What makes the city of Kitchener, Ontario unique is the rich German heritage. The Oktoberfest, which is held in Kitchener and is televised nationally, brings in large number people making it the biggest Bavarian festival in Canada.
But just because Kitchener, or as it was once known “The City of Berlin”, has these unique traits, it doesn’t mean that the people of this town don’t struggle with the same decisions the rest of Canada has to make.
One of the biggest decisions that can impact our financial situation for a long time, is purchasing the vehicle you want and need. That is why Approval Team strives to (with our experts in car financing) give you the best support when it comes to buying a car.
LOOKING FOR A WAY TO SAVE YOUR MONEY
Making this kind of expenditure can be incredibly draining on our financial status, which is why we should take steps that will give us what we need but saves as much of our hard earned money in the proses as well.
We have to pay attention to all aspects of this kind of purchase because sometimes keeping your monthly payment as low as possible isn’t as logical as keeping the total cost of the loan down.
Keeping in mind the long term value of the car makes buying a used car one of the more sensible directions you can go with. The value of a new vehicle drops drastically, even the same day it leaves the dealership, up to 10-20% of its original value.
And this presents itself as a big problem in the future if you ever decide to resell that car, which by that point can lose even more of what it’s worth.
Even though putting down payment can sometimes be the stepping stone, because of the relatively high initial investment, you should still consider this move because it greatly reduces the future interest rates that will accumulate over the remaining amount you pay through monthly or weekly payments.
Secondly, the number of payments is another deciding factor when applying for a car loan.
We might try to keep them as low as possible, because of the size of our monthly allotment for the loan, but a lower number of payments means lower interest rates, which further means the lower total amount of loan.
MAKING THE RIGHT CHOICE
We already established that buying a used car has big merits, but there are still a few things that we should keep an eye on when going forward with the purchase.
If you live in Kitchener, ON we have good news. An affordable and hassle-free car loan is just a phone call away.
Contact us and find a trustworthy partner in your future endeavors to get you your dream car. Bad credit score, past bankruptcies? No financial status should be a stopper.