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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Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
I was a reck talking yo Jason Sklar was easy comfortable he explained everything and put my mind at ease I would recommend the team od sklar to everyone. I have already talked to my ci workers about them
kevin mcweeney
01:13 22 Dec 22
The team at David Sklar & Associates is fantastic.I worked with Jerry whom not only made - what seemed like intimidating process to initiate at first - comfortable.He made everything transparent and took the time to explain the process every step of the way.He was kind, attentive, and professional. Everything was made straightforward and stress free and we found a solution together that worked.Thanks to Jerry and the team.
Jordie Angiolillo
18:22 21 Dec 22
From day one till the end which is today😁 DavidSklar gave me a 5star service and treatment. And I will 100% recommend him and his Associates. This is the best Christmas present ever! Thank you David! More business to come! Merry Christmas and a Happy New Year!!!
barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
bruce burg
21:35 02 Dec 22
Jerry was wonderful and provided superb service. He is very knowledgeable, trustworthy, and made an intimidating and shame filled time in my life stress free. I hesitated for a long time to take the next step, but Jerry answered all questions, was patient and made the process effortless. I am eternally grateful, and highly recommend Jerry’s services.
M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
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