How Much Is That Car At The Auto Dealer?

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Are You Spending too Much on your Car Payments?

It is common for many of us to purchase automobiles that are too expensive. Often we are keeping up with the Joneses. While the loans that are offered today have longer terms and reduce the monthly payment, there is still an interest component that is making the total purchase price higher than necessary.

If you have been watching or reading the news, chances are you have heard about Canadians record high debt. With the very hot real estate prices in Toronto with record low interest rates, people are buying homes that they can afford today.  However, if the interest rates rise, these home owners may find themselves with serious financial issues as a small increase in a mortgage rate can have a significant impact on the monthly payment requirements.

Longer Terms becoming the Norm

The current trend for automobile loans in Canada these days is to have the loan terms over 6 years in length. This can be a risk that consumers should review before signing on the dotted line. Knowing the exact interest on a loan for the different year/length options should be looked into. While having a longer loan (7 years) can lower your monthly payments, often these loans will result in an increase to the overall amount that you are paying in the long run.

Credit Scores & Interest Rates

Lower credit scores will often lead to higher interest rates as these people are deemed higher risk. The want for a new automobile with the latest technology can be tempting. However, if your current car loan is not paid off, trading in your car for a new one and rolling the remaining loan into the new loan is not a recommended approach.

One needs to know their financial state of affairs, and know their exact needs, (not wants). It is advised that one is able to pay their loans without any financial strain. Spreading yourself too thin on expenses, having the latest wants, can come at a price, and if a reduction in income does happen, being spread too thin can put one into financial distress.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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I can't praise Cori enough from David Sklar & Associates. Cori's acceptance and understanding of the diverse needs and concerns of her clients shines through with zero judgement. She made this process smooth and relieved much of my stress and anxiety around debt. Thank you!
Karen Swan
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My husband worked with Chen Siga, he walked us through our options and then through the process of getting everything done. Everyone we dealt with was very helpful. Overall a wonder experience, we are so glad we contacted them and got the help we needed.
Amanda Thomas
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I have been surviving on paycheck-to-paycheck basis and could not go any further because the lending interests just accumulated beyond what I can afford. Fortunately, a good friend recommended Grace Cuffaro from David Sklar & Assoc. and I finally got to settle my financial obligations in a reasonable way. Don't go anywhere else; ignore those financial brokers and social media ads who just want more money from you - go directly to the people who can really save you from drowning in debt.
REX ADAME Southern Ontario Canada
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I recently had the privilege of working with Trina at David Sklar & Associates, and I cannot praise her enough. Trina’s commitment to her clients goes above and beyond the norm. Here’s why she stands out:Incredible Knowledge: Trina is well-informed and deeply understands her job. Her expertise shines through as she navigates complex processes effortlessly.Client-Centric Approach: Trina doesn’t just follow procedures; she genuinely cares about her clients. She takes the time to listen, empathize, and tailor solutions to their unique situations.Clear Communication: Explaining financial matters can be daunting, but Trina excels at breaking down each step of the process. Her clarity and patience make even the most intricate details understandable.Availability and Accommodation: Trina’s dedication extends beyond office hours. She accommodates last-minute changes and ensures her clients feel supported throughout their journey.In summary, Trina is a gem in the world of customer service. If you’re seeking debt resolution, don’t hesitate to reach out to David Sklar & Associates—and ask for Trina. You’ll be in capable, caring hands.Thank you, Trina, for making a difference!
Darren Augustin
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Jerry Janiec is very helpful and professional. Thank you.
Urszula Kazula
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Unbelievable people who just want to help and I'm thankful
David Siria
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Jackie is awesome!Thank you for pointing me in the right direction.
Cindy McCormick
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Professional, knowledgeable and people oriented. Unfortunately for me, I had to ask for their assistance a few time and never regret about their service. 5 out of 5. Highly recommended.
Alexander Mikhyeyev
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Jackie Stanley and her assistant Sarah have been so helpful with such an important matter to me and my family. thank you for all your help through this hard period of our lives.
Assia Tiholova
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Trina and her staff were great, excellent job explaining on what will be required of me regarding my situation. Very helpful staff. Would highly recommend Trina and her staff.
Randy Turner
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