The conventional method is to go into a dealership, pick a car and then visit their business office and start the paperwork looking for financing. Our way, which we believe is the right way, is to qualify you for the financing first. We want to come to an agreement between you and the financial institution about a comfortable monthly payment and then start looking for a good, reliable vehicle that fits your budget.
There a few basic questions that will need to be answered. Do you have a full time job? How long have you been working at your current place of employment? What is your gross monthly Income? When we get you a car will you qualify for insurance?
When you are ready to get started you will need to bring 2 pieces of government issued identification. Next we will need to verify your current place of residence; any monthly bill (phone, cable, hydro, etc) that is addressed to you at that address. One void cheque will be required; it must be from the financial institution from which your monthly payments will be drawn. Finally, financial institutions will typically ask for 3 references; these can be relatives that are not currently living with you, friends and co-workers. Sometimes there may be other stipulations required.
Financial institutions will almost always try to help you get into a newer, reliable vehicle of any make or model; something that may still have warranty left on it. Having to worry about the possibility of costly repair bills while budgeting for car payments is a factor that we always try to avoid.
Typically, you will be looking at 12 to 18 months to re-establish your credit. All of our loans are designed to repair your credit so all of your payments will be reported to the credit bureau.
Financial institutions will always work to diligently to set a comfortable monthly budget for you regardless of your credit rating. This is more important than what your interest rate is going to be. With the number of lenders that we deal with, we will always be trying to get you the lowest interest rate possible in order to secure your loan.
Through us, you will have access to a minimum of 10 mainstream financial institutions plus several private lenders. Our goal is to make sure that we find the right fit for you.
You will notice that we do not have any inventory on our website. However, we have access to a large selection of inventory. We deal with a very large network of dealers for inventory. Our philosophy is to first see what you are qualified for, set your monthly budget and then start looking for the vehicles that fit your price range, needs and preferences. The process is much like pre-qualifying for a mortgage.
Once you have received final approval from the financial institution, you can expect to take delivery of your new vehicle within 24 to 48 hours.
This is something that is not terribly worrisome. Bad things happen to good people all of the time and there is always a way to repair bad situations. One way is to get into a rent-to-own agreement. While this may not be the ideal method, it does still go a long way towards re-establishing your credit history.