If you’re looking to buy a used car in Calgary and need a loan, figuring out how much you need to make payments on a vehicle can be quite a task. Having this information is even more important if you have a bad credit history and are looking for a bad credit car loan – you must be confident you can make the payments for the car you’re shopping for.
Thankfully, FinanceToday.ca has an online loan calculator that you can use to figure out how much you’ll need in your budget to make sure you can make your payment.
On top of using the online loan calculator, you’ll also need to be aware of the other costs to drive your vehicle. Here’s an easy breakdown to help you:
1. Insurance
Depending on the level of insurance coverage you want, the make and model of your vehicle and your own driving record, insurance costs can vary. While shopping for your used car, it is a good idea to touch base with your insurance company. Sometimes a more expensive model may save you money at the end of the month as it might cost you less to insure.
2. Gas Costs
Having an idea the gas mileage of your car will absolutely help you get a better idea how much your car will cost to use. Using tools like Google Maps to figure out milage of your daily commute will give you an idea to how much you drive every week, and you can then figure out how much gas you’ll use in a given month.
3. Repairs and Maintenance
While repairs might be unexpected (though if you do your research on your car you’ll have a good idea of what kinds of repairs to expect) routine maintenance isn’t. Have a look at your car’s manual and sort out how often you should change the oil, air filters and rotate your tires. Those types of costs are easily calculated by using your personal estimated mileage (thanks to Google Maps) and estimating how often these types of costs will come up. Saving for them will certainly help you in the long run.
4. Other vehicle consumables
We live in a winter climate – winter tires are something you may want to look at, particularly if the Calgary’s roads department hasn’t prioritized your street for snow clearing. You’ll also have to replace worn tires and alternator belts, top up washer fluid (with winter chinooks and wet springs, it’s always a good thing to have on hand) and have a little extra for those consumables you might need (snow brushes need replacing every so often too.)
Buying a used car is a great value in a lot of ways, but you still should consider the complete cost of the vehicle. Once you’ve done your homework, all you need to do is get financed. Bad credit history? No credit history? No problem with FinanceToday.ca – they guarantee approvals for all Calgary residents.
