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A man in a car lot

The 4 Biggest Car Loan Mistakes That Destroy Your Budget

Planning & Retirement // Media // Blog Article

Are you making payments—or actually paying attention to what your car is costing you?

The average Canadian car payment has ballooned to $781 per month, with some clients spending more on transportation than groceries. In this Globe and Mail article, I reveal the four critical mistakes buyers make when financing vehicles—and how advisors can help clients avoid financial disaster.

Mistake #1: Not knowing the true total cost (spoiler: it's way more than the sticker price)
Mistake #2: Buying more car than you need or can afford
Mistake #3: Underestimating how credit scores impact your deal
Mistake #4: Thinking you can just "return the car" if times get tough

If you or your clients are spending one-third of income on vehicles (insurance + maintenance + payments), it's time for a reality check.

Read the full Globe and Mail article here →

Published December 2023

Tag Cloud
Financial Planning // Car Loan Mistakes // Auto Financing // Car Payment Budget // Vehicle Financing Advice
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