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The Best (and Worst) Times to Apply for a Car Loan in British Columbia, Canada

Lots of planning goes into the financing of a new vehicle. You have to decide where you receive financing from, what interest rates to shop for, how long the loan period should be and so much more. But, have you ever thought about when to fill out an application? It is an often over-looked detail of the car financing process, but can actually save you money.

The answer to this question is largely reliant on deciding when to purchase the actual vehicle. By shopping during large holiday sales, or off-season months, you can acquire the car at a reduce price. Cheaper prices means less financing is required and thereby a better overall car loan.

Good times to purchase a vehicle include:

  • Last day of a month
  • December holidays
  • Off-season (for example, buying a sports car in the dead of winter)
  • In between seasons (as car manufacturers move from spring or summer models to fall and winter)

Stop waiting and learn more how to get 500 down payment on new or used cars in British Columbia, Canada.

There are other time-related circumstances that can affect the success of financing a car with fair credit. Keep in mind, lenders will often look into your credit report and other facets of your life to determine whether or not you are a risk to lend to. You should avoid applying for a car loan in Canada if:

  • You have only been employed at your current job for a short time (less than three months)
  • You are heading into a divorce
  • You recently declared bankruptcy
  • You just moved or plan to move soon

While these conditions will not likely be the only cause of your loan application being denied, they present additional risk to either you or the lender.

Apply Online or Over the Phone and Receive Pre Approval in Minutes
Experience how Easy It is to Get Car Loan Pre Approval with Damaged Credit

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