The Victoria Day long weekend has come and gone and if you didn’t have a car, you were probably itching to hop into that brand new car and hit thee road
If your holiday plans normally require the use of a car, yet you don’t currently have one – it may also be a great time to finally take that next step and buy that vehicle you’ve had your eye on.
Even though the May long weekend is behind us – there are still some important steps you will want to take, especially since you will be making a large purchase like this in the future. Whether you decide to buy a new or a used car, this is still one of the most expensive purchases you are likely to make. Large purchases require planning and it’s best to think first before you buy.
To get you into that new car before the next long weekend, use these car buying tips now…
1: Set your Budget
First of all, you’ll need to be aware of how much you can afford to buy your car. Pinpointing this figure helps you to fine tune your car search but also can allow you to avoid exceeding your financial limits. Your budget needs to include not only the upfront costs, but also the long-term vehicle expenses such as car loan payments, insurance, maintenance and repairs, fuel, and so on. Ideally, you may look at allocating as much as 20% of your income to your vehicle – especially if you have more than one vehicle per household.
2: Identify your Car Options
Doing a little bit of research about vehicle types before you start your actual search is also important to this process and can save you time. Now that you know how much you can afford, you should then have a range of car options to work from. This type of research can be done by looking online for owner and expert reviews of certain vehicles, as well as dealer sites. Next you will also want to factor in your personal vehicle needs. The size of vehicle, the specific features, amount of horsepower, weather terrain needs, many of which will likely be some of the considerations you will include. Comparing your needs to your price limit should allow you to find a vehicle that is appropriate for your situation.
3: Look for Possible Discounts
Various automakers and dealers will offer certain rebates or cash back incentive programs to attract consumers and boost vehicle sales. It’s quite common to see drivers seek out new vehicles in the Spring and there may be some deals available for car shoppers. Along with the price, the vehicle type and features – determining if there are areas where you can save some money is a good step to take. This will also require a bit of research as you look to different dealers and car manufacturers which may offer appropriate discounts that you will be eligible for. Take a look on their websites since they can indicate if certain discounts are available and how long they are set to last for. Realize that not all discounts will be advertised, so this may mean that you have to seek them out a bit more on your own.
4: Find a Lender
If you’re looking for a car, this part of the process is likely to have crossed your mind early on, especially if you are in a bad credit situation. Financing a car that you will buy is a common approach to securing a new car. As a part of this next step, you will be introduced to various features of financing, including interest rates, terms, and overall loan size. Depending on the cost of the car you will ultimately go with, this will impact the parameters of your loan.
At Canada Drives, we help drivers all across Canada secure their vehicle financing. Through Canada Drives, we can connect you to a lender that can provide you with a car loan, which are best suited to your financial situation. If you have poor credit, you can contact Canada Drives and we can help facilitate a bad credit auto loan, and most importantly, we understand what owning a car of your own will mean to you.
Ultimately, taking steps now to purchase your new vehicle will help ensure you are ready for whatever type of adventure you have in mind for the next Canadian long weekend. As long as you have a plan mapped out for how to go about making this purchase, you can make your new car and your long weekend plans take shape this summer. It’s simple, just visit Canada Drives and start your car loan application today!