When most Canadians decide to buy a car, they also start looking for the best deal in car loans. This financing usually lets them pay for their wheels over a set period of time, with monthly installments that remain unchanged for the term of the loan.
Borrowing many thousands of dollars is a heavy commitment, particularly as buying a car is the second-largest purchase that most of us make in our lifetimes. That’s why it’s important to figure out exactly how much you can afford to pay back each month, calculating exactly how much you’ll have to pay out and then making sure this fits into your budget.
How Auto Loans Work
Although the world of finance might seem complicated, financing a car is a transaction that is easy to understand, once you master the basic terminology:
term is the length of time for which you wish to borrow the money, which can [...]
There’s good news and bad news for Canadian buyers shopping around a new car. The good news is that there’s no threshold credit score for taking out a car loan. The bad news is that borrowers with low credit scores pay higher interest rates, meaning that their vehicles cost considerably more by the time they pay off the principal amount of the loan and interest.
Learn About Credit Scores
When buying a new or used car, your credit score is a major factor in these transactions. For instance, dealerships will check your credit score before financing a vehicle in your name, while financial institutions define the terms of your loan, based on your credit score.
Although a low credit score wouldn’t stop you from buying a car, you might have to pay a higher-than-average interest rate on your loan. However, once you build up your credit score by making sure every instalment [...]
Just over a year after he was elected to office, President Joe Biden welcomed his neighbours – Canada’s Justin Trudeau and Mexico’s Andres Manuel López Obrador – to the White House. The first North American Summit since 2016, this ‘Three Amigos’ get-together nevertheless got off to a rough start.
Despite the bulging grab-bag of issues facing this region, a single issue outstripped them all, in terms of discussions. Clogged supply chains, volatile energy costs, the migration crisis, and even the pandemic lagged behind a proposed $ 12,500 tax credit for electric vehicles made in the USA.
This relatively insignificant clause in the Biden Administration’s Build Back Better Act caused sparks to fly in the West Wing. Approved by the Lower House on November 30, this $ 1.5 trillion plan is seeking fast-track approval from the US Senate, before returning to the President for confirmation.
A perfect storm of adverse factors is driving an upsurge in gas pump prices, which may soon see Canadian gas stations charging prices close to a twoonie. For drivers all over North America, higher pump prices are becoming a significant pain point.
However, local gas stations are only now starting to catch up with the rest of the world, where energy prices have been skyrocketing for months. At the international level, surging oil prices and the foreign exchange rate for the Canadian dollar are pumping up pressures.
Global Fuel Prices Soar
Experts believe there’s a good chance that oil will top a $ 100 a barrel in the next few months: up 20% from current levels of around $ 85. There are also forecasts that gas prices might top two dollars a litre in some areas of Canada during 2022.
Places like Labrador and Newfoundland – which already have of the highest [...]