Getting a vehicle loan may seem like a simple way to make buying a car more attainable. However, consumers must do their research before taking on a long-term loan to avoid negative equity and protect their personal finances.

In Ontario there is no cooling-off period when it comes to buying or leasing a car. Although consumers in the province are permitted a cooling-off period when they sign contracts for certain purchases outlined in the Consumer Protection Act - like a newly built condo or a gym membership, vehicle purchases are final upon signature. Once you sign a vehicle contract, that deal is final and legally binding, unless the dealer has failed to make certain specified disclosures.

Signing on the dotted line for a new vehicle can be intimidating, and the last thing you want to do is waste your hard-earned money on a car that doesn’t meet your needs. Consumers shouldn’t sign a purchase or lease agreement unless they’re sure all terms and conditions are correctly disclosed on the contract.

Rolling back a vehicle’s odometer to display a lower mileage than it has travelled is known as “odometer fraud”. It may be done to increase the sale price of a used car and this issue is often problematic in vehicles sold by dishonest private sellers and illegal, unlicensed vehicle dealers, referred to as curbsiders.

Identifying a vehicle with a rolled-back odometer can be difficult, however, there are steps consumers can take to help spot an odometer that has been tampered with.

Many Ontarians purchase cars from private owners, but “buyer beware”., avoiding Avoiding dealerships can sometimes lead to headaches, unexpected repair bills, unusable vehicles or worse. Private sales can present opportunities for sellers to take advantage of consumers, often by selling vehicles and misrepresenting their car’s history and condition. The Ontario Motor Vehicle Industry Council (OMVIC) can help you get the information you need before you buy privately to protect yourself.

Only a few clicks separates you from a new car in today’s digital economy. But before rushing to the digital checkout, be sure to familiarize yourself with the unique dynamics and potential risks of online car shopping.

In the past few years, more and more Ontarians have decided to skip showroom visits entirely, opting to buy through online dealers instead – sometimes without even seeing a car first. The reach of the internet has also allowed buyers to look for cars far outside of their hometowns. /p>

This newfound convenience and freedom can come with potential risks. Here are a few tips on how to stay safe when buying..

For first time car buyers, knowing what to expect from the sales experience can help smooth anxieties. Buying a car is often the second most expensive purchase Ontarians make. Buyers should understand what to expect from dealers and salespersons throughout the buying process.

Here are the top five things to expect at a dealership when you’re ready to buy.

Apart from HST and licensing fees, the price you see in a dealership car ad in Ontario is the maximum price you are expected to pay for your vehicle: not a penny more. It’s the law.

In Ontario, the advertised price of new and used vehicles sold at dealerships must include all fees and charges a dealer will collect once a sale is completed. When examining the price of a car, get a detailed breakdown of all the following fees and charges from the dealer, which should be included in the all-in price.

If you suffer a financial loss from a motor vehicle purchase, the Motor Vehicle Dealers Compensation Fund (MVDCF) may provide relief if you meet the eligibility criteria, which includes purchasing from an Ontario Motor Vehicle Industry Council (OMVIC)-registered dealer. As the oldest fund of its kind in Ontario, it has provided much-needed financial relief to many consumers since its inception.