According to the Canadian Federation of Students, the average Canadian student has debts that exceed $27,000. Most are coming out of school and needing the essentials, like a car, to live on their own. If you are a recent graduate carrying a substantial amount of student loan debt and wondering if you can still finance a used car, the answer is Yes.
Many young Canadians are entering the workforce to find that their monthly student loan payment is higher than they had anticipated and paying it might not even be doable with their starting salary. It’s a recipe for disaster, because being unable to pay your loans, or paying them late, can significantly impact your credit score. Continue reading »