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What to Look for when financing a car?

What to Look for when financing a car?

Posted on November 21, 2017

The time to understand financing is before you purchase a new or used car. Car financing in Toronto isn't difficult to understand as nearly all the same requirements apply wherever you are in Canada.

There are six steps to take before financing a car in Toronto, what can help you get behind the wheel of a vehicle in no time.

1. Obtain your credit score.  Your auto financing opportunity depends on several factors, including your annual salary, how long you've been employed and your credit score. Your credit score typically ranges from 300 to 900, with scores of at least 650 demonstrating the consumer has good credit. But don't allow a low credit score to dissuade you from buying a car -- Toronto car financing covers consumers with low scores too. 

2. Explore your financing options.  Your dealer can help you obtain car financing. Now that you know your credit score, you're ready to discuss with your dealer your financing options. Depending on the deal, your credit and other factors, manufacturer financing may come into play. However, auto financing in Toronto can also encompass other options, including local banks and credit unions.

 3. Consider the available terms.  Auto financing in Toronto goes beyond the interest rate charged to include the length or term of your loan. You may find a 36-month loan more to your liking, then realize a 48- or 60-month loan offers affordable monthly payments. Ask your dealer representative for the financing options available to you.

4. Put money down or trade in a vehicle.  No financing deal in Toronto deal is conducted apart from money put down on your part or with a vehicle traded in. Sometimes both. The larger your down payment or the more valuable your trade, the less you will owe. Try to put down at least 20 percent -- if you do, you may obtain a superior interest rate on your car loan. Your monthly payments will be lower with more money down.

5. Handle the ancillary expenses separately.  Toronto car financing should involve the cost of your vehicle only. Wherever possible, pay taxes, fees, and other expenses separately, instead of rolling these into a loan. Make auto financing as simple as possible. Otherwise, you'll pay interest on these ancillary expenses. 

6. Sign the paperwork.  Your dealer will go over the various paperwork steps required to complete the deal. This also means arranging for auto insurance, paying fees and signing documents, including records to be forwarded to the provincial government.

Next, you'll be given the keys and may receive instruction from the dealer about warranties, service options and car care. With a shake of the hands, the deal is now done.

 There isn't much mystery about car financing, although you should initiate the process by obtaining your credit score first. Both Equifax Canada and Trans Union Canada are sources to turn to when seeking your score, the first step in auto financing in Toronto.  

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