October is the month of pumpkins, costumes and… unpleasant surprises. But when you’re buying a car, some surprises are much less fun than an unexpected treat.
Before choosing your next vehicle, here are five things to check to avoid surprises with your car financing.
1. Finding Out Your Real Budget Too Late
You’ve found the perfect vehicle, but do you know how much you can actually finance? Before you start shopping, getting pre-approved for car financing can help you set a realistic budget based on your financial situation.
That way, you won’t fall in love with a vehicle you can’t comfortably afford.
2. Focusing Only on the Monthly Payment
A payment that seems affordable doesn’t tell the whole story. The loan term, interest rate and total amount financed can all have a significant impact on what your vehicle ultimately costs.
Take the time to review all the terms of your car loan, not just the amount you’ll pay each month.
3. Thinking Bad Credit Rules Out Every Option
A difficult credit history, bankruptcy, consumer proposal or period of financial hardship doesn’t necessarily mean you can’t get car financing.
In Quebec, some financing options are designed for people looking for a car loan despite less-than-perfect credit.
4. Forgetting About Vehicle Expenses
Financing is only one part of your car budget. You should also factor in insurance, gas, maintenance, tires and repairs before making a decision.
A vehicle that fits your budget should remain affordable once you account for all these expenses.
5. Waiting Until You’ve Found a Car to Think About Financing
This is probably one of the most common mistakes. By arranging your financing before you shop, you’ll have a clearer idea of your options and can search with more confidence.
At Accès Auto Finance, we look at each financial situation individually. Whether you’re rebuilding your credit, new to Quebec or simply looking for car financing that fits your budget, our team can guide you through the process.
This fall, avoid unpleasant surprises: start with your financing, then find your next vehicle. Apply for financing today.