Your Guide to Securing an Auto Loan With Ease

Securing any type of loan is not easy, and securing an auto loan is no different. The process for securing the funds you need to purchase a vehicle can be time consuming, convoluted and downright frustrating. However, if you keep in mind the following advice before shopping for car loans, you can make the car buying process much less of a hassle.

Know Your Credit

A higher credit score means better interest rates, so if you have a good score don’t be afraid to brag about it. If the lender thinks that you’re unware of just how good your credit score is, they may try to undermine you by offering just average rates. Don’t let this happen, and make it clear from the get-go that you expect prime rates for a prime score.

If your credit score is not so great, don’t worry—you’ll still be able to get an auto loan. However, you may have to pay higher interest rates, so just take your time shopping around for the lowest rates your credit will buy you.

Set a Budget

Just because you have a great credit score does not mean that you should shop outside of your means. The dealership will probably try to convince you to take out more than you can afford because your credit can support it, but don’t do this. To set a realistic budget, add up all of your monthly expenses, including how much you plan to save each month, your yearly tax obligation and any other annual fees you have (property taxes, health club, etc.). Subtract the total from your annual salary and that is how much you can afford for a vehicle.

Show Up With a Down Payment

An ample down payment is the best way to reduce the amount you need to borrow and therefore, to make you more a more desirable borrower in lenders’ eyes. The less risk you pose the better, and a nice down payment is a sure sign of a safe debtor.

Car loans aren’t impossible to come by—just difficult. If you want to eliminate the hassle of car shopping, try the tips above.

Questions and Answers for our Guests regarding COVID-19

Hours of operation due to Covid-19

Sales Services Parts
Monday – Thursday 9:00 am – 8:00 pm Monday – Friday 8:00 am – 5:00 pm Monday – Friday 8:00 am – 5:00 pm
Friday 9:00 am – 6:00 pm Saturday Closed Saturday Closed
Saturday 10:00 am – 1:00 pm Sunday Closed Sunday Closed
Sunday Closed

Effective March 20th Fredericton Kia and World Class Auto will be scaling back our normal operations as per the directive of the Provincial Government for the safety of both the public and our staff. Automotive Parts and Service has been deemed an essential service so we have decided to keep our Parts and Service Departments open with minimal staff thru this crisis. We will try to maintain regular business hour Monday to Friday 8m to 5pm but this is subject to change as this event progress. We will continue to monitor the situation and adjust to suit.

Sales operations will continue online, as our team monitors all requests from our websites, social media pages, email and phone. Please reach out with any questions or concerns. We can handle the entire sales process remotely for our customers.

We are operating from an abundance of caution and proactively modifying our policies and procedures to ensure we are protecting the safety of the community. This is unchartered times for everyone in Canada and we all need to stay vigilant and get thru this together.

Your friends and family at Fredericton Kia / World Class Auto