The world seems to be changing daily, and if there’s one thing that has changed for the better in Canada, it’s how convenient things are becoming. Whether we owe it to the pandemic or technology, everything is at our fingertips. Canadians can do almost everything from the comfort of their homes or wherever else. This includes ordering and having groceries delivered, Christmas gift shopping, doing your banking online, and more. In recent years, Canadians in British Columbia, Saskatchewan, Alberta, Ontario, New Brunswick, and every other province can even purchase their new car online and finance it through online lenders without ever having to speak to someone. Don’t get us wrong, at FFUN Cars, we are all about making the car buying experience convenient. But is financing a new vehicle online the best option for car buyers, or should they stick to traditional car dealers?
Online car buying was born out of the frustration of traditional car-buying experiences. Frankly, it’s a nightmare buying from a traditional car dealership. It doesn’t matter if you live in Nova Scotia or Quebec; it is a waste of time visiting multiple dealerships, dealing with numerous salespeople, taking vehicles for a test drive, sitting down with the finance people, blah, blah, blah. Thankfully, online car shopping is a thing, and so are online car loans. But, before booting up your computer to get approved online for your next vehicle, let’s go over some details and tips for financing options, albeit online or in-person.
Your Time is Worth Something
Time is non-refundable, and whether you are a first-time car buyer or this is your sixth time, one thing is guaranteed when you buy your next car and get your car loan online; convenience and time-saving. We get it, you’re busy, so having to fit in visiting a dealership during business hours isn’t always easy, and if you wait until the weekend, dealerships are even busier. Using online car financing can be done any time of the day, and (in most cases) you can get approved in minutes. Literally, minutes. At FFUN Cars, fill in a simple form, and in just a few minutes, you can get qualified for a car loan. Included with your approval will be the loan amount, interest rate, and loan terms. Remember that no matter who you finance with, even if you’ve been approved, it will require a complete loan application.
You Have Options
When you buy your car from a car dealer and finance through them, your options are limited to the lenders they work with. Going with the online financing option allows you to shop around with multiple lenders. Since the initial step to getting online financing is providing some information and a soft credit check is only pulled, you don’t have to worry about your credit score being affected. Before you get all excited about filling out all the approval forms, do your research on the “lenders.” Since some personal information is required, you don’t want to succumb to the scammers out there. As part of your research into the potential shady lenders creeping on the internet, check the Consumer Financial Protection Bureau or Better Business Bureau of Canada. Once you have decided which lender you want to go with, then, and only then, fill out a complete application.
If you have poor credit, one of the benefits of going with online financing is that you are more likely to get approved. Unfortunately, poor credit often means less than desirable loan terms. The good thing is that most approvals are valid for 30-60 days, so you don’t have time to get your finances in order and try and get a better rate.
If you’re buying a used car or a new one, always read the fine print on loan applications, in-person or online. Verify there are no hidden fees or weird costs associated with your car loan application. You could shop for your next used vehicle at FFUN Cars, where there are no hidden fees. The price you see is the price you pay.
Knowing your financial affairs is a big part of getting car financing. Take the time to review your monthly bills to determine what you can afford and stay within that budget. To lower your monthly payments, consider using your existing car as a trade-in against your next vehicle and try to save up a down payment. Not sure what you can afford? Try our online loan calculator to get an idea.
It’s Easier Than You Think
Getting online financing is easier than you think, no matter which online lender you are going with. Simply fill out an application, collect any documents the lender needs, and wait for approval. Remember, the positives are that online financing is quick, you have options, it’s convenient, and there is no hassle. On the other side, you can risk overapplying, which impacts your credit score, and there are shady companies out there, and the interest rates vary drastically.
To avoid all the pain points of car shopping, just buy your next car or first car through FFUN Cars. Browse our inventory, get approved online, even get a trade value for your current vehicle With us, you can buy your vehicle online, in-store, or a combination of the two. If you didn’t know, we also offer 24-hour test drives and a 30-day money-back guarantee - just a few of the many benefits of buying from FFUN Cars.
