Condense your shopping for a car loan in Quebec City to a small time period. Whenever you make an application for a loan, regardless of whether you ultimately accept it, your credit score does drop, which makes securing prime-rate loans all the more difficult. However, if all of your applications go in within a narrow time window (around two weeks), they will altogether count against you only once.
Never assume lenders are offering you the best interest rate for which you qualify. Dealers have been known to mark up loans. You might be able to secure better terms if you let the lender know that you are investigating other lenders or have other offers on the table.
Shop for the loan and the car separately. Through banks, credit unions and reputable online lenders you may be able to prequalify for a loan, which you can take to a dealership as some extra ammunition. Once you have hashed out a solid contract with the dealership, you can show them your prequalified car loan in Quebec City and ask if they can beat the terms you’ve already been offered.
When comparing terms, compare only the total loan amount, not monthly payments. Know what you are able to pay on a monthly basis, but don’t let a lender lock you into paying an overly bloated total amount by focusing the conversation on terms of low monthly repayment.
Read the loan’s fine print. Take the paperwork home and inspect it closely. If the lender tries to bulldoze you into signing the deal before you get to inspect the paperwork, think twice about working with that lender. Getting the best car loan in Northeast Quebec means looking to see if there are prepayment penalties written into the paperwork, or mandatory binding arbitration. Is there a variable interest rate? Did the promises the lender talked about make it into the actual paperwork.