Do you need a new car? A car loan could be the answer you are looking for

19 August 2013 - Which Way To Pay

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Do you want to buy a brand new car? A car loan could make your dream a reality

When you want to buy a new car it is important that you research all your options carefully so you know all the facts to make an informed decision. It is important that you shop around for your car loan and not just your car. In fact, it is advisable to find your car loan before you even start looking for your dream car. The repayments terms and any conditions could be a contributing factor to what car you decide to finally get.

How can I afford a brand new car?

Buying a new car is a large purchase and depending where you live and work in Canada, an essential one. The average price of a new car in Canada is more than $25,000 so it is no surprise that most Canadians need to take out a car loan to make this payment. You are able to put a down payment as a deposit and pay the remaining balance off over a period of time.

What is the duration of a car loan?

It can take a number of years to pay off a car loan and the duration of the term can be from 1 year to 7 years. An advantage of a car loan is you will know exactly how much you need to pay back every month.

Car loan interest rates Fixed V's variable?

Car loans can charge a variable interest rate or a fixed interest rate that stays the same for the duration of time you are paying the loan back. You and your lender will normally decide which option is best for you, but you should research this carefully so you are aware of the benefits and disadvantages of both options.

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