How to finance a car in Canada 4!

Do you have questions on how to finance a vehicle in Canada? In this video series, we will explain how to finance a new vehicle! If you would like to see our latest content, make sure to follow our Facebook page!

Hi everybody welcome back to our weekly episode once again level here with me the expert and today what we’re gonna be covering is the steps on that you should take on going to finance or purchase a vehicle so we’re gonna get right into it here um first things first the one of the first steps you should take when you’re looking at purchasing a vehicle is that you

Should research so by researching the vehicle you’re looking online either on websites you know like say ford or other brands that are out there as well as maybe looking at videos on youtube or asking your friends etc etc um after you’ve done the research you can then of course go look at them in person at the dealerships and there’s a couple different ways you can

Go about that but definitely find the vehicle that suits what you’re looking for okay and then what should they do after that well secondly chris they have to make sure there’s like a car loan option so what it means that when you’re looking to loan options take into consideration how much you typically spend in a month and how much money will you need to pay off

The loan so you you don’t want to find yourself making late or default payments that will hurt your credit – yes so this in this way this is where the debt to income ratio comes in which i call it like a fourth automatic forty three so you can yeah magic forty three because that’s the ideal debt to income ratio forty forty three percent of your income so this is

How you you determine or come get your magic forty three so whatever monthly payment you have right now so we say if you earn twenty five hundred a month that’s gross income okay and then you should spend only a thousand seventy five out of that twenty five hundred oh you know because if you if you say a thousand seven if i / 2500 punched 100 that will come out

43% so the magic 43 the 40s that is your income okay perfect all right so he hasn’t after that you’re gonna want to look into two different options for when you go to get your vehicle there is financing the vehicle or purchasing the second option is leasing now we haven’t talked about leasing yet we will go into that next week we’ll get more into details about

Its that you make sure that you are making the right decision whether to be purchasing that vehicle or whether to be leasing it now there’s two different things there both are really beneficial depending on what you’re looking for yeah and the next one should be the warranty and insurances of your vehicle like as about warranties and add-ons before you forget to

Do that one because we have it’s an option that’s available for every clients or customers especially for ford we do have that esp that’s the extended service one which includes the extended warranty and the maintenance plan so it’s like a you know buyers or client is a worry-free owner during the term of his loan or finance because he doesn’t have to worry about

Fixing anything paying for fixing anything or even for the maintenance so it’s or even like the job loss or something happy i’m very we have a reason there’s any more there’s even extra packages or coverages you can get to protect that loan that’s correct awesome okay that’s great also that as well i’m after that you want to make sure that you were finding the right

Dealership there’s tons of dealerships out there a lot of them are going to be commission based which means they might not be selling you the vehicles with the with good intentions like for example we do things differently here we run on a no commission structure and also there’s no extra incentives for salespeople as well or for any department in this store so

That means that for example here at royal ford with a neuro auto group we’re making sure that we are taking care of you and helping fix your problems or helping find solutions for what you are looking for other dealers out there once again they make money off your sale that salesperson will make money off your sale and also as well they might sell you something

That’s not really gonna be fixing your problem in fact it might even cause more yeah that’s why we are we’re here to help them out and we make things easy exactly alright so next week we’re gonna go over the leasing and financing what the difference is between the two of course leave comments below in the video if you have any questions feedback and as well follow

Us on facebook youtube instagram and as well twitter thanks everyone catch you later

Transcribed from video
How to finance a car in Canada 4! By Royal Ford