Have you ever wondered if there are certain times when it is better to buy your next vehicle? There actually are. A great time to do so is when market conditions are favourable. At the moment, the conditions of both the auto industry and lending market happen to be working in the customer's favour in Canada, making it a great time to get an auto loan.
Favourable Market Conditions
2015 didn't start out so hot for the Canadian economy. It experienced a poor first half largely due to an unexpected drop in oil prices. Yet, auto sales remained a bright spot during this slump.
In fact, Canadian vehicle sales are growing at the fastest rate in years. Auto sales rose 3.7% in September of 2015, making it the best September on record. It's easier to find a good deal when the entire industry is thriving.
But why are auto sales doing well even when the economy was slumping? A big reason is that the economic stagnation has caused the Bank of Canada to cut interest rates twice this year already. Even though the economy has rebounded so far in the second half of 2015, leading economists don't see the recovery as strong enough to warrant a rise in interest rates until 2017.
The thriving auto industry and ultra-low interest rates are a perfect combination for those who need a car. These two favourable market conditions have made it a great time to get affordable financing for your vehicle.
But what if your credit is damaged and you can't get approved for a traditional car loan?
Where to Turn For Your Next Auto Loan
If you are seeking an auto loan but have bruised credit, Canada Auto Loan can help. We've assisted thousands of Canadian residents throughout the provinces and territories by connecting them to the right auto dealers in their local area. Regardless of what caused your finances to take a turn, we can help you regain your footing in the credit world.
When you need to buy a vehicle and are struggling to get approved for an auto loan, save yourself the hassle and let Canada Auto Loan help. We'll assist you with getting your next car, truck, or SUV, no matter your credit situation. Phone us at (855) 397-9445 or fill out our easy and obligation-free online application to get the process started.