It is an unpleasant fact that a low credit score can affect your ability to qualify for financing for a new car. Fortunately, bad credit car loans are out there, you just need to know where to find them. Our dealership is ready and waiting to pair you with a lender who is eager to finance your next automobile purchase, no matter what your credit history. A poor credit history, in other words, is not the end of the world; you can still get a loan, even with a less than perfect credit score.
Your credit history is an indicator to the financing company about how risky loaning you money is, and how much interest they should charge you in order to cover that risk. They will look for things like late or missed payments, bankruptcy, and a high debt to income ratio. Typical lenders will use those issues as an excuse to deny your application or charge you exorbitant interest rates.
The lenders we work with are different. Our dealership has specifically selected lenders who want to give people a second chance. They specialize in bad credit car loans, and are much more interested in your current situation than your credit history. This allows them to be able to offer you a car loan at a great interest rate, no matter what your credit score is.
The car loan market in Canada is very competitive, our lenders will work hard to get your business and earn your trust. Everyone at our dealership wants to help you find the car you want, and the financing you need. Educate yourself about the basic facts of bad credit car loans in Canada. For example, always understand the difference between a dealership incentive, 0% financing, and rebates. Make sure your lender explains to you how those things will affect the total cost of your loan.
Bad credit doesn’t have to prevent you from getting financing for the car of your dreams. Call our dealership today!