I’ve been looking into what to consider when financing a car, and one thing seems pretty clear: it pays to compare the numbers before committing to anything. A monthly payment might look reasonable at first, but the interest rate, loan term and other expenses can make a real difference to the overall cost.

BCU Financial is worth checking out if you’re looking for car financing in Canada. The credit union offers loans for both new and used vehicles, with terms from one to five years. There’s a fixed-rate option, too, which can be useful if you want a more predictable approach to repayments.

The advertised rate for a five-year term is 6.99% per year, subject to approval and the applicable terms and conditions. I’d suggest using the online calculator first to get an estimate of the payments, then checking whether the figures work with your budget. If anything is unclear, you can contact a financial services advisor for more information.

You can find everything on the official page here: bcufinancial.com/personal/borrowing/loans-and-lines-of-credit/car-loan

If you’re currently comparing ways to pay for a vehicle, it’s another option to add to your list. Just make sure you read the terms carefully and compare the total cost of the loan rather than looking at the monthly payment alone.