Looking to qualify for a car loan? Understanding your options will help you find the most competitive loan offer, adding up to thousands of dollars of savings over the life of your auto loan.
When searching for a lender, many begin by visiting their local bank. While this is certainly a viable option, shopping multiple locations to find the right deal can be an exhausting, time consuming process. Your best bet may be to begin with a company like ours that specializes in auto financing. We have strong relationships with all local lending sources, and can help you apply to a variety of car loans at once. Our livelihood depends on securing financing for our customers, which means we are experts in bartering with lenders on your behalf. Not only are you likely to find the best deal possible, you will cut out hours of paperwork and weeks of wait times that inevitably happens when you work with banks one on one. Within hours of arrival, you may be driving away with a new car.
You may also want to consider applying for a secured car loan. Under this payment model, your auto purchase is also used as collateral for the lender. This option allows the lender to repossess the vehicle in the event of nonpayment or default. Lenders will often drop their interest rates by as much as 10 percent when backed with collateral. If you are confident in your ability to make on time payments, a secured car loan will often offer the most competitive interest rates.
If you choose to work with a bank one-on-one, make sure you do your research beforehand to understand which type of loan may be a better fit for your particular situation, and allow for at least several weeks of additional car shopping to allocate enough time to visit a wide variety of lending and banking institutions. If you would like to simplify the process and qualify for a comparable loan in a shorter time frame, utilize the expertise of our finance experts at Drive it Now.
Buying a car isn’t always easy for some people. If you have bad credit, it may be especially hard to land a car loan that you can afford. One of the best ways to get a low rate car loan is to have a solid credit history. However, if you have bad credit or no credit, car loans are still possible, but they may be even more affordable if you are able to re-establish your credit.
In order to re-establish your credit, there are some simple things that you can start doing today to make affording a car easier a few months from now. Here’s how:
Pay Off Your Credit Card
When a lender goes to look at your credit history, the lender will be able to see a snapshot of your credit situation that is about a month old. There are three credit bureaus that hold your credit information. In order to get a loan rate that is as low as possible, it is important to pay off your credit cards (or pay them down as low as possible) so that when a lender accesses your credit history from a credit bureau, they will be able to see that you have a low amount of money that you owe on a credit card.
Dispute Credit Report Incidents
Many people suffer from bad credit because of a mistake in their credit report, such as a missed payment claim or even stolen identity issue. In order to decrease your risk that you will have a higher loan rate, it is important to dispute any incidents on your report that may hurt your credit score. Sometimes, you can even request to have incidents removed that you are responsible for, such as a late payment.
In order to dispute credit report incidents, you’ll need to contact each of the credit bureaus in writing. Re-establishing your credit after a negative incident can take time, so start today.
Develop a Loan History
When a lender looks at your credit report, it may help you if the lender is able to see that you have experience taking out loans and paying them back on time. Therefore, start small. By taking out a loan even on a credit card, your lender will be able to see that you have a track record of being responsible about paying back your loans.
Contact us at 705-474-6444, or visit us on-line at https://www.driveitnow.ca/ for more information about how we can help you get the best car loan rates possible for your credit history – or for advice about how to re-establish your credit before you buy.
Many Canadians have bad credit. Often, people have bad credit for reasons outside of their control, like frequent job transfers and moves. If you are like many of our customers and have bad credit, don’t worry – you can still get a car loan that will make it possible for you to afford to buy a car. Bad credit car loans are not only easy to afford when you select the right lender, but they also help you maintain (or improve) your quality of life by helping you to get into the car of your choice right away!
If you are thinking about ways to improve your credit, taking out a bad credit car loan may also be one option that’s perfect for you. A bad credit car loan will help you to improve your credit in several ways, while helping you to build your assets. Here are a few things you need to know about how bad credit car loans can impact your credit:
Your credit history has a direct impact on your car loan. The amount of the car loan and the interest rate associated with that car loan are both directly related to your credit. The better your credit, the higher the loan amount and the lower the interest rate. When you are taking out a car loan, it is ideal to have good credit, but the only way to have good credit is to develop a good credit history.
One of the best ways to develop that history is to actually take out loans that you are able to repay. Therefore, taking out any type of car loan – including a bad credit car loan – will help you to improve your credit. Improved credit will result in higher loan amounts and lower interest rates in the future.
A person’s wealth is determined by a number of factors, including the person’s physical assets. When you have an asset, such as a car or a house, you can leverage those assets for better loans and financial situations down the road. Therefore, having a car that you purchase even with a bad credit loan, can help you to build your assets – and grow your wealth.
Contact us today to learn more about how a bad credit car loan can help – and be affordable, regardless of your current credit situation.
Getting a bad credit car loan does not have to be the chore or the impossible task that some people think it is. In fact, many of our customers tell us that they are so embarrassed by their bad credit situations that they have been hesitant about coming in to apply for a car loan.
We have one thing to tell our customers with bad credit: come on down; you won’t be disappointed!
We offer bad credit car loans for our customers that need them. And if you think you’re alone with your bad credit, you’re not. Many of our customers have bad credit and are still able to get affordable car loans.
Whether you are shy about your bad credit or not, one of the most convenient and easiest ways to get your bad credit car loan is to start by completing a credit application online. Here’s what you’ll need to do if you want to get started with your credit application online:
First, visit the section of our Web site where we have the credit application. This is a secure section of the site, so you should feel comfortable inputting your personal information without worrying that it will get stolen online. Of course, if you do not want to complete the online application, you’re also welcome to visit us in person to fill out a credit application at the dealership.
Next, you’ll need to speak with a fiance specialist about options that are available to you. Even if you have bad credit, we work hard to make sure that you have several loan options to choose from so that you get the best possible loan for your needs. We’ll discuss your options after we review your credit application. If we receive your application over the internet, we’ll contact you to discuss these options.
Choose the right option for you. After speaking with a fiance specialist about your options, you’ll have a clear picture of what your budget is and you’ll have an easier time finding the right loan for your needs. Therefore, we recommend that you tell us everything that’s on your mind when you apply for your loan and have your initial meeting with the finance specialist.
To get started applying for your bad credit car loan either online or in person, contact us at today!
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 Northern 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