Buying Your First
Vehicle in Canada

Advice for Buying Your First Car

At Maple Hyundai, we understand that buying a new car is a big responsibility and, for first-time buyers, may seem like a daunting task. We work hard to help make your vehicle purchasing and ownership experience stress-free and easy. This is just one of the many reasons Maple Hyundai is the preferred Hyundai dealership in the Vaughan region. Here is some expert advice to keep in mind when purchasing your first car:

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Ownership Costs

When planning to purchase a new car, you should make room in your budget for hidden fees and other expenses that may arise other than just the purchase price. If you are buying from a reputable source, the purchase price of most vehicles does not include taxes, insurance, future repairs, ownership fees, interest rates, and other necessary expenses. It is good practice to plan ahead and shop slightly below your budget to ensure that you can afford all the hidden fees and necessary costs that come with purchasing and owning a vehicle.

New Car Financing

Financing is an excellent option for those looking to purchase a car that they cannot pay for all upfront. However, you usually need to have a good credit score to be approved for a prime loan. Your approval chances and interest rates depend on how high or low your credit score is. Usually, if you have a credit score above 660, you will most likely get approved for a more flexible auto loan. If you have a credit score below that, you may find it challenging to get approved and may have to opt for a sub-prime loan with higher interest rates instead, as you rebuild your credit by making payments on time.

New Car Priority

When buying a new car, many people only consider what they want instead of what they need. Of course, you can get a higher trim level with all the latest and greatest features, but if you are on a strict budget, focus on the necessities first and then see if there is money to spare for the extra luxuries. For example, if you drive an hour to work every day, you may want to prioritize fuel economy and reliability rather than a sunroof and upgraded stereo system.

Your Questions, Answered

We work with lenders of varying risk tolerance, giving you options to secure approval regardless of your credit score.

Interest rates vary by buyer, from OEM rates to higher subprime rates. Contact us to see what you qualify for.

It depends. We aim to work with your preferred down payment, but lenders may require more to reduce risk. Our job is to find a balance that fits your finances.

A co-signer is not mandatory. However, for a guest that has credit challenges a good co-signer can help improve the likelihood that your deal is approved.

No, this is a pre-approval tool that uses your information and bank data to estimate which financial institutions are likely to approve your deal.

This pre-approval collects your personal, financial, and employment details to estimate approval likelihood with various lenders accurately.

Each applicant will vary in fill time, but the process should take five to ten minutes.

Whether a pre-approval or full credit application, items such as income, prior credit history, credit score, or debt-to-income ratio.

New and used car financing and leasing options are available.

No sweat. This was a pre-approval. This has no negative impact on your credit score or credit bureau.

A credit application provides lenders with your background to assess risk and approve your deal. A pre-approval uses this information to estimate your approval likelihood without submitting it to lenders.

Everyone with a registered Ontario address is eligible to apply for a pre-approval.

These factors can boost your pre-approval chances: down payment, a cosigner with credit history, your own credit history, stable employment, rent payment history, and a low debt-to-income ratio.

A previous credit history will increase the likelihood of a pre-approval but is not mandatory.

No. However, if you are a candidate who is employed in a full or part time job, it will increase the likelihood of a pre-approval.

You can build credit by making on-time payments on debts like credit cards, mortgages, student loans, or car loans.

Newcomers to Canada are eligible for financing, even without established credit in their new country. Let us help by understanding your financial situation and matching you with the best lending institution.

The pre-approval application will ask a guest for items such as address, personal identification, income, rental/mortgage, or debt-to-income ratio.

The pre-approval is for one person, but you can add a cosigner to improve approval chances. Each application is for a single applicant.