How to Get Your First Car Loan

The excitement of buying your very first car is something most people do not soon forget.  The thrill of test driving cars of different makes and models, and the research put into getting your first car loan in Quebec City make this time of your life both fun and a little stressful.  However, you can reduce the anxiety of buying your first car by first determining exactly how much of a loan you can afford.

 

Regardless of your vehicular needs, it is absolutely important you are in a financial position to own the car or truck.  This not only includes the price of the car but the monthly maintenance as well.  You need to consider how much your insurance will cost you as well as how much it will cost to keep the car running.  Things like oil changes and new tires and just putting gas into your car are all expenses for which you need to account.  Once you have estimated how much you will spend on fuel, insurance and maintenance, then you will have a better idea of how much car you can afford when you begin applying for your first car loan in Riviere du Loup.

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Most banking institutions as well as auto dealers will have online calculators which quickly estimate a monthly car payment based upon a few simple factors: the price of the car, the interest rate and how much down payment money you are using.  Depending on the year of the car and the lender with whom you are working, the length of your first car loan in Rimouski can range between three years to six years.  Generally, the newer the car, the longer you will be able to extend your loan.  It is important to remember that the longer your loan is, the more you will pay for your first car.  Granted, your monthly payments will be less with a six year loan rather than a five year loan, but you are paying interest on that loan and the extra year of financing can quickly add up.