5 Most Popular Cars To Finance in Canada

You have already decided to buy a car in Canada but you are not sure which car to purchase. If your are not sure what car you should choose, here is a list of best-selling cars in Canada in 2016.

 

 

  • Honda Civic

 

This new tenth generation of Honda Civic is definitely the best-selling car in Canada. It is a great family car to choose. The price of Civic Sedan starts from $16,155 without additional fees and taxes.

 

 

  • Hyundai Elantra

 

The sixth generation of Elantra is also a compact car and is also very stylish. There is a large trunk, so you have enough room for your luggage. Moreover, warranty coverage is quite long. The price without taxes and insurance starts from $16,000.

 

 

  • Toyota Corolla

 

It is a relatively small sedan that can really suit all your needs. Even though is a small car, it has enough legroom. Moreover, it is fuel-efficient. Its price starts from $16,220 without the fees.

 

 

  • Chevrolet Cruze

 

A very convenient car, highly economic. It has enough legroom. It has 5 seats, a navigation, and a 6-speed manual. Its warranty lasts three years. The price of a Cruze is $15,995 without additional fees.

 

 

  • Mazda 3

 

Very pleasant car for driving, and a very good car to choose, it is stylish, equipped with great technology, economic, so its value is really good. Its price with no taxes or fees added is $15,550.

 

As you have probably realized, these cars are not bestsellers for no reason. All of them are compact cars, very economic and very stylish. Moreover, they are not so expensive for financing.

Auto Financing: How It Works

Most people do not have so much money to pay for their new car in cash, so it is the reason why so much people opt for a car loan. However, not so many people know how it works.

 

Where

Choose the best way to get a car loan. May it be through bank application, a credit union or even instant online application.

 

Know your options in each of the mentioned sectors and determine which one can give you a better experience.

 

How

Apply for a car loan through the process you choose. If you choose to do an online application, the process is easy and fast. You can do it in the comfort of your home or even anywhere (technically). You will get a call back and you will know if you have been approved right away. Usually, this process is hassle-free and simple. They will advise on the interest rate based on your income and you will decide if you will proceed.

 

What

You need to also understand that this process may need some requirements. Bank application may require a lot including your credit score. Online application usually just requires you to have a certain income amount, have a valid driver’s license and that you can afford a car insurance.

 

Auto financing is a great way to get the car you desire and paying it based on your capacity. You can also improve your credit score by just paying your dues on time.

New vs. Used Cars

Nowadays, people opt to acquire a vehicle through car loans instead of paying cash. This is because most of us are unable to procure a large amount of money to purchase a car. If you apply for a car loan in banks, credit score maybe necessary and if you have a bad credit it is unlikely that you will get approved. Checkout online car financing options which can give you bigger chances of getting approved.

 

Once you have decided to purchase a car through a loan, the next thing you need to decide on is whether you’d like to purchase a brand new or used car. This can be a dilemma especially considering your financial situation. Here are some tips that will most certainly help you make the perfect decision.

 

 

  • New vehicle

 

If you choose to purchase a new vehicle, you might even get better rates, sometimes even 0% down payment. It will last longer, and for the first few years you probably won’t have to think about repairs. A car insurance policy for a new car will of course be more expensive, but only because of the better coverage.

 

 

  • Used vehicle

 

Used vehicles might not be a bad idea. However, you really have to be careful when buying a used car – make sure that it is well-maintained. You don’t want to have too many repairs. Car insurance will probably be cheaper for an older car. Although, if you choose a car that has a high theft rate, you will end up with a more expensive car insurance policy.