4 Things to Consider When Looking for a Nova Scotia Auto Loan
It doesn’t matter if you are in the market looking for a new or old car, the principles guiding a good deal remain the same. At East Coast Financing, we have been selling vehicles for over a decade, helping countless people buy their dream vehicles. Here are a few things that we believe are important.
1. Buy Less Than You Can Afford
Many hardworking people end up living paycheck to paycheck because they spend money on things they don’t need and cannot afford. Besides buying a home, a car is probably the second-most expensive purchase for an average Canadian. People are often fixated on buying the latest model without having a realistic understanding of how much the vehicle would cost to own. As a rule, do not spend more than 10% of your gross income on a car because the car’s base price isn’t the only expense. You will also have to spend money on maintenance, fuel, service, insurance, and on top of the Nova Scotia auto loan. Use a car financing calculator for an estimate before stepping inside a dealership.
2. New or Used Vehicle
You also need to decide if you are buying a new or used car. If you’re new to the country, a first-time driver, or have a limited budget, it’s best to buy a used car. Choose a trustworthy dealership reputed for selling vehicles in good condition and known for fair deals. Also, look for three- to five-year-old vehicles because the depreciation curve flattens around this period. Older cars are prone to regular maintenance and repair.
In contrast, new cars are easy to maintain and fuel-efficient. If your credit history is good, you can get Nova Scotia car loans at low-interest rates. But if you have a bad or no credit history, interest rates could be high. Look for car dealerships specializing in bad credit Nova Scotia auto financing.
3. Check for After-Sales Service
After-sales service is a critical factor that impacts purchasing decisions. Before buying a vehicle, read about the manufacturer’s service, reliability of the products, coverage of the service center in your area, extended warranty, and service contracts. Manufacturers with good reviews on these parameters also end up improving the perceived value of the car.
4. Do Not Buy Cars on an Impulse
Cars are a huge investment and not something to be purchased on an impulse. Make sure you do thorough research so that you do not regret your decision later. Check all financing options available, the various make and models, and more to make sure the car does not become a burden.
The Author helps people looking for Nova Scotia auto loan. He advises on choosing the right vehicle and the right budget.