Bad Credit Car Loans Approved Up To $55,000 with 97% Approval Rate
When you find yourself with a vehicle that just isn’t doing what you need it to do anymore it can be difficult. You not only want to have a vehicle so that you can get around to different places but you actually need to have one so you can take care of yourself and your family. When yours breaks down or even when you start to just plain not like the one that you have it can be a problem for you. But if you have little money it can be its own problem. How are you going to afford a new vehicle when you’re not really able to make large payments? And then what happens when you have bad credit to top it all off?
Well for a lot of people who have bad credit this is the reality. Their car breaks down and suddenly they have to do something quickly, but they just don’t have the money to buy a car outright and they don’t have the credit to get a good loan. So what do you do? Well what you should do is start doing your research on a car first. Make sure you know what type of car you want and what it should be costing you, but then understand that a loan, especially when you have bad credit, is going to increase the price, sometimes by a lot.
Fortunately, if you continue looking around and you find the right company to work with you can get an interest rate that is actually going to work for you. That’s because there are still companies out there who are ready and willing to help out those with bad credit. They know that you’re worth investing in too and that you have even more to prove than those people who already have good credit, so they will take a chance on you.
When you are getting a loan, most companies are going to look at about five things in order to make sure that they really want to give you the loan that you need.
- The amount of money you can put down
- What the car you want looks like
- How long you want the loan to be
- How much money you have coming in compared to the size of the loan you want
- And of course, your credit score
Financing Options for Car Loans in Canada
If you’re looking to get a loan for a car however, you know that there’s no such thing as one-size-fits-all. Or at least, you know that there shouldn’t be. You want to make sure that you’re getting a vehicle that’s going to work for your situation and you need a loan that’s going to pay for that vehicle. But not everyone needs the same thing, right? So why would you want the same loan to pay for it?
This is where bad credit loan counseling comes in. Every person who wants to get a loan gets to speak with a professional who knows about bad credit car loans and knows how to help you improve your credit as well as get the loan you need. By talking with them you’ll be able to negotiate the terms of a loan that can be in the amount of $4,500 all the way up to $55,000. That means you’re going to have the ability to get exactly the vehicle that you want, whether it’s new or used.
Car loan rates in Canada can be different based on the specific needs that you have. For example, if you need specific features or added services you’re going to have different interest rates or other choices. If you think that interest rates are going to continue going down you can choose to take on a variable interest rate loan. If you think they’re going to go up you can take on a fixed rate loan. That way you can take advantage of changes in the interest rates or you can make sure you’re always going to have the same one. It’s up to you.
Another thing to think about is the term that you want. If you want to pay for a long amount of time or a shorter amount of time you can set that up. You can also choose how frequently you want to pay like paying by the week or paying by the month. Another option is choosing how you want to pay it off. Not all loans are going to allow you the opportunity to pay off a lump sum at the end if you want to end the loan early, at least not without an added charge. If you want that opportunity you’ll need to specify in the beginning.
So what exactly can you do to get a bad credit car loan? Well you may be surprised to know that there are two main options, secured and unsecured. These may seem fairly self-explanatory, but that doesn’t mean that their benefits are equally as self-explanatory. For example, a secured loan will provide a lower interest rate and down payment and could even increase the amount of the loan. Not to mention it’s often going to be more flexible. On the other hand, an unsecured loan will have a higher interest rate and down payment. Though it’s a lower risk for the person borrowing the money, you, it’s a higher risk for the person loaning the money and that makes it harder to find.
Do You Have Bad Credit?
If you have bad credit you know that all it takes is someone running that score before they slam a door in your face and refuse to even speak to you about loan options. You’re considered unsafe as far as a risk goes and the lender assumes you’re going to default on your loan simply because you had some credit problems before. Equifax and Transunion, the two credit bureaus used most in Canada, don’t have to be your worst enemy. Instead, you need to look a little harder to find the loan you need, but it’s definitely out there somewhere.
What is Your Bad Credit Car Loan?
No matter what type of credit you get you can actually achieve an auto loan. It’s a lot easier than you might think, and you won’t have to worry about waiting around for the approval that you really want or need. Instead, you’ll be able to get instant approval for your auto loan with excellent interest rates, in fact, some of the loan rates will be better than you would get even if you had good credit, because these types of lenders are looking to help you get back on your feet, quickly.
On the other hand, you may find some rates that are higher than other lenders because some bad credit lenders still feel they’re taking an enormous risk when they help you get the financing that you want or need. But if you do some research you’ll be able to find better options that are actually going to improve your ability to get that car. Don’t just accept a high rate because you think there’s nothing else available for you. Instead, take a few minutes to research and find a better option, because there’s always a better option out there.
What’s really good about bad credit auto loans is that many of the lenders work directly with specific car dealerships throughout the country so you can get your loan and immediately get the car that you want within your personal budget. What’s great about working with a company tied to a dealership is that you still get to connect with all the rebates and discount offers that those dealerships can offer to regular purchasers as well. This makes it even more important and beneficial to you, having bad credit.
Setting Up Your Bad Credit Car Loan in Canada
The most important thing you can do is make sure you’re doing your research. After all, jumping on the first deal you find is never a good option. On the other hand, by researching you can usually find a way to save yourself some money. No matter what you’re buying it’s in your best interests to shop around. Even small things like books or games can save you some money if you shop around. If you can save a few dollars on small items imagine how much you’d be able to save on something larger, like a car.
By shopping around you’ll be able to get a lower price on the vehicle as a whole, but you’ll also be able to reduce the interest rate on your loan no matter what your credit looks like. Those companies that can offer you a loan want to make sure that they’re going to get their money back and that means they’re going to help you out as much as possible in the process of getting your bad credit loan. That means they’re going to work with you to provide you with support, tips and even advice related to the improvement of your credit score.
You may be surprised to know that getting a bad credit car loan can actually help you improve your credit score and even improve your financial abilities. By getting on track with your payments and making sure that everything about your auto loan is working in your favor, you’ll be setting yourself up for success over the long run. That means you can get exactly what you need, exactly the car that you’re looking for, even with bad credit.
The Loan Terms
Nearly everyone who applies for a bad credit car loan with us is going to get approved. In fact, we provide guaranteed approval to 97% of the applicants online and by phone with our company. And those people are all just like you. They’re all people who have bad credit and don’t know how to fix it or they’re people who have bad credit and still need to help their family by getting a vehicle. We know that it’s not easy for you and that’s why we’re willing to work with you as much as possible.
People who have bad credit have already had to struggle in many areas of their lives. You’ve had to struggle to get credit cards, to get a house, to get anything you need, and we don’t think you should have to go through that kind of struggle to get a car as well. That’s why we’re going to give you that loan even if your credit is terrible, because we know that you deserve it and we know that your family deserves it as well.
If you’re looking for a loan for yourself make sure that you’re checking out the opportunities that we can provide for you. With some of the best loan rates available, we don’t care what your credit actually is. We won’t run a credit check to determine if you’re qualified, we only run a check to find you the specific interest rate. We only care that you have an adequate income to make your payments and of course that you’re able to get car insurance and a driver’s license. If you’re able to do all of these things we’ll get you approved and have the money to you right away.
If you’re suffering as a result of bad credit you want to make sure that you’re doing everything you can to make the most of the situation. That’s what we’re trying to do as well, improve your chances of getting the car of your dreams by guaranteeing you a loan that corresponds to exactly what you can afford. So don’t suffer without the vehicle that you need anymore. Throughout Canada there are loan companies waiting to help you no matter what your credit looks like because they know that you’re definitely going to be a good risk to take and that you deserve the help.
We provide free service in 8 provinces, Ontario, Nova Scotia, New Brunswick, PEI, New Foundland, Manitoba, Saskatchewan, and British Columbia. We service everyone from Toronto, Ottawa, London, Hamilton, Mississauga, North Bay, Thunder Bay, Sudbury, Sault Ste. Marie, Barrie, Oshawa, Brampton, Kitchener, St. Catharine’s, Niagara Falls, Belleville, Windsor, Bracebridge, Gravenhurst, Collingwood, Orillia, Peterborough, Nepean, Cornwall, Kingston, St. Johns, Saint. John, Moncton, Winnipeg, Brandon, Red Deer, Calgary, Edmonton, Saskatoon, Regina, Kamloops, Victoria, Surrey, Kelowna, Vernon, Prince George, Nanaimo, Fort McMurray, Banff, Moose Jaw, Prince Albert, Swift Current and the rest of Canada. Our dealer network is one of the largest in Canada and always provides free finance to own quotes.