A new car is always an exciting purchase, especially with the countless options available nowadays. However, if you aren’t careful, it can come with an unexpectedly high price tag due to hard-to-understand interest rates and dealer fees. Transportation is the second-highest household expense in Canada, and the vast majority of buyers take on high interest rather than paying in full.

The problems start when a car dealership offers incentives such as low bi-weekly payments or low-interest rates but then doesn’t disclose their dealer or finance fees. While this keeps the new car at an attractive initial price, the actual cost of the purchase can cause immense debt trouble in the future! Eventually, you’ll be forced to ask yourself if you can truly afford to keep this car or if you will have to find a way to sell or return it to rebalance your budget and shed the debt.

Additionally, many of the more attractive deals and offers that dealerships advertise, such as zero-percent financing, are only available to a limited few with excellent credit. Extras like back cash rebates will add to the loan price and increase the amount of time that you’re paying it off. If you have encountered these tactics, don’t feel guilty for falling for them – they’re designed to be appealing and deceptive. What matters most is the next step, and Goldhar & Associates Ltd. can help you get there.

Don’t roll in debt from your old car to a new car loan. If you’re struggling with payments, searching for debt relief or find yourself needing to dispose of a vehicle that is now worth less than the loan itself, you still have options. Goldhar & Associates Ltd. offers free consultations and a judgment-free space with financial experts. Call today by calling 855-541-5114, emailing pdrt@goldhar.ca, or visiting our website: www.shedthedebt.ca.

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