There are a couple of red flags to be aware of when seeking car financing, particularly when you are having problems with debt or your credit rating is poor:
- If you have to go to secondary lenders (e.g. not the big banks or the auto companies), you need to be aware of extra costs which could be from a high interest rate or financing charges. These may be excessive and will put you in a further financial hole.
- If you have to finance a vehicle for more than 5 years in order to buy it, you can’t afford it.
- It is generally a poor financial decision to trade in your old car for a new car when you still owe money on it. You only get your money’s worth on a car after it is paid in full.
For debt help in Toronto, Ontario contact Harris & Partners Inc. We have offices in Toronto, the GTA, and surrounding cities. Click here to find an office closest to you. Meet with an experienced Licensed Insolvency Trustee today for professional advice on how to deal with your debt and live stress-free. Contact us by phone at 1-800-268-8093.