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