How to get a Bad Credit Car Loan in Canada

1
Car Loans Canada

• https//www.carloanscanada.com/

2
How to get a Bad Credit Car Loan in Canada

• Having a car in Canada is a necessity. Whether
  you need it for work commutes, shopping or any
  other purpose, a car makes it easier for you to
  travel.
• Negotiating an enormous amount on a new car is
  just half the struggle you also require a high
  car loan to make an excellent deal.

3
(No Transcript)
4
Even if a potential customer has a bad credit
score, it is still possible for them to get a
loan. With a history of payment, there are ways
through which customers with a low credit score
can finance a car over a specific payment period.

So, to help you get a car loan when you have a
low credit score, here are some tips to make the
process easier
5
1.Work on your credit

Check your credit score months or even years in
advance. Its essential to work on your credit
score as soon as you start thinking of buying a
car. When you clean up your credit score before
applying for a loan, you will improve your
chances of being approved. So when it comes to
getting the car loan, it will be easier for you
to use your credit score with confidence.
6


If you dont know your score, its wise to check
on it prior to making a purchase. Verify your
credit score for duplicity and confirm that
everything is accurate. Clearing your past
credits includes paying off past-due amounts,
disputing credit reports and attaching beneficial
details to your credit loan.
7
2.Research

It is wise to check on critical terms like Annual
Percentage rate that refers to a loans annual
interest rate. Even when you are buying a used
car, it will help you to know the actual value of
your vehicle. Its vital to prepare in advance so
that you can negotiate wisely. There are various
resources through which you can receive support
regarding the credit loan.
8
Also, there are several lenders available that
cater to different types of loans and interest
rates. So, it is necessary to not only find a
legitimate lender but one who provides you with a
fair interest rate.
9
3.Money for Down Payment

Depending on your credit score you will be
getting a loan. So, a bad credit auto loan will
come with a higher interest rate. When you put a
higher amount of money as a down payment, it will
lower the chances of a high interest rate which
will be beneficial to you in long run. On the
other hand, it will allow you to choose from the
vast selection of vehicles. You can start saving
for the down payment now it will certainly
create a difference in getting your loan
approved.

Even when you have a bad credit car loan, a
massive down payment will allow the lender to
trust you with giving you the loan.
10
4. Look for different lenders

Different types of dealers will cater various
needs including banks, credit unions, car
dealership, and more. Therefore, it necessary to
find out lenders that will match your needs and
who understand your situation. For those who have
a bad credit score, you can get in touch with Car
Loans Canada who also specializes in no check
credit car loans. Such lenders will understand
your situation and will help you to find a better
solution.
11
5. Know what you can afford

Ensure that the monthly payment you opt for is
something that you can afford, as such it will
aid you to choose the car which falls into that
particular price range. On the other hand,
research car loan interest rates in advance, so
when it comes to negotiating, you can afford it.
You can research the current rates online, or you
can browse through Car Loans Canada to get an
idea of the on-going interest rates and its terms
available in the market.
12
6. Get Pre-Approved

If possible, get a pre-approved loan, it will
provide you with the options available in the
market before making a deal. A pre-approved car
loan will only make your whole process of getting
the loan easier when you have a bad credit score.
Once you know about your estimated interest rate
and the loan amount, you will be able to have a
clearer picture of the car you can afford. To get
the pre-approval, you will need to provide your
employment and income status, drivers license,
address, and estimated down payment you can pay.
13
Shop Cars

As your loan gets pre-approved, you can now start
to shop for your car accordingly. When you have
had all your process planned out in advance it
will get you prepared for the additional cost
like insurance coverage. Plus, you can enjoy the
process of finding out the perfect fit for your
budget car. You wont be stuck in the constant
loophole to find out the ideal vehicle for you
and your budget. Instead, you will be able to
relax and make a purchase at ease.
14
Once you do all the essential formalities, you
will be able to drive your car with satisfaction
knowing you got the best deal for you and your
family.

Getting a car loan will impact your credit score,
depending on how you handle it will make it a
good or bad experience for you. Keep in mind that
your new credit loan will be listed in your
reports, which will help to get a loan in future.
So, ensure to make all your payments on time.
15
Summary

Do you have a less than excellent credit score
and need a car? You wont have to worry about it
anymore. You can now quickly get your loan
approved even when you have a bad credit score.
It might be impossible to even think of getting
your loan approved with a bad score. However,
with better research you will be able to find
some dealers who can help you out in such a
difficult situation.
16
Apply for your car loan

• Our online application process takes only a few
  minutes to complete and we only ask for
  information we need.
• Car Loans Canada is the top rated online car loan
  service in Canada. A company trusted by Canadians
  for over 10 years!

17

• https//www.carloanscanada.com/