In most places, you need a car in order to get to and from work, see to your various responsibilities and maintain an acceptable social life. However, having bad credit can prevent you from getting behind the wheel of any car, whether used or new. Thankfully, you have the option of using bad credit car loans when buying your next vehicle. There are several reasons why you might want to seek out this type of financial support in order to buy your car, including:
The most common reason why drivers use bad credit car loans to make their purchase is that they have relatively new credit. Young adults who are looking forward to buying their first new car and becoming independent will likely not be able to meet the stringent requirements of the typical car loan. If this is your issue, it may be a good idea to rely on loans designed for bad or low credit until you can build your numbers over time.
In the modern economy, keeping your credit pristine isn’t always an option, a fact which thousands of individuals looking for cars have become familiar with in recent years. Getting your credit back up to an acceptable level after a slip can be difficult, and it takes a great deal of time. In the meantime, you can’t deal with being unable to attend work or school, and that’s why you may want to rely on loans designed for individuals with poor credit until better loans come within reach of your credit score.
There are several other reasons why you might want or need to use bad credit car loans for your next used or new car purchase, but these are by far the most common issues which those who choose this route face. If you’ve been dealing with either one of these problem, it may be time to seek out some advice regarding our next car purchase. Please take a minute and fill out our secure online credit application and one of our loan experts will contact you promptly with loan options.
Did you know that buying a car with a loan is one of the best ways to reestablish your credit after you have a bankruptcy? Chances are good that, if you are like many people, you have been concerned about how a bankruptcy will impact your overall credit score. It is important to be aware that a bankruptcy will negatively impact your credit score, but if you have understand what exactly goes into your credit score, then you have a better chance of improving it.
Here are some of the factors that comprise your credit score that you should be aware of as you begin to think about buying that car with a loan:
New credit takes up about ten percent of your overall credit score. This means that for every new credit line you have, your credit score will be impacted. Credit lines include credit cards and loans, in most cases. If you have a credit line that you are paying off on time, then you will be proving to future lenders that you are financially responsible. Therefore, it’s okay to have a credit line, as long as you are paying it off.
The amount of money that you owe will impact your credit by about thirty percent. The amount owed includes all of your credit card debt as well as other outstanding debts, such as your car loan. The amount you owe will be factored into your income when it comes time for a lender to assess your overall credit risk. Owing money is okay. However, if you are asking for a loan that would require you to owe more money than you make, then you’ll need to reassess your options, in most cases.
Types of Credit Used
We always encourage our customers to only use credit when they need it. Buying a car is certainly a need. However, having a huge amount of credit card debt may indicate that you are spending money on things you might not actually need. The type of credit you owe accounts for about ten percent of your overall credit score.
Contact us today for more information about how your credit score impacts your car loan – and how a car loan can actually help to improve your credit!
We have customers come to use each week that want or need to buy a car, but are not sure if they are able to take out a loan in order to afford the car. Many of these customers currently take the bus, use carpools, or have to ask other people for rides to school or work because they are nervous about being able to pay off their car loan with their bad credit.
Remember: we offer bad credit car loans to our customers that need them. Therefore, having bad credit should not keep you away from buying a car. Because having a car is important for many people, we’ve developed a list of questions that our customers should ask themselves. If you answer yes to any of these questions, then it is important that you talk to us about getting a bad credit car loan today.
Do you need a car to get to work? Most Canadians require a car in order to get to work. If you are worried about being able to afford a car to get to work, remember that if you can’t get to work, you can’t pay for your living expenses. Therefore, investing in a car – even if you have to get a bad credit car loan – may be essential to helping you continue on with your daily life.
Can you afford low monthly payments? Most of our customers that are nervous about taking out a bad credit car loan are surprised by how low our monthly payments are. We work with each customer individually in order to develop a payment plan that suits their schedule and their lifestyle. Our goal is to make affording a car easy. Therefore, even if it takes a few extra years, we will help you to get your loan payments as low as possible so that you can afford your car.
Would you like to improve your credit? By taking out a bad credit car loan, you will actually be able to improve your credit because you will be developing a track record for being able to pay off your loan. This track record will be one that you can show a future lender in order to get a lower interest rate.
If it is your first time purchasing a car, you may feel a mixture of emotions, such as excitement and nervousness. You may feel excited about finally getting something of your own instead of relying on other people to drive you to different places, but nervous because you might not know how you will afford to get a vehicle of your own. Bad credit car loans make it easier for just about anyone to get a vehicle if and when they need one. We can help you complete the application for a car loan with us.
Applying and Making Important Decisions
The first step to the buying process involves completing the application for one of these loans. There are many details you may need to provide about yourself before you are approved for a specific amount of money. If you do get approved, we can tell you how much is available for you to spend and guide you in the right direction of the various vehicles that are available within that specific price range. We have quite the selection available. When it comes down to the one that you choose to get, it is mainly a matter of preference.
Ride Away in Style and Stress-Free
Even though your credit is not great, you may still be able to get a great car that looks stunning both inside and out. The option of using a loan to pay for the car means you can easily ride away in style without the stress of spending all your money at once. After getting the loan and selecting the right vehicle, you can agree to make payments of a certain amount for several months until the total cost of the car is officially paid off. It is a stress-free process that allows you to get a car without a struggle.
If you are shopping for your very first vehicle, take a look at the options we have. Not only do we have an amazing selection of vehicles, but we also offer loans for those with bad credit.
If you are looking to get a car loan in Central Ontario, but have bad credit, we’ve got some news for you: you still qualify for a bad credit car loan. It’s important that you get as much information as possible about car loans before taking out a bad credit car loan, so we’ve assembled 8 facts about bad credit car loans that can provide you with a general overview. Contact for details about bad credit car loans or for more information:
1. Everyone qualifies for a bad credit car loan with us – even if you have had a bankruptcy or have no credit at all. All of our customers should have equal opportunities to finance their car purchases, so we won’t turn anyone down from a bad credit car loan.
2. You have options. We will offer several options to each customer so that the customer can select the right bad credit car loan package that’s right for their unique needs.
3. You can get a bad credit car loan for a used car, or a used truck or minivan. Our car loan program is designed to help you by any used car you’d like.
4. It often takes people several years to repay their bad credit car loans. Speak with our lenders to determine exactly what type of loan program you will use. Your choice of loan program will determine the duration of the program.
5. You may pay a higher interest rate for a bad credit car loan than someone with good credit. However, because of the options that we provide, you should be able to find a bad credit program that suits your particular budget.
6. You can always refinance your bad credit car loan. As long as your repay your car loan and rebuild your credit, you will have the option of refinancing your bad credit car loan down the road. Contact us for details.
7. You can apply for a bad credit car loan online using our secure credit application.
8. It’s recommended that you complete a credit application for a bad credit car loan prior to looking for a car. By completing the credit application, you’ll know more about how much money you’ll be able to spend on the car. Therefore, completing the car loan application is the first step for many customers.
Contact us today to learn more about bad credit car loans and car financing in general. We’re always happy to help you get the right car at the right price!
If you are looking for a car loan in Ontario, then it’s important that you are aware that the process of getting a car loan can be simple, but it’s not as simple as walking into a dealership, asking for a loan, and walking out with exactly the loan you want and exactly the car you’d been dreaming of. While it would be great it getting a car loan were that hands-free and easy, there are a few things you’ll need to do in order to get the right car loan at the right time.
First, you’ll need to complete a credit application. In order to complete this application, you’ll need to have some basic personal information on hand, including your current address, employer information (if applicable). You’ll need to complete the credit application as completely as possible.
Once you complete this credit application, our credit specialists at Get A Car Loan Today will review the application in order to determine what kind of loan you may qualify for. Therefore, the information that you include on the application is important – especially your identification information, such as your income.
We will also run a credit check using you contact information. This credit check will give us more information about your credit history and your credit score. Using this credit history and credit score, we will be able to determine your loan rate with better accuracy. For example, if you have a good credit score, you might get a lower loan interest rate than someone with a low credit score.
After we review your paperwork and draw up some initial loan estimates, we’ll meet with you to discuss your options and needs. We might ask about your current work or plans for the future. Using this information, we’ll be able to customize a loan program that will specifically suit your needs and make it even more possible for you to afford the right kind of loan for the car you love.
We will then show you the cars on our lot that match the price that you will be able to easily afford with the loan program we develop for you. Our goal is to give you as many options as possible so that you can get the best possible loan and arrangement for your overall needs.
Contact us today to learn more about our car loans or to apply for your car financing today.
If you’re a teenager, you want to buy your first car as soon as possible. However, even if you’ve looked at tons of used cars and feel confident you’ve found the one you absolutely love, it’s extremely important you consider the financial side of things before you come in to see us to make a purchase. Here are a few tips for saving up for your first car successfully.
Calculate How Much You Need
The first step in saving up for your first car involves figuring out how much you need. It’s important to remember that this doesn’t just include your monthly payment. You also need to factor in the cost of gas, insurance, regular oil changes, maintenance, and more. Then, figure out how much your income is every month and how much you can set aside for your first car.
If you aren’t planning on paying for the car all at once, determine how much you can spend on a car payment every month. Then, figure out how much you can spend on a down payment. Typically, it’s a good idea to put at least 20 percent down on a vehicle loan.
Find Ways to Save a Little Extra
Now that you’ve figured out how much you need to save to buy your first car, it’s time to start the actual saving. If you don’t have much of an income, try getting a job or doing things on the side for your friends and family members. For instance, you might try babysitting for a neighbour on the weekends. You may also want to think about cutting back on things you don’t really need, like eating out and going to movies.
When it comes to saving up for your first car, it can be done. You just have to be patient, be diligent, and make smart decisions as you get ready to make this important purchase.
Think of the car features that you definitely want in your next vehicle. Would you like leather seats and a moon roof, or do you want plenty of seats and cup holders? Do you think you have a short list of favourite vehicles or are you open to anything that fits your budget? Even if you are undecided on a car just yet, we can take the worries out of getting the best car loan for you.
The first impression of a vehicle comes down to two factors, ergonomics and personal preference. You should have ample head and legroom, feel that the window layout gives you good visibility, and like how the gauges and controls are laid out. If members of your family have car seats, it is a good idea to bring them along to see if they work well with the cars you are test driving.
If you have a set color or feature combination in mind that does not come around every day, you may have to look longer to find what you want. But, if you know what your top three colour and make combos are, you may be pleasantly surprised by the number of cars available to test drive. Conversely, if colour is not important to you, you may get a great deal on a car in a less popular colour.
Financing the Transaction
When you have found the vehicle you want and are ready to make a purchase, we want you to know the total price of the used car you’ve decided to buy. We itemize any extended warranty and interest costs in all of our car loans. Of course we are always happy to consider your current vehicle as a potential trade-in, and we offer extended warranties for our used cars. This is a great way to handle any unforeseen repairs covered by the warranty.
Our financing staff are experienced in setting up a loan with terms that will fit your budget. Come visit us soon to see how enjoyable car shopping can be.
When it comes to car loans, you might ask yourself whether or not you’re ready for them. You want that new or used car but you aren’t sure about whether or not loans are for you. For many people, leasing a car can be a life saver. It allows you to have the money right then and there to pay for a car without waiting. Most people find their payments easy to live with also. However, if you’re about to finance your car, it’s important to follow these three steps before you dive in.
Choose a Lender
When it comes to choosing the right lender, it’s important to do a little research. Many people choose to use the dealer as their lender. This is great, especially if you’re purchasing a car at the last minute. While you may be stuck filling out paperwork for a long period of time, at least you can get the loan as soon as possible.
Make a Budget
Before any large purchase, it’s imperative that you have a budget. The last thing that you want is to be unable to pay your bills. When it comes to a new car, the inability to pay can have it taken from you. The car is in your possession for a reason, it’s best to make sure that you have the money to pay for it and to take care of it if anything were to go wrong.
Trade-In or Down Payment
There are two different ways to approach car loans. Sometimes, you will be able to trade your old car in for a newer model. When this happens, your loan payments will be lowered due to subtracting the price of your other car from the newer model.
Car loans don’t have to be complicated. If you’re looking to finance your car, make sure to figure out who you want to lend from, what your budget is and how you plan to pay for it.
If you have your eye on a new or used car, you may have to consider financing options. The problem that a lot of people face is that they don’t have optimal credit and may not think that they qualify. While many lenders offer bad credit car loans, there are still a lot of myths that circle the choice. You shouldn’t let these turn you away from the financing that could get you your dream car. Here are the three top myths when it comes to car loans.
A Low Credit Score Guarantees Rejection
This isn’t true at all. In fact, there are dealers and lenders that specialize in car loans for people with bad credit. Poor credit will not stop you from financing a car.
You Can’t Refinance if You Had a Poor Credit Score
When you’re approved of a car loan with a low credit score, you are given the opportunity to build your credit over again. After a while, as your score builds you will be given more options. It’s common for people to refinance their loan and come up with a cheaper rate after they have built up their credit score.
Income Doesn’t Matter if You Have Bad Credit
Income absolutely matters! Income and the other debts that you owe play a big role in the size of the loan you can be awarded. While lenders do pay attention to your credit, your income also plays a large role in whether or not you’re approved. This can also affect the rates that you’re given.
Don’t allow myths to turn you away from car loans. Even with bad credit there are many options out there. While it can be a difficult choice for many people to decide whether or not they want to look into financing for a vehicle, it’s important not to be deterred by myths. Only the facts should be an influencing factor on your decision.