Buying a car is a big decision. People often look at such things as vehicle safety, fuel efficiency, model, colour, etc. However, it's just as important to think about the right financing. In addition to monthly payments, you also need to budget for other vehicle-related expenses.
Managing the financial aspects
It's not always clear where to start when you want to buy or lease a vehicle. The first step is to define your needs:
- How many kilometers do you think you'll drive in a year?
- Will most of your driving be in the city or on the highway?
- How long do you think you'll keep the same vehicle?
- Are you leasing or buying the vehicle?
- If you decide to buy, will you buy a new or used vehicle?
Once you've clearly defined your needs, you now need to
draw up a budget External link. Opens in a new window.:
Having a car is a major financial obligation that definitely can't be ignored. As a result, having the right financing for your budget is essential.
- Will you be able to pay for the vehicle in full?
- If the car isn't paid for in cash, how many months do you want to spread your payments over?
- Will you take out a loan at your financial institution?
- Will you get merchant financing or the financing offered directly by the manufacturer?
Look into the different interest rates, which can vary depending on whether you're buying or leasing the vehicle. Certain loans are offered directly through the merchant, for instance the
Desjardins Ready-to-Drive Loan External link. Opens in a new window., which includes a number of ways to help you save money.
It's not just the monthly payment you need to think about, it's all the other vehicle-related expenses:
- Auto insurance
- Repair costs
- Driver's license renewal
- Winter and summer tires
- Oil changes and other maintenance costs
- Roadside assistance
These expenses also need to be included in your budget. As a Desjardins member, to help you monitor these expenses and get a clear idea of how much money you'll need, you can use the
My budget External link. Opens in a new window. tool available in AccèsD online and on Desjardins mobile services.
Based on the vehicle you choose, you now need to think about your
auto insurance coverage External link. Opens in a new window..
Get all the basic coverage you need to maintain your peace of mind:
Civil liability (Section A) External link. Opens in a new window. – Mandatory
- Be covered for property damage (e.g. fence, house, hydro pole) or bodily injury to another person.
Collision and upset (Section B2) External link. Opens in a new window. – Optional
- With this coverage, you're protected against damage caused to your vehicle as a result of an upset or a collision with a person, animal or object, including a vehicle.
All perils other than collision or upset (Section B3) External link. Opens in a new window. – Optional
- Protect your vehicle against theft, vandalism, glass breakage, hail, fire, floods, etc.
Add optional coverage according to your needs:
TM Value Plus Option is a trademark of Desjardins General Insurance Group Inc.
® Trouble-Free Option is a registered trademark of Desjardins General Insurance Group Inc.
There's nothing better than peace of mind. That's why it's a good idea to budget for
roadside assistance External link. Opens in a new window.. This will help you feel even safer in case you run into car trouble:
- Assistance if you lose or forget your keys
- Assistance if you have a flat tire or run out of gas
- Battery boost
- And much more!
In order to make an informed decision, it's important to take the time to look at all the options available to you. To do this, we suggest visiting
espaceauto.com External link. Opens in a new window. for access to vehicle comparison and search tools, buying assistance tools, quick access to Desjardins services, helpful advice and much more!