“Bad credit or damaged credit” typically refers to a credit score under 625. There are a number of reasons a person might find themselves with a score that would be considered bad credit: Late payments, maxed out cards, bankruptcy, repossession, etc. The good news is you are not the first one to get stuck with damaged credit. There are multiple options in place for consumers that require financing with these circumstances.
Contact from a credit specialist varies from 5 minutes to 24 hours depending upon the day of the week, holidays and busy times.
Yes. The trade-in will lower your monthly payment or down payment if this is required.
To proceed, in order to qualify for financing, certain restrictions must be met in order to facilitate lenders requirements;
- You must be a legal resident of Canada
- You must be the age of majority in the province you reside
- You must have a valid driver’s license; there are no exceptions
- You must provide accurate contact information including an accurate telephone number. Upon contact from a credit specialist, identity verification conditions will apply in order to proceed with financing. Additionally, income verification will be required, so you will need to provide pay stubs or bank statements in order to obtain a loan, otherwise you should not proceed.
- You must be employed for a minimum of 90 days and earn $1,800/month verified working income. Unfortunately, any government assisted financial support program does not qualify as working income
- your credit history
- your application information
- if any down payment is being made
- the vehicle specifics of the car you are intending to buy (model, style, age, mileage, and cost)
Principal: This is the total cost of the vehicle including any fees that the lender or dealership add on for the car loan.
Term: The term is defined as the length of time that payments will be made for. Typically, the term will run anywhere between 36 months (3 years) and 72 months (6 years), although it is not uncommon for loans to be granted with longer or shorter terms.
Interest rate: This is the percentage that the lender will be charging you to borrow the money for your loan. Interest rates can vary depending on whether the vehicle in question is new or used, and the risk the lender perceives in lending the money.
Late Payment: If there is any late payment, the late payment is determined by the lender and the financial institution the consumer is accepted by.
When you get a car loan you are typically making payments back to a lender rather than to the dealership. That being said, some dealerships will offer in-house financing, which might allow a customer with bad credit to get an auto loan in instances where they otherwise would not have been able to. In this case the car loan is directly with the dealership or “in-house”.
We know that your past does not dictate your future. There are multiple financing options available for both current bankruptcies and past bankruptcies.
We work with everyone.
We will help you secure auto financing and get your vehicle of choice. The credit specialist will work with you to make consistent payments in a timely manner, thereby rebuilding your credit and thus improving your credit score.
Yes. Do not overextend and put yourself in a bad financial position. Know your limit and then choose accordingly. Be smart. Knowing how much you have to spend before shopping for cars can save you a lot of time and aggravation.
Find a lender that will work with you before you decide on a car. After you provide your personal contact information, the credit specialist will work with you on what you can afford and on what terms so that you can make the right financial decision. Possibly consider a vehicle that you are happy with but may not be exactly what you want but will accomplish what you need, with a shorter term auto loan. You will save a lot of money on interest, build back credit faster and improve your fiscal outlook.