car loan calculator

Hey everyone, today I want to talk to you about buying a car in today's economy. Right now, buying a car can be really tough because the prices are super high and the interest rates are even higher! I remember when I bought my minivan; I ended up with an 8% interest rate, which is a lot. But don't worry, I have some tips to help you out in this episode. I'll even show you how to use a calculator to figure out how much you can afford without spending too much. And if you're interested, I've got a new course with lots of tools to help you manage your money better. Buying a car can be scary, but I'm here to help you through it.

Course and Calculator here: https://learn.financiallyintentional.com/home

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Many Canadians increased their debt levels during the pandemic due to low interest rates and now are finding themselves vulnerable to interest rate spikes. In challenging situations, most debtors will typically miss credit card payments, lines of credit or auto loans before mortgages. Whatever payments Canadians are struggling with - the higher interest rates will likely continue stressing household budgets. Experts are predicting a rise in insolvencies in the near future. 

How are you coping with skyrocketing inflation and higher interest rates? Are you wondering what might happen if you can’t make your mortgage payment or your next car payment? 

Derek Chase, Licensed Insolvency Trustee explains what happens and what you can do if the bank forecloses on your home or your vehicle gets  repossessed. Derek also explains:

• Each province’s rules differ as to how repossession and foreclosures work 
• When repossession of your vehicle would be advantages
• The rights of secured creditors to foreclose or repossess
• Notice required before foreclosure and repossession
• Reaching out to your lender when things are getting difficult

If you are struggling to make ends meet, reach out to a Licensed Insolvency Trustee sooner rather than later. They can help you take back control of your finances. They are considered some of the best debt advisors in the country and the only ones licensed by the federal government of Canada.   

About Derek Chase

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted. 

Additional Resources 

• Derek L Chase & Associates Ltd. Licensed Insolvency Trustee
• Soaring Mortgage and Interest Rate Increases Are Making Housing In Canada Unaffordable
• My Mortgage Is in Foreclosure – Now What?