Don’t Let the New Car Smell Go to Your Head When Borrowing to Buy a Car

Don’t Let the New Car Smell Go to Your Head When Borrowing to Buy a Car
Crossover SUVs are seen for sale at an auto mall in Ottawa, on April 26, 2021. The Canadian Press/Justin Tang
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The thrill of driving a new car off a dealer’s lot is appealing, but experts warn not to let the new car smell go to your head when it comes to borrowing money to make it happen.

Mark Kalinowski, a credit counsellor and financial educator at the Credit Counselling Society, says you need to know what you can afford when it comes to a car loan.