Let’s be honest: buying a car is a significant financial decision. And when you’re in the market for your first car, it’s essential to know that the price you see in ads or on the manufacturer’s website is usually not the full story.
What you’re probably seeing is the car’s manufacturer’s suggested retail price (MSRP), but this doesn’t account for the additional expenses you may be saddled with if you decide to buy the vehicle.
So, if you’ve got a tight budget but you want an awesome set of wheels, consider getting used car financing to take care of all those annoying extra fees.
When you purchase a new car in Canada, you need to immediately register it with the province or territory you reside in.
Depending on your location, registration fees can range from $15 to about $300 per year. And, unfortunately, these fees can’t be avoided.
A dealer will sometimes increase a car’s price, especially when there’s high demand and low supply. This adjustment allows the dealership to remain profitable even though it has limited inventory.
These are the extra accessories or packages that dealers push to boost profit margin. Sunroofs, all-leather seats, wheel locks, and all-weather floor mats are examples of add-ons.
You can decline some add-ons if they’re easy to remove, but it’s really up to the dealer whether they get removed or not.
This tax adds thousands of dollars to the final cost, and it’s not included in the sticker price. How much you’ll pay depends on the province you’re in and whether you’re buying from a dealership or private seller.
A destination charge covers the cost of shipping a new car from the factory to the dealer’s lot. Dealers usually charge $1,000 to $2,000 for this. The charge is included in the total price and cannot be waived by the dealer.
Finding out how much you can pay for a new car is tough sometimes, especially with all those extra fees to consider. But determining your budget and understanding the final costs doesn’t have to be challenging.
The good news is CarEvo has a Canada car loan calculator you can use when you want to know how much you can afford. Using this tool, you can see which cars are within your reach financially.
Also, we’ll connect you with certified dealers who’ll be eager to assist you when you want to make your dream car a reality.
There’s slight variation between lenders’ loan requirements, but in most cases you need:
In most cases, a credit score of at least 650 will yield easy auto loan approval. But getting a loan from some lenders can be tougher because they have stricter requirements.
At CarEvo, we specialize in helping customers who need bad-credit car loans.
Yes, it’s possible to secure a car loan with bad credit. And if you don’t want to wait for your credit score to improve, here are a few steps you can take to make approval more likely:
You can calculate your auto loan payments using our car loan payment calculator in Canada. To get the most out of the calculator, it’s important to have specific information available, including your credit score, the car loan amount, and the loan duration.
