How to Finance a Car Purchase With Bad Credit

Owning a car is a real luxury in life. Unfortunately, it is one that comes at a cost. Vehicles are not cheap and this can make it very difficult for some consumers to afford them. While it might seem like all hope is lost when you discover that you’re not able to afford the ride of your dreams, it is important to keep in mind that there are some options available to you. Bad credit car loans exist for exactly this reason.

The Basics

This is a type of loan that can help you to get the car that you have your eyes on. Before you rush out to sign up, it is important to learn a little bit about how this financing option works. Essentially, bad credit loans are structured for borrowers who do not have the best credit. Many lenders deny loans to potential borrowers with bad credit but this option is very different. By choosing this type of loan, you can get the money you need to buy a vehicle and make your life easier.

The Reality

While this is an excellent choice for people who do not have great credit, it is important to keep a few points in mind. Bad credit loans often have high interest rates attached to them. This can be frustrating but it is one of the only ways that lenders are able to afford being able to supply this loan option. To keep your payments manageable, be sure to put down a sizeable payment in advance and you are likely to see lower monthly payments to follow.

Getting behind the wheel of the car of your dreams is a difficult goal to achieve when your credit is in bad shape. While it might be disheartening, there are ways around this issue. Take a look at your credit score and see if you are in a good place. If not, consider how you can get the best results with loans structured for buyers with bad credit.

Benefits of Bad Credit Car Loans

When you have bad credit, it can sometimes seem like you will never get out from under the score, this is where we can help. Not only can we get you into a quality new or used vehicle, we can also help you get bad credit car loans. These loans can do more than just get you a new ride, however, they can also help rebuild your credit.

Get a New-To-You Ride

The most obvious benefit of bad credit car loans is that you can get a new ride for yourself and your family. This means that you can more effectively get to work and run errands. You can upgrade to a bigger vehicle, get one more fit for work and much more. We will help you find the right automobile for your needs and help you get the loan to afford it. You can find a variety of vehicles to meet your needs for seating and storage in new or used makes and models.

Rebuild Your Credit

The fastest way to rebuild your credit is to have a loan in good standing or a successfully completed loan on your credit report. By getting a car loan, you can also get a reliable ride to and from work or around town. This can give you the opportunity to restart or rebuild your credit because every on-time payment will add to your score and a completed loan will bump it up faster. This can help you get better terms on future loans and for bigger purchases.

You may think that the only benefit of bad credit car loans is getting you a new or used vehicle to get around in; however, the right loan can help you rebuild your credit. By dealing with us online or in person one of our finance specialists can go over your financing options to get you pre approved then we can choose your new ride.

3 Ways to Help Financing Your Car

If you are looking for effective ways to reduce the price of your new or used car or to make buying a used car easier than ever, then check out our three tips for financing your car purchase. These tips are designed to be effective for everyone – no matter what your current budget or financial situation is. By using one or all of these financing tips, we hope that you will be able to save a significant amount of money off of the cost of your car – no matter what your financial requirements are. Without further ado, here are our three most helpful financial tips:

Go for the loan

Many of our customers are aware that they will need a car loan in order to more easily afford the right kind of car for their needs. While many customers have to choose between buying a less reliable car with the small amount of cash that they have or buying a car that will suit their long-term needs with a loan, we always think the decision should be easy: go for the loan. Sure – if you buy a less reliable car with cash, you won’t have a loan to think about. However, you may have more repairs on your plate and the car may not be as safe as it should be. Taking out a small car loan can not only help you to afford a car that will suit your long-term needs, but it can help to ensure that the car you buy will be safe and durable for years to come. Trust us: it’s worth it.

Trade-in to trade-up

We have a helpful trade-in program that helps many of our customers trade their existing cars in for money off of the cost of their new cars. Some customers use their trade-ins to get better cars while other customers use their trade ins to reduce the overall price of the new or used car. We’re happy to help you determine the value of your trade-in so that you can maximize your savings and get the right car for you.

Look for deals

We have special deals going on for our customers all of the time. These deals change, so you’ll have to contact us to find out what deals are going on now or may be coming up. However, these deals are designed to help you get low interest rates, low down payments, cash back, or other great financial arrangements you’ll love.

We look forward to helping you save your money. Contact us first for car loans and bad credit car loans today to learn more about how we can help you!

Ways to Pay Off Your Loan Faster

No matter how great of a deal or rate you got on your car loan, you’ll want to pay it off as quickly as possible to save time and money on interest. Just as there are several things you can do to save on car loans, there are also several things you can do to pay off your loan faster if you’re willing to take the time and put in the work.

One of the best things you can do is round up for your payments whenever you have the finances to do so. Pay $500 when your monthly payment is $450.79. If you can’t round up to the nearest hundredth for your payment, then at least round up to the nearest tenth. Every little bit helps and can keep you from paying more interest than necessary.

For those rare months when you’ll be getting an extra check or sum of money, think about using a percentage of your surplus of funds to pay more on your car loan. Being responsible may be the last thing you want to do with your mad money, but doing so can keep you from getting mad at having to pay on your car longer than you absolutely have to.

Take a look at your budget and your spending habits to see if there are any places you can cut back to save money, money you can use to pay more on your car loan. Ask yourself if you’re dining out too much or if you can skip a spa session or massage treatment. Making sacrifices for a few months is sure to do wonders for your finances and your car loan.

Depending on how long you’ve had your car, you may have the option of refinancing your loan to save on your payment and lower your interest rate. Be responsible when it comes to your loan and your finances. You can experience the satisfaction that comes with making your final loan payment faster if you know where to look and how to spend.

What to Know About Buying a Car in Canada

A car is a major purchase. Unless you have thousands of dollars lying around, chances are you’ll need to borrow money. Car loans are a viable option for buying all kinds of vehicles. By understanding different aspects of the car buying process, you can get the right auto for your needs.

Car Loan

A car loan is financing used for purchasing a vehicle. There are many institutions offering this funding option. For example, many auto dealers offer in-house financing for their customers. You can finance up to the maximum cost of the car. Working with dealership, is a convenient way of borrowing funds and buying your dream car all in one place.

Payments

Car loans are generally paid in full within three to six years. You have the option of making bi-weekly or monthly payments. Consider making a substantial down payment. It’s the easiest way of lowering your payouts.

Budget

There are so many automobile brands, makes and models. How do you know what car is best for you? Research costs associated with the vehicle. Consider things such as insurance, fuel consumption, maintenance and parts. You can find this information online.

Test Drive

Test drive the cars that interest you. Compare things such as handling, steering, braking, comfort and smoothness of the ride. Getting behind the wheel helps you make the right choice.

Used Car

There are many advantages to purchasing a pre-owned vehicle. Typically, these autos undergo extensive bumper-to-bumper inspections. In many cases, late model cars are equipped with the latest modern technology and features. It’s a budget-friendly approach to buying a high-quality, reliable vehicle.

Getting around in Canada is a lot easier when you have your own vehicle. The good news is you don’t have to break the bank to do it. With a little upfront leg work, you can obtain a loan and drive off our lot in your dream car.

Bad Credit Car Loans-Back on the Road Again

Get back on the road again with bad credit car loans and a new or used vehicle. We understand unforeseen things happen in life that can muddy up your credit, and we are here to give you a second chance with a car and a loan. Having your car repossessed is a traumatic event, and it can cause people to delay buying a new car. The aftermath of repossession may leave a person feeling helpless, and he or she might even pass up employment opportunities because there is no car to drive to work.

We want you to buy our cars and we have confidence that you will rebuild your life and credit. That is why we consult with you not only about what kind of vehicle you are looking for, but what kind of financing best suits your lifestyle and needs. We aren’t out to charge high interest rates, but want you to afford our cars so you can come back to us again for maintenance or additional cars in the future. Our experts can give you a reasonable rate of interest and low monthly payments so you can have peace of mind.

A car is a necessity and can increase your earning power by enabling you to take jobs with decent pay but far locations. With a car and financing, you will be able to seize these opportunities and improve your financial picture. We will help you select the right car for your and also the best loans. We are a one-stop shop when it comes to selecting a car and financing it. There is no need to look for bad credit car loans at a bank or other agency and then select a car, but you can do everything in one convenient location. Speak to our experts about a new or used car and the best financing for you.

Why You Might Need a Bad Credit Car Loan

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:

New Credit

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.

Low Credit

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.

Understand Your Credit Score to Start Reestablishing Your Credit – and Buy a Car!

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

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.

Amounts Owed

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!

Why Getting a Bad Credit Car Loan Today is Important

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.

Purchasing Your First Car Using Bad Credit Car Loans

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.