Whether you have good credit or bad credit, we make it possible for all of our customers to get car loans on the same day that they apply. After all, we know that getting the right car often requires a little help from our lenders. Our first priority, of course, is to make sure that all of our customers get the right cars for their needs – and that those cars are going to be safe and reliable for years to come.
Here are 3 things that you need to know about car loans if you’re in the car buying market:
Bad credit doesn’t matter
As far as your ability to secure a car loan goes, having bad credit doesn’t matter. We offer car loans to customers with good credit just as often as we offer car loans in Oakville to customers with bad credit – or even no credit. Car loans help us to ensure that our customers get the best cars for their lifestyles and needs. By offering no credit or bad credit car loans, we help all of our customers get safe cars – not just those customers with perfect credit. Therefore, be sure to ask us about the rates and lending options we have just for you when you apply for a car loan.
You can get started from home
Many of our customers start the car loan process from their comfort of their own homes or offices by completing the credit application online. We have our credit application available through our secure server so that our customers can have the convenience of getting started with their car loans without ever having to come into the dealership. By getting started with the car loan process online, you can have a better idea of what type of loan you may qualify for before you come on down to speak with our lenders.
Car loans can improve your credit
Many of our customers are excited to learn that car loans can actually improve their credit if they have bad credit or no credit. Because car loans interest rates and car loan amounts are based on a borrower’s credit score, it’s best to have the best possible credit score when you apply for a loan. By getting a bad credit car loan, you can improve your credit score by showing future lenders that you can repay a loan. This process will improve your credit history!
Get started with your bad credit or no credit car loan today to get the right car for you – and to start turning your credit around!
If you are like most car buyers, you will finance your new car purchase. You are probably also excited. Don’t let your excitement cloud your judgement. Whether you are applying for a loan using your excellent credit or searching for bad credit car loans, you should keep some things in mind.
Get the Best Interest Rate
Probably the most important thing you can do to save money on your financed car is to negotiate the lowest interest rate possible. Whether you pursue financing from banks, credit unions, financing companies, or the dealership, a lower interest rate could save you thousands over the life of your auto loan. As such, if you are going to negotiate any part of your new car purchase, you probably want it to be your interest rate.
Pick a Good Loan Repayment Date
If you can, think about what day of the month is best for you to make your loan payment. Try to pick one when you will have the funds immediately available. If you typically get paid on the 1st, you might not want your loan payment to be due on the 30th. Because of late fees and charges, you don’t want to be late with your payment.
Ask About Loan Fees
While you might know the price of your car and the interest rate, you might not realize all the fees associated with your loan. Ask your lender for an explanation of any additional costs you will pay. In particular, check if there is a penalty for early loan repayment. Since you will likely want to make an extra payment or two a year to reduce the overall amount you will pay on your loan, you want to be sure you aren’t diminishing any benefit with early payment fees.
If you need a regular loan or a bad credit car loan, you should consider these three tips to get the best loan possible.
You might be able to survive without a car, but that doesn’t mean it’s convenient. When you need a vehicle to get to work, that’s the reality of your situation. Unfortunately, some lenders tend to care more about a credit score than they do your personal situation. Bad credit car loans are a necessity for many shoppers, so it’s important to know how you can get a good loan when your financial history is a little bit lacking.
Don’t Lose Hope
If you assume your credit is going to ensure you’ll never get a good rate, you’re already admitting defeat. If lenders and dealerships avoided everyone with bad credit, car sales would probably go down significantly. Keep on searching and you’ll eventually find someone willing to give you at least decent terms.
Bad credit car loans are difficult to get when you’re going through a faceless bank, but become much more realistic when you work with an actual person. This allows you to discuss your situation beyond the bad credit score and make your case for why you’re not a high-risk borrower.
Target Overall Terms
Once you start talking about monthly payments, you’ve already lost your leverage. You should discuss the overall terms of the loan so you know how much the car will actually cost. With long-term numbers established, you won’t get tricked by low monthly payments and high interest fees that end up being very costly as the years go by.
Skip the Bells and Whistles
Some lenders will try and tempt you with add-ons that don’t actually save you any money. Stay focused on the cost of the car, the interest rate and and the terms of the loan.
A low credit score can hold you back, but it can be overcome. Look for car loans with reasonable terms, keep your eyes on the prize and you should be able to get what you need.
Your credit score is lower than you would like. A polite person might call it “suboptimal.” Regardless of the terminology, having a lower credit score can make large purchases an intimidating experience. The good news is that a few simple practices can take most of the fear out of buying a car. On top of that, a successful car purchase can be an excellent step down the road to a better credit score. Here are a few things to keep in mind when applying for bad credit car loans.
Avoid the Scams
It’s unpleasant, but there are plenty of predators out there. Many predatory lenders see bad credit as a sign of weakness and will look to take advantage. The biggest way to spot these predators is to know your credit score before you even look at the first car. Knowing your credit score first hand will enable you to get online estimates of what a fair loan should entail. While there will be some variance, knowing ballpark figures will help you budget and help you spot scammers. A dishonest lender is likely to tell you your credit score is lower than it is or that your interest rates will be as much as ten to twenty percent higher than they should be. Armed with knowledge, it should be easier to spot these scams and just walk away.
You Still Have Buying Power
The good news is that scammers and predators are not the norm. The simple truth is that bad credit loans are a huge market. There are plenty of dealers and lenders who will appeal to this market without a nefarious motive. These professionals will be up front with your credit score and lending options. Their offers may not match your expectations to the letter, but they should be in the same ballpark. When you are confident you aren’t being scammed, you can feel free to try and negotiate your terms. While bad credit car loans will never see minimal interest rates, the size of the market will still require lenders to be competitive, as long as you give them a little push in that direction.
Bad credit can make buying a car feel so much scarier than it should. If you check your credit score ahead of time and get a few loan estimates, you can avoid the worst case scenarios and negotiate your purchase with confidence.
Are you looking for a way to save money when you buy your used car ? If so, then getting car financing for your car may be one reliable way to save a significant amount of money. There are several different car financing programs that may be right for your needs. However, specific car financing program opportunities may vary, based on your needs and buying situation.
Here’s more information about the car financing opportunities that we offer and that we invite you to take advantage of. Of course, contact us today to learn more about these opportunities or to get started with your car financing!
Many of our customers enjoy the benefits of our car loan program. When customers wish to buy a car that they cannot afford to pay for with cash (which includes many of our customers) our customers can take advantage of our loan program. Our car loans in Mississauga are available for all customers – including those customers with no credit or with bad credit.
The loan program helps customers to get the best possible interest rate for their loans – and to get the highest possible loan amount for their financial situations. Get started applying for this loan program today by completing a credit application online or stopping by our dealership to complete the credit application in person.
Most of our customers take advantage of the Specials program when they can. Our Specials program provides us with a forum to give our customers special rates and deals when they buy used cars from us. Some customers are able to get cash back. Other customers may be able to get low interest rates when they take out a loan. These Specials vary based on a variety of factors. Contact us today to learn more about the Specials that are going on now or that are coming up soon.
When customers have cars that they no longer plan to own after they buy their new or used cars from us, they may wish to trade these cars in for a price off of the cost of the car that they buy from us. Trade-ins are based on the value of the car, which is determined by the Canadian Black Book value for a car and on the condition of the car.
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.