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Finances and insurance

Desjardins is with you throughout the purchase process to make sure you’re prepared

Buying a new vehicle is a big step and can be time-consuming and complicated. In this section, Desjardins offers articles and practical tips to consult before purchasing your next vehicle.

A practical financing solution is within reach

You don’t need to be a Desjardins member to get Desjardins financing when you buy your next vehicle. Available at over 3,000 dealers, the Desjardins Auto and Leisure vehicle Loan is a quick and easy way to make it happen. Secured by the vehicle this loan offers you a competitive fixed or variable rate that’s lower than a personal loan, plus an exclusive discount on auto insurance. What’s more, you can choose from a wide variety of payment terms and adapt your payments to your budget. Learn more here.

Pick the right car with 4 keywords

  • AFFORDABLE. Choose a vehicle that fits your budget— in addition to the purchase price, consider insurance, fuel and maintenance costs.
  • APPROPRIATE. The car should match your lifestyle and personal preferences.
  • COMFORTABLE. Remember that you’ll spend weeks— even years—in your vehicle.
  • ATTRACTIVE. Take the cars that meet the first 3 criteria and rank them by the style you prefer.

Dealing with dealers

You’ve found your dream car—now all that’s left is negotiating a price with the merchant or dealer. Here are a few tips for fine-tuning your pitch so you can get yourself a good deal:

  • Don’t show that you’ve already made up your mind.
  • Know every feature of the vehicle so that any comparisons you make are apples-to-apples.
  • Find out what the dealer paid for your new car. Normally, this is the new vehicle price minus advertising, transportation, and additional regional costs. Some organizations, such as the APA, will get you the dealer price, right down to the vehicle options. It will give you a good idea of how much negotiating room you have.
  • Be aware that dealers often have more leeway when negotiating options and accessories.
  • Always negotiate over the final price of the vehicle and not over financing terms or payments.
  • Do your homework. With more information, you’ll be in a better position to make the right call.

New or used?

A new vehicle has certain advantages, such as greater reliability and a more comprehensive manufacturer’s warranty.

On the other hand, by buying used you might be able to drive away with a coveted make for a fraction of the price.

There are also certified used vehicles. They cost more than ordinary used vehicles, but are checked according to strict criteria for condition and maintenance and come with warranties and better payment terms. Learn more

Don’t forget the test drive

Never buy a vehicle without trying it out first, even if it’s brand new. Behind the wheel you may find out you don’t like the handling, the ride or your view of the road.

For used vehicles, it’s best to get a condition report and have an inspection done by a mechanic in addition to your test drive. See more test driving tips

What is an accommodation sale?

When you are buying a new vehicle from a merchant or dealer, you can find your own buyer for your old vehicle and sell it to them through the dealer you’re buying from. This is called an accommodation sale.

In an accommodation sale, you subtract the price you get for your old vehicle from the purchase price of the new one and then pay Quebec sales tax (QST) and goods and services tax (GST) on the difference. The savings can be substantial.

Is 0% financing always the best solution?

For most consumers, 0% financing sounds pretty enticing. But is it really the best thing for everyone all the time? Here are 4 things to check before you make a deal.

1. Get the guaranteed best price

To make up for lost interest fees, the price of the vehicle is sometimes higher, leaving less room to negotiate.

2. Find out about limitations and exclusions

You need to know before you start shopping whether that 0% promotional financing applies to every vehicle. Having your list of questions ready before meeting salespeople is always a good idea. It keeps you from forgetting anything and puts you in a stronger negotiating position.

3. Know about promotions

Find out about featured promotions at the beginning of the process. Sometimes you can combine them, but often you have to choose between 2 attractive options. Which is better—0% financing or a cash rebate? Having your own criteria to compare with will help you decide which promotion is better for your situation.

4. Stick to your budget

It’s important to keep your eye on the bottom line and make the most of what’s available. Zero percent financing isn’t necessarily your best savings option. You’re shopping for a vehicle, not a monthly payment. Unfortunately this can mean making do with a smaller or less luxurious vehicle. But tailoring your desires to reality is always worthwhile.

Do you need an extended warranty?

Extended warranties, which go by various names, are a form of supplementary insurance that covers repairs to a new vehicle after the manufacturer’s warranty expires. Learn more about warranty types and their advantages.

Hybrid, plug-in hybrid or electric?

Looking to reduce your ecological footprint and save fuel? If you’re buying your first hybrid or electric vehicle, you may have a lot of questions. Learn more about hybrid and electric vehicles so decide what you want.

Why do certified used vehicles cost more?

Used-vehicle certification programs have proliferated in recent years, and today practically all automakers are selling certified used or certified pre-owned (CPO) vehicles through their dealership networks. Find out 4 reasons why certified used vehicles command higher prices on the used car market so you can be ready to make the best possible decision.

20 ways to save at the pump

With gas prices setting new records every week, everyone wants to squeeze a few more kilometres out of a tank and get better prices. Check out our 20 tips and save!

Understanding extended service contracts

Extended warranties, which are sometimes sold as vehicle protection insurance or vehicle protection plans, can be confusing since, strictly speaking, they aren’t actual warranties. Learn more about extended service contracts and get the best protection.

Which is better: a rebate or low financing?

Car buyers are often faced with the difficult question: Which is better? The manufacturer’s rebate or low financing?

Rebates and discounts are often applied directly to the sales price before taxes, which reduces the total financed amount.

Choosing the best option

To make a well-informed decision, you have to calculate the total due when the loan comes due for both scenarios. Are the total monthly payments at the promotional rate lower than the total payments after rebate but at a slightly higher rate? The difference could be significant since the loan is spread over a few years.

Scenario 1: rebate

This scenario includes the vehicle price and the manufacturer’s or dealer’s rebate or discount. Don’t forget to include other useful information, like taxes, the financing rate, the loan term and the down payment.

Scenario 2: low promotional rate

Create a second scenario but change the interest rate to the promotional rate offered (e.g., 0% or 1.99%), and remove the rebate. Then just compare the results. You may be surprised—quite often the rebate is the better option!

Use the calculator to find the best option for you.

Example with a $4,000 rebate or a 0% interest rate
New, midsize minivan Cash rebate Promotional rate
Purchase price (before taxes) $23,990 $23,990
Interest rate 3,99% 0,00%
Terms (months) 72 72
Discount or rebate (before taxes) $4,000 $0
Financed amount (before taxes) $19,990 $23,990
Total amount financed, after taxes $22,984 $27,583
Monthly payment $359 $383
Total payments at maturity $25,882 $27,583
Monthly savings $24 -
Savings over life of the loan, with rebate $1,700 -
Did you know?

A Desjardins Auto and Leisure Vehicle Loan has excellent rates which, paired with a rebate, can significantly decrease the total price of your vehicle and it comes with an exclusive discount on auto insurance.

Talk to your dealer and let them know that you want to finance your vehicle with a Desjardins Auto and Leisure Vehicle Loan.

Learn more about auto and other vehicle loans.

Certified pre-owned programs vs. extended service contracts

Used vehicle dealers have two main ways of ensuring peace of mind for their customers. The first is through participation in a certified pre-owned (CPO) program backed by an automaker. The second is to offer extended warranties or service contracts backed by a third-party supplier. Learn more about CPO programs and extended warranties.

The 3 values that determine used vehicle prices

There are generally 3 values that go into the price of a used vehicle: its trade-in value, its private party value, and its retail value. Learn more about these 3 values .

Plan your purchase

Buying a vehicle is a big undertaking. That’s why Desjardins is there for you all the way with a simple 4-step purchase plan, handy tools and solutions to suit your situation. It’s a great way to feel more confident and save money too!

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