Most people want their own car since it’s a convenient way to get around. If you’re ready to take that important step but don’t know anything about car loans in Oshawa, we’re here to help.
Of course, the process of getting a car loan is much more difficult if your credit has any negative marks. While mistakes happen, it feels like you’re still paying for them years later.
That doesn’t mean there’s no hope. We provide the steps necessary to get your priorities straight and your financials organized, so you’re ready to take the plunge. You’ll learn about options for car loans in Oshawa, so you get the best arrangement possible.
Finally, we walk you through selecting the right car for your lifestyle, instead of something that looks good but doesn’t work long-term. Armed with this knowledge, you’ll feel good about getting your very own set of wheels.
Step 1: Set Your Priorities
Why do you want a car? It might seem like an obvious question on the surface, but to really answer it you need to dig a little deeper.
Of course, everyone needs to get from one point to another. Despite what some insist, a car can serve more than just that one purpose. If you don’t ask the right questions, you might end up with the wrong kind of car. That can lead to all kinds of problems, which is something nobody should have to deal with.
Just what do you need from your future car?
Your car might be more than just a people mover. Are you going to use it for recreation on the weekends or your vacation time? Will that involve pulling a boat, snowmobiles, camper, or other heavy items? If so, you’ll need to get a truck or SUV designed to tow that kind of weight, otherwise you’ll regret your purchase.
Do you often haul things like rocks, large pieces of furniture, dirt, or motorcycles? A truck with an open bed is perfect for that job, while an SUV could work, depending on what you’re transporting.
Will you be venturing into the wild where there aren’t any roads? Getting something with four-wheel drive and excellent ground clearance would be wise, or you could become stranded.
Are you just looking for something to drive around town? Excellent fuel efficiency should be high on your priority list, since it will lower your monthly expenses.
Just like your house, a car should have enough room on the inside to accommodate everyone. If your family all lives together and travels to places as one, you’ll need a car with at least that many seats. Taller kids and adults won’t fit in the backseats of certain vehicles, at least not comfortably.
Also keep in mind if you transport large items or a lot of things at once very often. What you need to take with you might not fit in a car’s trunk, even if the rear seats fold down. A wagon, SUV, or minivan with a rear hatch makes fitting larger cargo items far easier. They also usually can hold more items without folding down any of the seats, if you need to bring cargo along with several passengers.
When you visit a car dealership or look on an automaker’s website, you’ll be presented with all kinds of cool, cutting-edge features. The fact is you might not need half the things being pushed at you, but marketers try hard to convince you otherwise.
That’s no to say you won’t need or use any convenience features in a car. If you travel often and don’t want to get lost, a navigation system can be quite useful. Do you need to take or place phone calls while on the road? Bluetooth in your car will allow you to do this without touching your phone. This increases safety.
Camera systems on cars with big blind spots helps greatly as you navigate through tight spots, like reversing in a driveway. Proximity sensors in the rear or front bumpers also warn you as the car gets near an obstacle, so you don’t hit it.
Winter is especially cold in Oshawa, so having features like seat heaters, a heated steering wheel, and wiper defrosters can be a lifesaver.
Just remember the difference between something which would be nice to have, versus something you could really use day after day. The more features included on a car, the more expensive it becomes in general.
Step 2: Assess Your Resources
Not only do you need to get your priorities straight on what’s essential for your future car, you also need to organize your financial resources. This is key for getting car loans in Oshawa.
Unless you’re one of the lucky few who have enough money to pay cash for a car, you’ll need to borrow from a lender to pay for it. That means committing to paying a certain amount of money each month. How will you know accurately if you can afford a certain quantity?
You must go through your finances. Know what you make each month, plus add up your regular expenses.
That includes essentials like food, housing, utilities, debt installments, and clothing expenditures, plus fun spending. If you don’t account for how much you spend on seeing movies, eating out, and other diversionary expenses, you might find a car payment seriously alters your lifestyle.
In a worse case scenario, committing to an excessive car payment for your budget could lead to a domino effect, sinking you into bankruptcy. Plenty of Canadians fall into this trap.
While bankruptcy might not be your fate, an overly-burdensome car loan could cause you to seriously alter your lifestyle. That might be ok with you, but you should know what you’re getting into up front, instead of figuring it out later.
Step 3: Find a Workable Loan
With a solid idea of the state of your personal finances, plus a good idea of what you need in a car, you’re ready to finally track down car loans in Oshawa.
There are several options in the area. You’ll find each one comes with its own pluses and minuses. While people will tell you otherwise, there’s really no one-size-fits-all option. What you ultimately choose will depend on your unique circumstances.
Go to a Bank
It used to be anytime someone wanted a loan for anything banks were the only reputable source.
These pillars of society fill many important functions. One is they provide a safe, insured way to keep your money. Knowing that nobody can suddenly take everything is a nice reassurance. Because banks have earned everyone’s trust in that way, they’re also a popular resource for car loans in Oshawa.
Because of their financial clout, banks can often provide car loans at competitive rates. That’s a big help when you have a tight budget or big financial goals. To enjoy this benefit, you must make it through the qualification process.
When you go to a bank for a loan, whether it’s for a car or anything else, you must fill out an application. The bank will look at your income and ask for verification, as well as major expenses like housing. In addition, the bank will pull your credit. If you have negative items in your credit history, your car loan application could be denied.
Visit Your Credit Union
If you belong to a credit union, it can be an excellent resource for car loans in Oshawa.
In general, you must belong to a credit union to get a loan through one. If you meet the various requirements for membership, some will let you apply first and then open an account once you’re approved for a loan.
Unlike banks, credit unions aren’t owned by a small group of powerful people, nor are they traded on the stock market. Instead, they’re owned by everyone who holds an account. That means a credit has the sole purpose of serving its members.
As a result, credit unions often offer some of the most competitive auto loans in Oshawa. You reap tremendous benefits from this option.
While banks have pretty high standards for who they’ll offer a loan to, credit unions can be even pickier. If you credit isn’t stellar, you might find this option isn’t one you can exercise for now.
Talk to the Dealer
While financial institutions certainly are obvious resources for car loans in Oshawa, there’s another one you might not think of at first.
Car dealers are eager to sell their products, which is why they almost always offer financing. Dealerships want to be your one-stop destination for everything related to your car, including how you pay for it.
The finance team at a dealership specializes in working with a variety of lenders. They might have relationships with local banks and credit unions, as well as other lenders you might not even know about. Sometimes dealers have special loan programs which provide extra incentives or other benefits for people who might be in your situation.
Once you fill out a loan application, the finance specialists can begin assessing which lenders they work with might be a good fit. From there, they shop several options, until they have an approval. The process can be so quick, you’re able to leave that day with your car.
While this is a convenient option, financing with the help of a dealer often doesn’t result in a great interest rate. Certainly there are exceptions, but overall this is the case.
Use a Broker
Don’t feel ignorant for not knowing about this option, but an auto loan broker like OshawaBadCreditCarLoans.ca provides the best features of the other three, without the hassle.
Applying for any car loans in Oshawa is so much easier this way.
OshawaBadCreditCarLoans.ca allows you to fill out the form online, provide any other information, and then you wait a short time. Multiple high-quality lenders compete to gain your business, so you get the best interest rate and terms for your loan possible.
If you have no credit or blemishes in your past, don’t worry. The team at OshawaBadCarCredit.ca is dedicated to getting a loan for you. They will keep searching until they find an option that will work, so you can still within your budget and get the car you actually need.
Step 4: Finalize the Purchase
Once approved for a car loan, you’re ready to wrap up the process by actually buying your car.
Some people will use the classifieds and buy from a private party. That comes with the risk of getting a car someone else had problems with and wants to ditch. Others swear by dealerships, which comes with the same risk.
By choosing OshawaBadCreditCarLoans.ca, you can also get a car. The website has a huge selection of cars, trucks, and SUVs for you to select, so finding the one which works for you is easy. Each one has been reconditioned professionally to exacting standards, so you know everything is in good condition.
Even better, you select a time and location where your car is delivered to you. If you find that what you selected isn’t working, you can trade it for something else. The customer service is amazing!
Step 5: Hit the Road
Once you’ve finalized the purchase of your car, you can enjoy the freedom of driving wherever your please. Of course, you want to be sure your new ride has been added to your insurance plan and is registered, then head out on the open road.
Go visit some friends and offer to let everyone ride in your car. Get out of town and visit a different part of Canada in your new set of wheels, seeing how comfortable it is for long distances. Plan other special outings and take full advantage of this amazing opportunity.
Having your own car in Oshawa is the kind of freedom you deserve!