Buying a Used Car in Toronto

David Majedi

Jul 28, 2020

Your average consumer in the North American market makes a car purchase every 5 years which also means that most people have not had enough experience to be familiar with the used car buying process. When time comes for you to get another vehicle, what are things to expect? What is required? What is the process? Here is a quick guide to help you through your next purchase:

What is Required? When you are starting your journey to find the right vehicle, you must ensure that you are prepared. Consider what payment option you will choose to make the purchase. If you are planning to finance your next vehicle, you need to be at your current job for minimum of three months. Other forms of income, such as some of government assistance can also be accepted. You should be prepared to bring your most recent paystubs for income verification. You must also have a valid driving license. You don’t always need a down payment to get approved for your car loan but it certainly helps the lenders as there is less risk involved for them.

Research! When you have everything ready, you will now need to isolate the vehicle based on practicality, budget, and personal preference. After you have finalized your choice of vehicle, it is now time to research and dive into the used car market through online. The vehicle quality, price, history, and last but not the least the dealership are all things that must be researched.

Buying Process! Once you have short listed the few vehicles of interest, it is now time to go see them. Based on the comparison from the visits to the showroom and the vehicle, you will gravitate towards the one unit that feels just right. At that point, you can request for a test drive, sign a bill of sale and place a deposit to hold the vehicle until the arranged pick up date. If you are applying for financing, you will have to add the extra step of filling out a finance application.

Make it Official! At this point, all you really have to do is to get insurance on the vehicle and go pick up your new ride! The payment is usually in form of a certified cheque or bank draft if you do not require financing. If you plan on financing the vehicle, you will probably have to bring in a void cheque and sign your contract. Once this is done, you can now say, you are the proud, new owner of the vehicle.

The process of purchasing a used vehicle can be daunting, but it can also be simple, quick and painless. The more you know about the purchase and the more preparation will result in a more positive experience.

We showcase over 250 high quality vehicles in our showroom, all indoor. We offer financing and extended warranty if needed. Visit AUTORAMA at 1205 Finch Ave West or call us at 416-639-4813. Buy your next used car with confidence!

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David Majedi

David brings a decade of experience to his role as Finance Manager at Autorama. Having served a diverse clientele with unique financing needs over the years, he has gained comprehensive knowledge of the market and forged created relationships with all lenders, including banks and private lenders.