Having a car is an incredible convenience that many people take for granted. The car loans Canada has available can vary drastically in long-term value and affordability, but even knowing this, it can be hard to find an option that truly fits your budget if you’re stretched thin. That’s where Bonsai Finance comes in.
Life Without Driving
Without a car, life in Canada can be somewhat difficult. The lack of personal transportation you can use whenever you want makes itself felt in all areas of your life. You have to work much closer to home than most people since public transportation won’t get you very far, limiting your job options. You have to shop at the places you can actually get to, regardless of the prices of the merchandise available there. You effectively have a curfew on you at all times, too, since you can’t be out later than the final bus or subway runs without having to take an expensive taxi ride. You’re stuck living life on other people’s terms and schedules, and not on your own.
The Difference Freedom Makes
With a car, you have far more options available to you. You can drive to the grocery store in the next town over to take advantage of the excellent sales they’re running. You can visit friends anytime and go enjoy yourself anywhere you want in your downtime. You’ll even enjoy much better job prospects when you have reliable transportation that you can use at any time of the day or night, and you won’t be limited to applying to places located close to public transport routes.
In short, a car is an investment, and if you can’t afford to buy one with liquid savings, it’s never a bad idea to take out a loan to make that purchase possible. A car loan gets you that money immediately and with relatively favourable conditions. Rates are usually lower than those of personal loans or credit cards, and your repayment periods usually span multiple years. Unlike getting financing directly from the dealership, this option also allows you to choose from among several competing lenders, so you’re likely to get a better deal than you would if you allowed the car dealer to dictate everything. If you need to buy a car and it just can’t wait, car loans are almost always your best option.
Why It’s Important to Shop Around
Even if you’re in a hurry to get a car, you shouldn’t just latch onto the first car loan offer you think is within your budget. You may not be factoring in the total cost of owning the car when making this calculation. For instance, if the car isn’t brand new, it may need repairs sooner rather than later. It will also need some other investments over the course of its life, such as:
- oil changes
- tire rotation
- regular washing
All these things cost money, and buyers often overlook them when budgeting their total monthly car spending. As a result, they may overestimate how much of a car loan they can afford to take out. That’s why it’s always important to closely examine many options for car loans Canada’s lending market has available right now.
Find Car Loans Canada Instantly, All Online
You’ll never be able to examine every single one of the car loans Canada has to offer no matter how hard you try, but with our help, you might come close. Our lender search tool can make it easy for you to see what’s out there and quickly apply to relevant lenders with just a few clicks.