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How to get a car Loan

Car financing allows thousands of consumers to get behind the wheel of a car every week. Without a loan for a car, many individuals would be without the transportation they need to live their lives. Here’s how to get a loan for a car.

Q. How do I obtain my credit reports and scores?

A. Find out if you are eligible for a car financing by obtaining your credit reports and scores. There are two major credit reporting agencies serving Canada:

Your score will range anywhere from about 300 to 900. A score of 650 or above demonstrates good credit. That said, if you have a lower credit score, your dealer may still be able to arrange financing. Expect to put some money down or provide a trade for your down payment.

Q. What is the best way to shop for a car?

A. Online. Once you’re certain of your credit score, begin to shop for a car. Likely, you have a vehicle type in mind (i.e., sedan, crossover, minivan) and a budget.

Online shopping is convenient and easy. Visit the dealer’s website to review inventory. Keep in mind that inventory turns over quickly — if you don’t see what you want, work with the dealer to find the right vehicle.

Dealer inventory will list the car by its model year, make, model and trim. In addition to photos and perhaps a video, you should find information about its engine and transmission types, exterior and interior colours, equipment, odometer reading and other details. Make a note of the vehicle’s stock number and model code when you reach out to the dealer.

Q. How do I secure financing?

A. By discussing your options with the salesperson. Here are the steps to take when securing financing:

Find the vehicle you want. Search the dealer’s inventory. Take it for a test drive. Understand how the car operates and drives. If you have questions or concerns, discuss these matters with the salesperson.

Only when you’re satisfied should you proceed to the next step.

Negotiate your price. The dealer has an asking price, but that’s where you’ll begin to negotiate. Make an offer and wait for the dealer representative to either accept it or provide a counteroffer. Ask about seasonal specials that may lower your final price.

Discuss your financing options, including the down payment, interest rate, loan term, and the weekly or monthly payments. Plan to put money down or offer a trade. You should also pay whatever fees are involved separately, including registration, licensing and taxes.

Close the deal. Once you are satisfied that you can make a deal, then come to terms with the dealership. Carefully review all paperwork, sign the contract, make your first payment and obtain the keys. Your dealer may also discuss with you various warranty options.

Car Financing Done Right. Car financing is a process that begins with you. Make certain you know your credit score, have a steady income and the resources to make payments and maintain your vehicle. Work with your Zach’s Auto Sales representative to make car ownership your personal reality.

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