Are you inquiring about used car loan rates in Canada to get a pre-owned car rather than spending money on a new one? You have two options for used cars: a standard pre-owned or a certified pre-owned model.
Let’s examine the differences between these two types of preowned vehicles to help you choose the right one.
A used car has had at least one owner before. The cost of the vehicle varies depending on the make, model, year, and condition. A well-kept car is a wiser investment because it will cause less trouble in the long run. Based on their age, some vehicles might come with warranties.
Certified pre-owned (CPO) cars are the pinnacle of used cars. They have factory or dealership warranties and have undergone thorough restorations. CPO vehicles must pass stringent inspections and adhere to the age and mileage standards established by the dealer or Original Equipment Manufacturer (OEM). They must be of the highest aesthetic and mechanical calibre to be eligible.
Pros: Lower price, more choices
Cons: Higher risk, no warranty, potentially higher financing rates
Pros: Warranty coverage, low mileage, thorough inspection
Cons: Higher price, limited selection
Compared to non-certified options, certified pre-owned (CPO) vehicles can cost anywhere from $300 to $4,000 more. But don’t be put off by the price. There are benefits to that additional investment. For example, if you spend an extra $1,000 on a CPO vehicle, you drive with the assurance that you won’t have to pay a lot of money for repairs soon. If you do have an issue with the vehicle, there’s a strong possibility that the warranty will cover it. If you purchase a non-CPO car, you may find yourself footing the bill for a significant repair that could easily cost more than $1,000!
Typically, CPO vehicles are more expensive than regular used vehicles, but they offer peace of mind. Non-CPO vehicles can still be excellent choices, but CPO vehicles are hand-selected for their low mileage and immaculate condition. Many also provide additional benefits like extended warranties, low-interest financing, maintenance, and roadside support. Ultimately, it depends on your budget, how much you drive, and your other requirements. To learn more about financing your car, find a used car loan calculator in Canada.
If you have a specific car in mind, you can locate it more quickly in the large market of uncertified used vehicles. However, if you’re looking for the same car with a CPO label, you may need to expand your search and consider dealerships farther away.
The car buying process has transformed, making it easier than ever at CarEvo! You can apply for approval from the comfort of your home. We offer a wide selection of premium vehicles at discounted prices. You can rely on us if you’re looking for car loans with bad credit. We even have tempting offers accessible for individuals with less-than-perfect credit scores. Contact us with your requirements and get a vehicle in as little as 24 hours.
