Buying a Car is About to Be Less Expensive
Are Canadian Interest Rates Coming Down?
Consumers have been having a rough go during the economic recovery from the pandemic. Prices have been higher on just about everything, forcing people to make some tough financial decisions. So, are interest rates coming down any time soon? Actually, the Bank of Canada did make some cuts to its key policy rate at the beginning of September 2024 to 4.25 percent. While the days of super low interest rates might not becoming back, interest rates under five percent will ease the pressure on people looking to borrow money for several reasons. Let’s take a look at what all of this could mean for Davey Auto Sales customers.
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How Do Interest Rates Affect Buying a Car?
To be sure, a lower national interest rate is going to benefit everyone looking to borrow money to buy a car, truck or SUV. The people who will see the most benefit from the drop are those with the best credit scores above 750 points. Naturally, the lower a borrower’s score is, the less the lower interest rates will matter.
Davey Auto Sales works with some of the top auto loan lenders in the country, which means we have a lot of avenues to find customers the most affordable options.
How to Get Ready to Buy a Car?
The best way to take advantage of the recent drop in interest rates is to have a squeaky clean credit report. Few things will hurt a credit score more than having delinquent accounts that are past due. Additionally, buyers should take a close look at their credit report for errors. If you see something on your report that you feel is incorrect, reach out to the credit company to have it removed.
If you need some help finding your next, or first vehicle from Davey Auto Sales, make an appointment with one of our product experts today.
Sep 27th, 2024