prices with the ones listed in car buying guides or in the Kelly Blue Book. This gives you an estimate on how much you should be paying for a new or used car.
Evaluate the Finance Scheme
After knowing the probable amount of money that you’ll have to spend, check the finance schemes for car loans Durham dealerships offer to their clients. They could be personal contract plans, hire purchase, personal loans, or other forms of finance packages. Opt for the payment method that fits your financial situation and one wherein your overall repayments won’t exceed the total value of the vehicle.
Read the Fine Print
Although contracts for car loans Ajax finance agents write out are often several pages long, do take time to read through them thoroughly and understand all the stated conditions. Make certain that there are no hidden fees or extra charges that’ll sooner or later come back to bite you. This could be establishment fees, early repayment fees, or additional charges if you default on your loan.
If you keep in mind the guidelines enumerated above, you’ll be able to spot the best deal from car dealers Durham locals rely on for their auto financing needs. You won’t only have a happy teen at home, but you’ll save more money as well. For more information and tips, you can visit http://www.moneybuddy.com.au/car-loans/choosing-a-car-loan-tips.html.
Car Shopping Guide: Tips on How to Choose the Best Car Loan