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Rising Interest Rates
It seems like all prices are going up; food, gas, everything. The cost of living is increasing and this is no different for interest rates either; they are getting higher. In early 2022, to try and slow down inflation, the Bank of Canada raised its interest rates. In an attempt to keep the economy going, more money has been printed by the government. But this is only a short-term relief.
Dangerous levels of inflation are inching closer and bringing interest rates higher and higher. Inflation can only be managed by the Bank of Canada by raising interest rates. But for right now, auto loan interest rates are considered to be low but they will inevitably rise. Meaning that the time to act is now if you want to get a reasonable interest rate for your car loan.
The first thing you need to do when applying for a car loan is check your credit score.
Read More: https://www.goodfellowsauto.com/
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If you are looking for a car loan come to our dealership today! You can also learn more about our financing options on our website. Give us a call if you have any questions.
Good Fellow's Auto Wholesalers
1 (855) 581-9590