Quotes Comparison: what does it mean in Canadian car loans?
Quotes Comparison" in Canadian car loans refers to the critical process of meticulously evaluating multiple financing offers from various lenders-banks, credit unions, and dealership finance departments-for the exact same vehicle purchase. This goes beyond just the advertised interest rate; it necessitates a deep dive into the Annual Percentage Rate (APR), which, under Canadian consumer protection regulations, provides a standardized, all-encompassing measure of the true cost of borrowing, incorporating the interest rate and certain mandatory fees. For borrowers, this comparison is paramount for several reasons. Firstly,