STARUETROLAND SPONSORED OMVIC FOUR TERMS TO KNOW BEFORE BUYING A CAR Learn what key sales and financial terms mean before heading into a dealership to negotiate for your next vehicle M otor vehiele sales and financing jargon can be confusing, especially for first-time car-buyers. Whether buying new or used, it's important to understand common vehicle financing terms to negotiate effectively, budget for monthly fees and feel confident throughout the buying process. Be prepared before you step into a dealership and negotiate for your next vehicle. Here are four terms you should know before you sign for a vehicle. LICENCE FEE This fee covers licence and registration costs, and it can vary based on different factors. For example, buying brand new plates instead of transferring old ones could cost around $30. Expired stickers registered to your Service Ontario account could mean extra fees depending on where you live in Ontario. Before you sign for your new car, contact the Ministry of Transportation or Service Ontario to get accurate information on outstanding fines you may owe, or what fees look like in SHUTERSTOCK higher the APR, the more you'll pay you're eligible for and focus on the total OMVIC has the tools you need to cost of the car, including the cost of borrowing. Ensure you're comfortable with the total cost of the car and consider the total cost of borrowing prepare for a car purchase. Arm yourself with information and stay protected. Call OMVIC's consumer support over the life of the loan. Motor vehicle dealers must provide specific disclosures about important terms, like the APR, before you sign for your new vehicle. If you're shopping before signing. around for an auto loan, compare APRS against each other, not against interest rates. These terms are not the same. team to learn more about what to expect before you buy a car and become an educated customer. REMEMBER: THERE IS NO COOLING-OFF PERIOD COST OF BORROWING This is the total amount it costs to borrow money to finance a vehicle purchase. When financing a car, it's important to understand how your interest rate impacts your cost of borrowing. Before signing a contract, know your credit score, research interest rates In Ontario, there is no cooling-off period for motor vehicle contracts. Except in extreme circumstances, vehicle sales contracts are final once signed. Always do your research before signing for your new vehicle. These contracts are legally binding. Consumers should understand the OMVIC's team of experts and free consumer resources are the best way to help guarantee a safer car-buying experience. Get informed and protect yourself. Contact OMVIC's consumer support your area, ANNUAL PERCENTAGE RATE (APR): This is the annual cost to borrow money from a bank to buy or lease a car. It is comprised of the cost of borrowing, interest rate and the fees you must pay to get the loan. T'he team at consumers@omvic.on.ca or call 1-800-943-6002 today. contract and bill of sale before signing. Contracts can be intimidating, but This content was funded and approved by theadvertiser. STARUETROLAND SPONSORED OMVIC FOUR TERMS TO KNOW BEFORE BUYING A CAR Learn what key sales and financial terms mean before heading into a dealership to negotiate for your next vehicle M otor vehiele sales and financing jargon can be confusing, especially for first-time car-buyers. Whether buying new or used, it's important to understand common vehicle financing terms to negotiate effectively, budget for monthly fees and feel confident throughout the buying process. Be prepared before you step into a dealership and negotiate for your next vehicle. Here are four terms you should know before you sign for a vehicle. LICENCE FEE This fee covers licence and registration costs, and it can vary based on different factors. For example, buying brand new plates instead of transferring old ones could cost around $30. Expired stickers registered to your Service Ontario account could mean extra fees depending on where you live in Ontario. Before you sign for your new car, contact the Ministry of Transportation or Service Ontario to get accurate information on outstanding fines you may owe, or what fees look like in SHUTERSTOCK higher the APR, the more you'll pay you're eligible for and focus on the total OMVIC has the tools you need to cost of the car, including the cost of borrowing. Ensure you're comfortable with the total cost of the car and consider the total cost of borrowing prepare for a car purchase. Arm yourself with information and stay protected. Call OMVIC's consumer support over the life of the loan. Motor vehicle dealers must provide specific disclosures about important terms, like the APR, before you sign for your new vehicle. If you're shopping before signing. around for an auto loan, compare APRS against each other, not against interest rates. These terms are not the same. team to learn more about what to expect before you buy a car and become an educated customer. REMEMBER: THERE IS NO COOLING-OFF PERIOD COST OF BORROWING This is the total amount it costs to borrow money to finance a vehicle purchase. When financing a car, it's important to understand how your interest rate impacts your cost of borrowing. Before signing a contract, know your credit score, research interest rates In Ontario, there is no cooling-off period for motor vehicle contracts. Except in extreme circumstances, vehicle sales contracts are final once signed. Always do your research before signing for your new vehicle. These contracts are legally binding. Consumers should understand the OMVIC's team of experts and free consumer resources are the best way to help guarantee a safer car-buying experience. Get informed and protect yourself. Contact OMVIC's consumer support your area, ANNUAL PERCENTAGE RATE (APR): This is the annual cost to borrow money from a bank to buy or lease a car. It is comprised of the cost of borrowing, interest rate and the fees you must pay to get the loan. T'he team at consumers@omvic.on.ca or call 1-800-943-6002 today. contract and bill of sale before signing. Contracts can be intimidating, but This content was funded and approved by theadvertiser.