We've seen huge fluctuations in the market, and nearly every industry has been impacted, leading us to be more intentional with our purchases. Everything can be purchased online nowadays, and there are more options than ever for getting the goods you need. This has turned the table on supply and demand, especially in the auto industry. Gone are the days of waiting for an industry professional, aka sleazeball sales guy, to make you an offer based on factors you don't understand. Consumers have more power and more access to information than ever before; talk about a market disruptor!
While it's fairly non-committal to gamble with an online clothing purchase, you can always return one size if it's not right, and throwing out the mouldy lemons from your grocery delivery isn't going to ruin your month. It's extremely difficult to imagine translating that same buying behaviour into more significant purchases, like a new car or your next home. The internet might be where you start to research those big purchases, but consumers still largely prefer to see these goods before they commit to them. Ultimately, that is what buying a car comes down to. Are you prepared to commit not only to the vehicle itself but also to the financing plan that comes with it?
You might pay cash for your next vehicle if you have been slowly saving up and have exactly as much as you'd like to spend on a vehicle without impacting your emergency savings or existing debts. Or you might be independently wealthy and rolling in the dollar bills. If you've gotten a sudden windfall of cash, have all other debts paid off, and want to own a vehicle free and clear, you might pay cash for your next vehicle. If this is you, still consider that you are committing to however long it might take to rebound that lump sum of money and carefully consider whether or not you might turn that cash into more money by earning interest in a protected account. Deciding whether or not to pay cash is really only a problem if you have the cash to spend, but getting prequalified for potential financing rates at no impact on your credit will help you understand where that money will work the hardest for you. Certain dealerships may offer cash discounts, and it's certainly a good tool for negotiating. Auto financing will ultimately serve to bolster your credit with on-time payments, which could help you get into the house of your dreams sooner rather than later. Don't forget, a large down payment will offset your monthly payments and might result in a lower interest rate, while the remainder of the sum you've saved could earn interest in a protected account.
Most of us won't fall into these categories or have other financial goals on the horizon, including rebuilding bad credit or bolstering your credit score, in which case a car loan is very appealing. Multiple car financing options are available through dealerships or your bank, and now online! Some reasons you might think to finance would include:
Decide first whether or not financing is the road you'd like to travel down, and let's hit the gas. There are three key ways to secure your next auto loan. You could go through your local dealership, extend a line of credit through your bank, or work with an online lender to secure your loan terms. Each financial institution will pretty much break down your loan application in three simple steps:
Because applying for a loan, purchasing your next car, and ordering your vegetables for delivery are not nearly on the same level of commitment, it's natural to be hesitant about applying for a loan over the internet. FFUN Cars takes that hesitation out of it by offering upfront prequalified rates with no impact on your credit score and no commitment. We're big on freedom of information and confident that we'll still be the best car buying platform in Canada, especially when you have all of the information!
Ultimately, the choice on how to finance will come down to how you like to be interacted with. In this post-pandemic world, it can feel comforting to have everything accessible at your fingertips, on your timeline, without having to see anyone. Some people will always prefer face-to-face interaction, but we're a little biased towards accessibility and convenience. No matter your preference, the best loan for you will come down to the loan that best fits your needs. Whether that be low interest or multiple payment options, a prime rate, or the monthly payment you can afford, they're not always the same, and you have the opportunity to choose the financial institution that will work best for you.
Understanding that this is a lot of information to digest, we're all looking for a friendly voice to let us know we're headed in the right direction, especially when making a big commitment like a vehicle purchase. No matter where your car buying journey is leading you, hopefully into the best car for your lifestyle and the best financial package for your budget, FFUN Cars is here to help you decipher all of the information, so you have a clear understanding of what you're looking for and asking for. Not only do we make it easy to access your information at your convenience, so you can get qualified with the best rate while waiting to pick up your daughter from school, but we believe in boosting your confidence throughout the process. A satisfying car buying process leads to a satisfying car-owning experience! No games, hassles, or tricks. Give us a shot without impacting your personal financial information by evaluating your current vehicle for a trade-in offer or filling out our two-minute questionnaire for applicable financing rates without leaving your chair and with zero commitment. Until and unless you're ready to push the Let's Do It button, there's no pressure from us! What could you lose? Honestly, we'll make it even sweeter with a 24-hour test drive and a 30-day money-back guarantee.