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Tips to get the best deal on a car loan

car loan tips

More Canadians are struggling to make their car payments on time. The numbers are definitely on the rise.

Our advice to car buyers is straight forward: “When you buy a car, make sure it’s something you can afford, and stick to your budget. ”

To get the best loan deal, you need to do your homework. Here are few things you should do:

1. Know your credit score

Your credit score is the the #1 factor to determine the interest rate you will get on a car loan. The higher your score, the lower your rate.

Your credit score is based on information from credit bureaus, and here’s a very basic breakdown of credit scores and their meanings.

Excellent Credit: 740 – 850

Good Credit: 680 – 740

Acceptable Credit : 620 – 680

Subprime Credit: 550 – 620

Poor Credit: 300 – 550

2. Get Pre-Approved for car loan

Once your decide how much you want to spend on your next car, you can start apply for car loan online.

With the fast growth of the internet in the last few years, you can easily get your next car loan through online applications. Here at East Coast Car Loans we offer a very user-friendly application from which you can take advantage of to have your loan requests processed in real time. On top o that we also offer you tips and advice which can help you repair your credit score.

Being pre-approved for a loan before you walk into a dealership gives you confidence needed to secure a good deal!

3. Choose the right vehicle

Choosing the right car that fits your budget! There’re many factors to consider when it comes to selecting the right vehicle:

  • Vehicle Economy – MPG, Hybrid or Electric
  • Maintenance – Does the dealership has a history of expensive repairs
  • Vehicle size – Do you need a 7 passenger Van, SUV or a simple Sedan. Does your vehicle match your need
  • Insurance Rate – Will rate increase of decrease with your new vehicle selection?

1 Comment

  1. Wow cuz this is great job! Congrats and keep it up

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