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For many Albertans, they believe their ability to afford a car is a function of the monthly payment they can make. While an extended loan payment term reduces the size of the monthly payment, there is usually a trade-off as the lenders almost always increase interest rates for longer payment terms.

Most car dealers in Alberta and across the country are masters at trying to encourage purchasers to purchase paint protection, undercoating packages, or extended warranties, or to pay ridiculous documentation fees at greatly inflated mark-ups, and for huge profits. In the United States, documentation fees got so out of control, some States set maximums of $75.00 or $50.00. These maximums put the true cost of these services into perspective, and the $700.00 to $800.00 charges by some car dealers are pure profit.

It may not look like much extra when you are paying for it over 48 or 60 months, but when you add everything up, it is. Our Consumer-Proposal.org Loan Calculator allows you to be ready for the purchase price bumps, and to help you avoid them!