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The Steps for Securing Car Loans and Cars in Oakville

10/20/2018 @ 7:07 am

Having your freedom while living in Oakville means getting a personal car. It makes getting around quicker, easier, and more convenient, especially if you don’t work from home. The only problem is if your credit file has anything negative, you might find getting car loans in Oakville to be quite challenging.

The following steps walk you through the process of getting a car loan. It starts with determining what financial resources you have at your disposal, plus what you actually need from a car, instead of just what you want. This helps you to determine what you can afford, so you avoid a debt that will put you in a financial pinch. Then, you learn how to find the right financing and buy your very own set of wheels.

Because this process can be quite complicated for most, this guide puts everything in simple terms. Instead of stumbling through finding a car and car loans in Oakville, you’ll be guided through expert advice every step of the way.

Step 1: Assessing Your Resources

When you’re about to get a new car, it’s a big financial commitment.

It’s best to be cautious at this point, because getting in too deep too fast is something too many Canadians experience. Every year, a significant number of people declare bankruptcy. At least some of those filings could have been avoided by careful, thoughtful planning before making a big decision involving money.

Other than buying a place to live, a car is perhaps the biggest investment you’ll ever make. By now knowing your limits, you can easily commit to more than you’re able to reasonably handle, and the consequences aren’t good.

First off, you need to know exactly how much you make each month. Don’t just guess or assume, look it up and be sure.

After that, you need to go through and add up all your regular bills. This includes utilities, your house payment, groceries, clothing, other debts, etc. Don’t forget to calculate how much you spend on fun things, like going to the movies, grabbing food while you’re away from home, and so on.

Get your finances in order for car loans in Oakville

As you’re adding up monthly expenses, you must be honest with yourself. If you try to convince yourself that you spend less than you actually do on one or more items, the consequence could be quite serious. It’s not worth making yourself feeling a little better temporarily about your monthly budget, just to have serious financial problems later.

The whole point of this step is for you to know how much money you have left over each month to spend on a car payment. While you might be able to cut back on frivolous spending some, you shouldn’t get into car loans in Oakville which cause you to choose what essential items you’re going to spend money on.

Step 2: Sifting Through Your Needs

Now that you’ve gone through your finances, you’re more aware than normal where your financial limits are.

With those kinds of boundaries in your mind, it’s the perfect time to think hard about what you really need from a car. You’ve been told through commercials online, billboards, etc. that you primarily need a car to look cool or convince other people you’re attractive in one way or another. You must move past all that marketing and focus on true needs.

This doesn’t mean you need to be ridiculous and say a car is simple for moving you from one point to another. While it certainly performs that function, your car likely does at least a little more for you.

Space

You need a car which will have enough space inside for your daily life activities.

How many people will be riding in this car while you drive? Do you have kids, a spouse, relatives, coworkers, friends, or others who will be getting a ride from you regularly? The car needs to have enough seats for everyone, otherwise it doesn’t fulfill this basic purpose.

Will you be often transporting cargo? Most people at least go to the grocery store, so the car should have room to fit several bags in the rear. Perhaps you often haul large pieces of equipment, dirt, rocks, etc.? If that’s the case, a truck is likely a good fit.

Different types of vehicles have different sizes of cargo areas. Car trunks are fairly small, but that might be all you need. SUVs often come with much larger places to haul things, while trucks have a massive bed in the back you can really load up.

Performance

What kind of performance do you need from a car? You’re probably not going to be racing it on a track, and that’s fine. If it’s something you’ll be using on the roads around town to go to work, visit the store, etc. fuel efficiency should be a high priority.

Do you travel long distances on the highway? While fuel efficiency would still be a priority, so would comfort since you’ll be spending hours at a time in the car.

What will you use your car to do?

Are you the type who enjoys hunting, fishing, or doing other activities which literally get you off the beaten path? A truck or SUV with four-wheel drive and great ground clearance would suit your lifestyle well.

Equipment

Depending on what you do with a car regularly, you might need special equipment to accommodate your activities. For example, if you like to ski or snowboard, a car with a roof rack provides a way to transport your equipment to and from the slopes.

Since winters are brutal in Oakville, you might want to consider items like fog lights, wiper defrosters, and heated seats.

Step 3: Selecting a Loan

One you’ve finally put your finances in order and prioritized what’s most important in a future car, you’re ready to look for car loans in Oakville.

You have several resources for loans and you should be aware of them all. Each one comes with its own set of advantages and disadvantages, so you must figure out which one is the best fit for your individual situation.

Credit Unions

Some people swear by getting car loans in Oakville through any of the local credit unions. There are some definite positive points to this option.

Credit unions serve people who meet specific criteria, such as living in a defined geographical area. Account holders all own a share in the credit union, so the whole institution exists to treat account holders quite well. This is why fees associated with credit unions are typically lower.

When it comes to car loans, credit unions typically offer really low interest rates and great terms. It’s a great way to financer a car purchase, because your money goes much further or you’re paying far less each month for your car.

However, there is a problem. If you have negative items on your credit file, a credit union likely won’t approve your application for a car loan.

Dealerships

You can get car loans in Oakville by going to a car dealership. The finance department at car dealerships specialize in lining buyers up with loans, because this helps the location to sell more cars.

Even if you’ve already been approved for a loan elsewhere, a dealership will often offer to try getting better loan terms through the lenders they work with. Many dealers have quite a few reputable loan options.

While they argue that you’ll get a great deal on a loan through them, dealerships often don’t provide loans which are all that competitive. As a result, you’ll be paying more each month for your car than if you were to go with another option.

Banks

The most traditional source of loans, banks have been around for centuries. The Canadian economy is supported by these trusted financial institutions, and we have several of them in Oakville.

Many people turn to banks for car loans in Oakville, and it’s understandable why. When you visit your bank to deposit or withdraw money, the bank often advertises its car loans.

You already know and trust the bank. It protects your money and helps you to save for different goals, like retirement or a car loan. You know that banks are insured and protected by the government, so there’s no need to worry about using them.

In addition, banks usually offer competitive interest rates and terms on car loans. That helps you to afford a more expensive option, or to save money on your monthly payments.

While not quite as selective as credit unions, banks are still pretty picky about who they lend to. If you have blemishes on your credit, be prepared for a rejection to your loan application.

A Fourth Option

You probably don’t realize it, but there’s an alternative to the three traditional methods of getting car loans in Oakville. Auto loan brokers like OakvilleBadCreditCarLoans.ca come with the benefits of the other options, but without the drawbacks.

When you get on OakvilleBadCreditCarLoans.ca you fill out a simple application for credit. From there, the team shops your application with a huge array of legitimate lenders which compete for your business. The idea is you get the best loan terms possible, keeping your car payment low and your situation as good as it can get.

Are you worried that your poor credit will keep you from getting a car loan?

The professionals at OakvilleBadCreditCarLoans.ca won’t rest until you have the car loan you need. They will find an option which will get you a new set of wheels, that way you can travel around the area without problems.

Step 4: Finding the Right Car

After you’ve figured out a good option for car loans in Oakville, you’re finally ready to get a car.

Back in step 2 you thought about what you really need in a car. You need to recall all those things in this moment. Once you start actually looking at cars, it’s easy to get swept up in all the extras, or things which are nice to have but you don’t actually need.

You have a budget and a loan approval, so you must stay reasonable as you look for a car Plus, if you buy something which doesn’t fulfill your needs, you’ll regret the decision.

Most people will spend hours and days calling people from the classifieds to decide to see their cars for sale or visiting dealership after dealership. This takes time and dedication, but you’ll eventually find the car you need and can feel good about owning.

Finding the right car for you

With OakvilleBadCreditCarLoans.ca, you get to buy a car as soon as you’re approved for a loan. The website has a huge stock of cars, trucks, and SUVs so finding what you need and like is easy. Instead of traveling around to see these different options, you make a selection and it’s delivered to a location at the time you specify.

In addition, if the first car you pick from OakvilleBadCreditCarLoans.ca doesn’t work for you, there’s the option of swapping it out for something else.

Step 5: Appreciating Your Ride

The final step of getting car loans in Oakville is the most entertaining.

With the keys to your new car in hand, it’s time to enjoy the freedom and possibilities it brings.
Go wherever you like in your free time. Plan a short road trip and really feel what your car can do on the open road. Visit friends and show off your ride, because you worked had to get this far.

Just remember to insure the car. Register it as well, and you’re ready to have some fun!

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