Mar 08, 2016
By Michael Kramer
A government agency says it wants to be certain that consumers have the information they need – before they sign a contract for a car loan.
The Financial Consumer Agency of Canada says more and more drivers are opting for long-term car loans – which may have lower monthly payments, but cost more in interest – posing a risk for buyers who may be stretched trying to make their payments.
The agency recommends that consumers carefully examine their financial situation and their needs – and become fully informed about the total interest charges – and the value of the car throughout the loan period.
Last year, Canadian drivers bought nearly 1.9-million new cars and trucks.