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Feb 14, 2022 · Buying your first vehicle is a huge undertaking that can be a bit overwhelming and create some anxiety as you try to do everything right. We have 12 tips for first-time car buyers to follow that should help to make the process easier. Should You Buy a New or Used Car? Both new and used vehicles have strong pros and cons. A new vehicle is ...
- Jil Mcintosh
Dec 11, 2023 · A practical guideline is the 20/4/10 rule. To comfortably afford a car, you should be able to: Make a down payment of 20% or higher at the time of purchase. Opt for a loan term of four years or ...
In Canada, people typically borrow money to buy a vehicle. Two of the most common financing options are taking out a loan or signing a lease. With a loan, you can borrow up to 100% of a vehicle’s purchase price. When the loan is paid off, you own the car. With a lease, it may be a good option if you want to get a new car every two to three ...
Step 3: Choose a Payment Method. After deciding whether to buy a new or used car, you'll need to choose how to pay for it. There are three main payment methods: cash, financing, and leasing. Paying cash for a car means you cover the total cost upfront. This is the simplest method, but it's not feasible for most Canadians.
Aug 17, 2020 · This buying guide is designed to help you get what you really want out of your first car purchase. From monthly payments and loan terms to used versus new, we'll walk you through all the tough ...
- Elizabeth Berkowitz
Aug 16, 2019 · 1. Shop pre-owned. This one seems like a no-brainer for budget-minded shoppers, but you’d be surprised how many first-time car shoppers beeline straight for the brand new model when they arrive at a dealership. Maybe you crave that brand new car smell. Go for it, if you can afford it.
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Simplify Step 2: To help you decide how much cash and how much car loan you want to commit to your vehicle purchase, it’s wise to get pre-approved before you do anything else. With a pre-approval in your back pocket, you'll know exactly how much financing you qualify for before you start looking at vehicles.
