You might have to borrow money at your Caisse populaire to purchase your car. If this is the case, here are a few tips on pay off your debt more easily.
Pay off your debt more easily
- Be realistic: don’t borrow more than you can afford to pay back.
- If you have a down payment to put on your car, that’s great! By buying part of your car cash, you’ll pay less interest on the purchase and finish paying it off sooner.
- Keep an eye out for discounts car dealers offer recent graduates or when last year’s models are liquidated.
- The faster you reimburse your loan, the less interest you pay. If your budget will let you, you’re better off paying off your loan in 3 years instead of 7.
- Got money unexpectedly? Use it to reimburse your loan even faster.
- Make sure you fully understand the sale agreement and loan repayment terms before you sign.
Did you know?
If the purchase of your car is your 1st opportunity to borrow from the C aisse populaire, then you may be asked to get an endorser. An endorser (often a parent) is someone who’ll have to make the payments if you don’t. But be careful, in this case, your endorser’s credit file will be affected.