Cheap Car Finance in Canada: Find a Great Deal Today

Cheap Car Finance in Canada: Find a Great Deal Today

Posted on February 19, 2024

With low interest rates, wider acceptance criteria, and a more competitive market than ever, car loans have never been so accessible. Even so, it is possible to attain a cheaper car loan with a few simple tricks.

They won’t make an existing car loan cheaper but they can contribute to lowering the overall cost of any new car loan you might be considering.

Improve Your Credit Score

Your credit score is the most important aspect when looking for cheaper car loans in Canada. Check your credit report to make sure your score is sufficiently high to borrow the amount you want to borrow.

Then check your history for any errors, mistakes or omissions. These happen more than we would like and setting them right is a quick and easy way to improve your credit score. It also makes you a more attractive borrower in the eyes of a lender.

Trade-In Your Current Vehicle and/or Use a Down Payment

If you’re planning to trade in your old car, make it as sellable as possible. Clean it up, make any repairs, and generally make it as attractive to a buyer as possible. If you’re selling privately or trading in, the process is exactly the same.

The more sellable your car looks, the better chance you have of getting a good price.

If you’re using a down payment instead, save as much as you can in the time you have. The more you put down, the lower the loan amount. Unless you get tempted to buy a more expensive car that is!

Saving for a down payment can be tricky. Saving takes time you may not have yet has a definite advantage for borrowers. A lower loan amount means lower monthly payments, which means a more affordable loan. But the time it takes to save up that down payment also cost you money. Click here on some helpful tips on how to save money for a down payment on a car.

Buy a Used Car

There’s nothing like that new car smell or the feeling that you’re the first person to ever drive that car. But there’s a premium to buying new.

Buying a certified used vehicle is a great way to finance a cheaper car loan. You could either buy the same car a year or two old at a much lower price or buy a more expensive model for the same you would have paid.

In the context of cheaper car loans, buying the same car for less makes perfect sense! If you'd like to learn more about buying a used car vs new, click here.

Work With a Company You Can Trust

Not all car dealerships, or lenders, are created equal. Some will have your interest at heart while others with have their own. We are the former. We know that a happy customer that gets a good deal will be a returning customer. That’s how a business survives.

Working with us means dealing with a team of professionals whose aim is to get you the car loan you need at a price you can afford. Nothing less will do!

If you're ready for a car loan in Southern Ontario, we'd love to help with that! simply fill in the form below to get started.