[Daily Advice] Get The Car You Want, Without Overpaying.
There’s been mixed opinions in the news regarding Britain’s exit from the EU. We weren’t surprised when readers asked how Brexit affects buying a car.
We started researching because we wondered… is it a good or bad time to buy, or trade in your vehicle?
We investigated for ourselves and have some exciting news to share. If you’re someone who likes to strike while the iron is hot – and lock in the best deal possible on a car – you’ll want to read this.
The Huffington Post went as far as saying “Brexit Is ‘Kryptonite For The Canadian Dollar,’ But Helpful For Indebted Consumers.”
Many online financing sites like EasyAuto123 – one of Canada’s largest online providers serving more than 150,000 Canadians a year – are reporting that savvy car shoppers are buying now to capitalize on the opportunity to get fixed low interest rates from lenders.
GOOD NEWS FOR INTEREST RATES & TRADE INS
One effect of a lower loonie is that the Bank of Canada feels less pressure to raise interest rates, which is good news for Canada’s consumers, specifically those buying cars. It’s uncertain how long this will last, but if you act now you won’t miss out on lower interest rates when standards increase.
In a report issued Friday after Brexit, TD Bank economists suggested a Canadian interest rate hike could be delayed by the Brexit decision.
“In response to the financial market turmoil, we believe the Bank of Canada will delay any interest rate increases until financial conditions ease substantially. This dramatically lowers the probability of a hike in the immediate future allowing consumers an opportunity to purchase with confidence,” they wrote.
If you’re looking for a car with bad credit, poor or no credit but have a job that pays more than $1,800 per month, websites like EasyAuto123 can help most people get great low interest rates or deals on trade-ins right now. Additionally, if you had foreclosures, bankruptcy, or a car repossessed there’s still an excellent possibility you can qualify for rates starting at 2.99% without the fear of missing out when rates increase.
When drivers enter their postal code and vehicle information at EasyAuto123.com, many are shocked at the results. You might discover that there’s a silver lining amidst this Brexit event that helps keep interest rates low a little while longer so you can trade-in your car, buy a vehicle, and get a great deal.
Not in the market to buy a car?
You can trade-in or trade-up and lower rates.
With interest rates working in your favor thanks to Brexit, there’s still time and another option to save money. Check out how to trade-in here.