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For many people currently in the marketplace for a new car, purchasing a brand new, never-been-owned-before vehicle is not only too expensive, but it doesn’t make sense financially when you look at how much that vehicle depreciates. It’s no secret that the moment you drive a new car off the lot its value depreciates by around 10%, and that number doubles by the end of the first year.
On the flip side of things, a previously-owned vehicle, that is more than a year old, will depreciate at a much slower rate. Plus, depending on the make and model, you may still have a fair amount of the warranty left on the vehicle. Remember, the warranty goes with the car, rather than the person who owns it.
Regardless of your reason for purchasing a used vehicle, there is one very important step you’ll need to take—securing financing. Unless you are planning to pay for the car in full the moment you pick it up, financing is necessary, even if it’s just for a portion of the purchase price. Financing is always wise to investigate before you start the actual shopping process.
Why Look Into Financing Before You Start Shopping?
The push to secure financing is really all about the budget. Because a lot of Canadians live on tight budgets, there’s a good chance you will have a limited amount that you can spend on the monthly car payment. Knowing what is within your budget will help you to figure out the sticker price you can afford.
How LendingArch Can Help With Budgeting
We get it, creating a budget is no fun and can even be a bit confusing and intimidating. We suggest you check out our car loan calculator tool to help you figure out what each sticker price would work out to in terms of the monthly payment. This is a quick and simple way to determine if a particular vehicle is affordable or not.
What About Securing Financing?
Of course, we can also help you when it comes to securing financing. Here at LendingArch, we provide all the latest used car finance rates from the top lenders and institutions in the country. We consider everyone who applies, regardless of their credit history or current credit rating. No one should shy away from checking out our used car loan rates, and we will be sure to connect you with the best lender for your particular needs.
All the information we provide you with is always confidential, safe, and secure, so you don’t have to worry about sharing details with us.
We suggest you go through the steps on our website to provide us with more details. This allows us to give you accurate information on a used car loan based on the make, model, your repayment terms, your income, etc. Once you’ve entered in the important details, we’ll give you a list of potential lenders located in your area that can help you with the loan. We have access to used car loan rates in the category of cars, vans, SUVs, and trucks, so the make and model makes no difference regarding whether the information is available.
A Word On Poor And Bad Credit
Even though we like to tell people that we consider everyone, for those with bad or poor credit, it’s especially important to hammer home this point. If you’ve tried to apply to a bank or a lending institution in the past, only to be denied credit because of your poor rating, it’s time to start fresh with us. We truly make it our mission to help everyone, regardless of your financial past.
Also, one of the best ways to start improving your credit rating is to show that you make regular payments on your debt. That is what a car loan could do for you; it could help you rebuild your credit and improve your standing. By the time you pay for your vehicle, provided you have made all the payments on time, you can look forward to a better rating.
A few things to keep in mind if you do plan on applying for financing and you have poor credit. Be aware of your score before you apply and examine a full report. Sometimes there are mistakes on your credit report that are dragging your rating down. If you can get those cleared up, your rating can improve drastically. It’s also wise to go in with realistic expectations. Typically you will be paying a higher interest rate, but there is no harm in getting a few quotes from different lenders.
How About The Actual Car Shopping Experience?
Once you have figured out what you can afford and which lenders you can work within your area, be sure to also use our information to help you with the shopping experience. It’s not just lenders we hook you up with, we’ll also provide you with information on dealerships in your area that have vehicles that match your criteria. It’s all about making the car shopping experience fluid, smooth, user-friendly, and fast.
We understand better than anyone that once you make the decision to purchase a new vehicle, the last thing you want to do is sit around and wait. That is why we give you all the details you need to get out there and make a purchase as soon as possible. For those who are in-between cars and don’t currently have access to one, speed is of the utmost importance and we understand that.
Working To Help You
So, when it comes to gathering all the latest details on used car interest rates, we invite you to check us out at LendingArch and see for yourself the many ways in which we can help you figure out a budget and secure financing with a trusted and leading lender here in Canada.