Bad Credit Car Loans Toronto

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Now You Can Get The Car You Really Want…

Secure a Car Loan Even with Horrible Credit!

Get a fast car loan approval in Toronto despite having issues such as:

  • Excellent Credit
  • Immigrant w/ No Credit
  • New to Country
  • Repossessed Car
  • Late Payer
  • Bad Credit
  • Bankruptcy Issues
  • Divorce Obligations
  • No Credit Yet

Just meet these requirements to get a new car in Toronto:

  • Legit License
  • Can get minimum required insurance coverage
  • Earning $1,800 every month
bad credit car loans Toronto

Drive and Own the Car That You’ve Been Longing For

New Car Canada is your best choice for bad credit car loans Toronto. Our requirements are very minimal and we don’t base our approval on your credit. Moreover, our company is known as the fastest online auto loan provider in the country. No matter where you are, we can offer car financing for up to $40,000 on any car you pick. We have a wide network of car dealer partners that can help you with your purchase. Apply using just your smartphone and get approved in 24 hours. New Car Canada is available 24/7. Get approved for a cheap car financing effortlessly. You don’t have to settle just because of your poor credit. Our gallery has over 5,000 different vehicles that you can freely choose from. You can even request for free quotation on any car you want. Whether you are from the Toronto area or not, we can help you out. New Car Canada caters to the needs of all Canadian car buyers. Check out our offers by filling out our short online application form. Get huge discounts and avail of the best deals here at New Car Canada!

After You’re Approved… Pick Any Brand Of Car.

Mazda Mitschubuschi Subaru Mercedes Toyota Smart Lexus Scion Fiat Hyundai Nissan Kia Ford Honda Chrysler Ram Jeep Mini Dodge BMW Alfa Romeo Acura

[cf_geo return=”region” default=”Ontario”]’s Easiest Car Loan Process With Very Few Requirements

Get started on your dream car with New Car Canada financing.

  • Few requirements, NO down payment needed!
  • Fastest online process – guaranteed 24-hour approval!
  • No need to worry about bad credit. As long as you’re earning $1,800/month, we will approve you!
  • Pick any vehicle and get a FREE quote for it.
  • 100% approval rate. Free to apply; no strings attached!
  • Safe and secure site. Most trusted online car loan provider.
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why choose bad credit car loans Toronto

Leading Bad Credit Car Loans Toronto Approval Site with 96% Approval Rate

Don’t let poor credit delay your plans of buying a new car. New Car Canada approves anyone in Toronto looking for a cheap car financing option. We don’t base our approval on your credit score. Our only main basis is your monthly income (at least $1,800) – no down payment needed.Contrary to what most consumers think, you can still get pre-approved for a car loan even with poor or no credit. New Car Canada offers such an option so you’ll be able to determine which car to purchase given a fixed budget. This way, you’ll know for sure that you have picked the right vehicle.

What are you waiting for? Avail of our offers right away. Our application is totally free. You can even withdraw your application, free of charge, if you want to. Take the time to know more about our options and see how affordable our car financing plans are.

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Car Loans in Toronto

When buying a car in Toronto, most people choose to do so by getting a car loan. Hence, this proves how easy, safe, and effective car loans are when in comes to car purchase. However, with a plethora of options, finding a good car loan provider in Toronto can be a little challenging. Sometimes, with many options, you can get distracted and not easily see who the best source is. Therefore, it is recommended that you set your priorities straight so you can easily match it to a car loan provider. When choosing a car loan provider in the city, you should weigh in who gives the most benefits. Of course, choose the one who can approve you for a car loan regardless of your credit. Moreover, get the service of the one that does not ask any upfront payment, give reasonable payment terms, does not ask for a cosigner or Social Insurance Number (SIN), and gives you guaranteed ZERO cash down payment. With the right car loan provider, you can buy your own car in Toronto with utmost convenience and even enhance your credit history, making it a lot easier for you to get financing in the future. So, do not settle for less when it comes to car loans, only choose the best!

The Best Auto Financing Deals in Greater Toronto

New Car Canada offers the easiest and fastest auto financing approval process in the Greater Toronto area. You only need the following requirements to get approved easily: $1800 monthly compensation, ability to acquire an insurance and of course a valid driver’s license. With over 93% approvals across Canada, our company has proved to be the largest and most reliable auto financing company in the country.

Easy, Fast and Hassle-Free

Our aim is to make the application process a breeze. In the comfort of your home or even if you are mobile, you can easily apply for an auto loan through your mobile phone. In just one click, and form completion, you will automatically get a call back to confirm your application. Within 24 hours maximum, you will get an update on the status of your application. Upon confirmation, you have the option to proceed or cancel your application – you have NO OBLIGATION to buy! You simply need to think over the offer and see if it’s a good fit for you! When you approve, we make sure the succeeding process is smooth and hassle-free. Hence, you need not provide a down payment nor bring a co-signer. Everything will be easy as 1, 2, 3.

Booming Tourism in Greater Toronto


Being the most populous city with a population of over 2.6 Million people, Greater Toronto has become a great spot for tourism. It is the third largest city in North America and is home to many great destinations and events.‘Diversity Our Strength’ being the motto of the city strongly signifies the diverse culture in the City. This city is known to promote multicultural relations may it be in business, art or culture. Knowing that this is the most populous city in the country, Greater Toronto is also a great place where car dealers can easily pitch loans to anyone needing a car. But in spite of the fact that there are car dealers all over, chances of getting approved is still minimal especially if you have a bad credit, no credit, an immigrant or had previous financial issues like bankruptcy or late payments. That is why, the emergence of instant online vehicle financing is a bit relief for most people who have been wanting to acquire a new car but is always rejected by car dealers, banks and credit unions.

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Getting Approved For Bad credit car loans Toronto

Getting financed for a new vehicle is something that you’d really want in Toronto.With how fast paced our lifestyles have become, finding a vehicle that fits your personal wants and needs is crucial. If you are looking to get approved for car loans Toronto, the best place to apply is here at New Car Canada. We provide instant approval to all applicants, regardless of credit score. As long as you have a stable job and earning $1,800 a month, you are virtually approved. New Car Canada has one of the largest networks of car dealerships in the country today and is the leading provider of car loans Toronto.
Through our affordable auto loan options, we have helped thousands of Canadians with their car financing needs and overcome bad credit along the way as well. You don’t need to put up with overpriced auto loan options just because of damaged credit. With an understanding lender like New Car Canada, you can get a car loans Toronto option at a rate that is favorable to your budget. No more holding back, get financed for the car you want the RIGHT WAY.

How Bad Credit Car Loans Toronto Should Be

Not everybody can afford the luxury of having a perfect credit and because of this, thousands of Canadians struggle with inadequate or low credit score. With that in mind, many Canadians fall victim to bad credit car loans Toronto with overkill annual rates thinking that they have no other option but to settle. This alarming trend must be put to a halt. The last thing you want is to get upside down on your loan and be stuck in an auto loan debt treadmill. All that being said, you can still get approved for a reasonable priced bad credit car loans Toronto with the help from New Car Canada.
As a financing expert in bad credit car loans Toronto, thousands of happy car owners in Toronto now enjoy the privilege of having their own ride without committing to an overpriced option. Furthermore, our bad credit car loans Toronto options have helped them overcome bad credit by being consistently on time with their monthly payments. With how affordable the monthly payment is, anyone earning at least $1,800/month can definitely afford to pay for the monthly amortization. Now that is how bad credit car loans Toronto should be!

Paying it Sooner Rather Than Later

Another worrisome trend that is very prevalent in the Canadian automotive finance market scene is when car buyers opt for an extended auto loan term rather than keeping it short. As you all know, the monthly payment involved is determined by dividing the total amount of the car loan itself with the total length or number of months of the term. Now, if you go for the more traditional 5 years (60 months) or 3 years (48 months) car loan term, you are less likely to get upside down on your loan, however, the monthly rate is relatively higher. On the other hand, choosing car loans Toronto term that last 6 years (72 months) or even 7 years (84 months), the monthly rate is much more manageable but it will definitely result into you accumulating negative equity. What this basically means is that if you tally your costs overall, you are actually paying more for your car than what it’s worth. Why? This is because cars depreciate in value over time and with the extended costs to interest payments, it would inevitably lead you to get upside down on your loan.

bad credit car loans Toronto rates

Paying your car loan debt as soon as possible is the best way to avoid such a problem, especially for those who can only qualify for bad credit car loans Toronto. If you cannot afford the monthly rate involved in a short term, this is a clear indication that the either the vehicle or the car loan Toronto itself (or both) is too much for you. You can always go for a relatively cheaper vehicle if you are in immediate need of a vehicle. Once you’ve successfully paid for it on time, chances are your credit will improve and hence good enough for you to get financed for the car that you really want at a price within your budget.

Comparing Bad Credit Car Loans Toronto Rates

As with any other types of purchases, comparing car loan rates is empirical especially when making a huge financial commitment as financed a new vehicle. As a smart consumer, it is very unwise to quickly jump the gun and immediately commit to the first car loans Toronto option you are presented with. The first thing that you should do is to shop for rates online. Car loans Toronto sites such as New Car Canada usually yields quick results. By taking advantage of our FREE services, you get to see the best bargaining prices offered by various car dealerships. Even if you can only qualify for bad credit car loans Toronto, you can still gain access to financing quotes for the car that you would love to drive that are still well within your desired monthly budget.
When shopping for rates though, bear in mind to limit multiple inquiries within a 14-day period so that all of those inquiries will only be counted as one. As you might already know, having multiple credit inquiries on record will have a negative impact on your credit score. That’s why it is important to wrap up your canvassing as soon as possible.

Try For A Pre-Approval with Bad credit car loans Toronto Options

While it may seem like an extra step, opting to get pre-approved for a bad credit car loans Toronto option is actually much faster and smoother particularly when it comes to the negotiation process. When opting for a pre-approval, you already know exactly how much financing you are qualified for. In this process, your lender will hand you a “blank check” – which isn’t really a blank check since you already have a pre-approved amount – that you will use when picking out a car in a car dealership. This will make you seem like a cash buyer, therefore once you have selected a car, all you have to do is just give the check and you can instantly drive home with your brand new ride.
Individuals who can only qualify for bad credit car loans Toronto or car loans Ottawa benefit a lot from an auto loan pre-approval since you won’t have to worry about where to get financing from. With a pre-approval, you are relieved of all the stress and burden of negotiating the terms of the car loan Toronto and focus more on haggling for a better price on the vehicle. Most importantly, it also encourages you to stick to a budget that is well within your financial capacity to pay for.

Improving Your Credit With Car Loans Toronto

If you look at how credit scores are calculated, you will notice that 35 percent of your credit score actually comes from your payment history while the 10 percent is based on your credit mix. Payment history refers to how on time/prompt you are with your monthly obligations. On one hand, the credit mix is the types of accounts on your credit. With all that being said, having an auto loan really helps! The key is to pick a car loan Toronto option that is favorable to your situation. Even if you can only qualify for a bad credit car loans Toronto, there are a lot of bad credit lenders out there who are willing to accommodate you with what you can afford.

bad credit car loans Toronto options

In another perspective, it would also help you manage your finances well since you won’t be spending out of control because of the fixed monthly payment involved. While this is just an “indirect” effect, at the end of the day, you need to acquire credit in order to build credit. What you must remember is that you have to be very diligent when it comes to paying the monthly amortization. If possible, do not rely on grace period, pay it promptly on the actual day of schedule. The last thing you want is to correct a mistake with another. You don’t need to wait to become a car owner, shop for bad credit car loans Toronto options today to know where you stand.

Refinancing Your Current Car Loan

There are times when you have no choice but to go for bad credit car loans Toronto that might be a bit expensive for you. Don’t fret, you can still consider refinancing your bad credit car loans Toronto into an option that is favorable to you.
For starters, being on time with your monthly car payments is very crucial because it will considerably improve your credit as fast as within 6 months. When this happens, you can start looking for other car loans Toronto options that is offered at a much agreeable annual percentage rate (APR). Another scenario is when lenders offer promos or discounts. Keep your eyes peeled for situations like this so you won’t miss out on amazing bad credit car loans Toronto.
If you are currently struggling with the monthly rate of your bad credit car loans Toronto and still can’t find a financing option with favorable terms, you can opt to restructure your current loan term by extending the duration. Although this option is not ideal, it can very much lighten the monthly payments involved. By extending your auto loan term, the monthly payment involved will be much lighter thus giving you a breather. The downside to this option though is that it will lead you to get upside down on your loan. Due to the extended period of interest payments and a car that is depreciating over time, you are actually spending more for your vehicle than what it’s worth. Talk to your lender about your situation, they are more inclined to help you since they will actually lose more money in an event of an auto loan default/repossession.

Establishing A Strong Credit with New Car Canada

In the financing world, whether you like it or not, it is all about your credit score. With that being said, you must establish credit as soon as possible. Typically, opening a credit account is the first and easiest thing that you can do to get your credit going. Choosing a secured credit card account is often advantageous and can give you more assurance when it comes to making on-time payments. However, if you want a faster way of improving credit, you can always consider a no credit car loans Toronto option. Unlike in the past, getting approved is now easier than ever. Believe it or not, even applicants who have bad credit can easily get approved for a bad credit car loans Toronto without even needing for a cosigner. Read more about bad credit car loans Toronto.
Building credit through car loans Toronto can easily improve your credit since it is a huge purchase and a long time monthly payment commitment. What’s important is to be consistent with your monthly payments. Take note that your payment history (refers to how timely you are in monthly payments) carries the biggest bulk in calculating your credit score. Taking advantage of this aspect can either make or break your credit situation. A good way to ensure that you can easily handle the monthly amortization is to choose a vehicle that is a relatively cheap at first. Going for no credit car loans Toronto option can be quite expensive in terms of interest rate so settling for a cheaper vehicle is a good way to do so. To further supplement this, you could always choose to set up an automatic monthly withdrawal plan directly from your bank account. This can be easily arranged by your bank. Individuals who can only qualify for bad credit car loans Toronto must also consider this payment method. Just make sure that your account is always replenished with the right amount of funds so your check won’t bounce. No more waiting, apply for car loans Toronto today and get started on building an excellent credit with bad credit car loans Toronto options.

Tips For First Time Car Buyers for bad credit car loans Toronto options

It is an undeniable fact that cars have become an integral part of our society. Having one just makes your everyday activities easier and faster. If it’s your first time obtaining a new vehicle, you must remember a few key points so you know you are getting the best deal possible. Get more information about bad credit car loans Toronto options!
For starters, you should shop for car loans Toronto option online. Do not settle for the first offer you see and more importantly, you should not focus on the monthly payment involved. Ask the lender for the annual percentage rate so you know exactly how much the total car loan costs. From there, you can then ascertain how much monthly budget can you comfortably afford. A good point of reference is to keep your budget to more or less 20 percent of your monthly income. If you have a damaged credit, getting pre-approved for bad credit car loans Toronto before actually going car shopping is very much advisable. This encourages you to stay on budget and will allow you to get behind the wheel of the car you want much faster as well. Lastly, when comparing rates, you should keep your inquiries within a 14 day period to avoid inflicting any further damage to your credit.

Getting Bad Credit Car Loans Toronto

Poor credit does not have to stand in the way between you and your new ride, with so many bad credit car loans Toronto provider, getting approved is now easier than ever.
When you are looking to get approved, you should monitor your credit in advance before talking with a lender. If you can do something to somehow fix your credit or check for any errors, then do so. This will improve your chances of getting an effortless bad credit car loans Toronto approval.
Next, shop for rates online and do it fast. You can shop from multiple lenders so that you will know the various current car loans Toronto rates offered, but you should keep it within a 2-week/14 day period. As most of you already know, inquiring for rates lead to multiple credit inquiries which can damage your credit score. But by keeping it within that time period, you lessen the damage and all inquiries made during that span of time will be counted as a single inquiry.
Making a huge purchase such as this one, you must consider making a big down payment. Bad credit car loans Toronto are set at subprime car loan rates which mean that the annual rates could reach double digits. By putting up a big down payment (at least 20 percent of the price) the total interest payments will be decreased since your principal debt is also lesser. Moreover, this would also protect you from the initial depreciation rate that your vehicle experiences, particularly for brand new car buyers. New vehicles lose more or less 20 percent of their original value once you take it off your dealer’s lot. Placing a down payment with the same amount will cover the loss of value that you experience.

Be Realistic With Your Budget

Financing a car with bad credit car loans Toronto is more expensive than what you could have when you have good credit. With that, you should not be tempted into forcing yourself for a better vehicle. This can be quite challenging especially with how seductive brand new cars are. To encourage yourself into staying within the right budget, opting for a pre-approval bad credit car loans Toronto is the best way to do it.
However, this does not mean that you have to settle for a vehicle that can’t really satisfy your primary needs. That is why you should make a checklist and figure out what features are needed. If you have a big family, you would have a big problem going for a sedan. Or if you travel a lot particularly in relatively harsh terrains, picking a pickup truck or SUV is what’s best for you. Weigh your options carefully and assess the situation. Financing a car is a long-term commitment and it would not make sense if you force yourself into a car that is not a perfect fit for you. Talk to an online bad credit car loans Toronto lender today to know what your options are. Believe it or not, online car loan providers are much more lenient and willing to give you a competitive bad credit car loans Toronto rate than traditional lenders. More importantly, you avoid the stress of going out of your way just to apply. Take New Car Canada for instance, you can get pre-approved for up to $40,000 at a rate within your monthly budget. You can conveniently apply online using just your smartphone or computer. Best of all, applying is absolutely FREE with no obligation to accept any offer you receive.

Benefits of Choosing Financing

The fact is, we are living in a cash flow society and paying cash is not something that everyone can afford. That’s where car loans Toronto comes in handy. When choosing to finance a vehicle, you could go for a much better vehicle and budget your finances more efficiently. Whether you are financing with good credit or bad credit car loans Toronto, a car financing plan features a lot of advantages compared to paying straight cash. Once you have paid straight cash, it is impossible to get your money back. When a sudden need for money comes your way, you’ll put yourself in a predicament. By choosing to get a car loan in Toronto, you don’t need to make a huge cash layout and agree to a set monthly payment. With that, you can easily determine how much you want your monthly budget to be. Although opting a car loan involves paying interest rates, financing is a good way to establish credit, and with an excellent credit, it opens up a lot of opportunities for you particularly when it comes to financing options. Choose New Car Canada’s bad credit car loans Toronto.

Getting Approved With No Credit History with bad credit car loans Toronto options

Without a credit history, it is quite difficult for lenders to know whether you are a good borrower or not. A credit score is used as a means for lenders to somehow ascertain a borrower’s creditworthiness and the interest rate of a car loan in Toronto is mainly based on a person’s credit score. Read more about bad credit car loans Toronto rates.
Having no credit is common among Canadians, in fact, 1 out of 10 Canadians have no credit history yet. Major credit bureaus only provide credit for people who are active for at least 2 years. So if you have been inactive or haven’t got the chance to establish credit but is currently in need of a new vehicle, you can still secure a no credit car loans Toronto option by following these simple tips.

Organizing Your Documents

Even with no credit, lenders would want to see some other financial record or history. They can pull out other information like your bank records to see how you handle or manage your finances. This is a very vital component when you are trying to get approved for a no credit car loans Toronto option. Other than that, your employment history is also one of the deciding factors including past residences and utility receipts. Showing that you have a stable employment history and can comfortably support your lifestyle are good signs to the eyes of lenders.Typically, no credit and bad credit car loan Toronto lenders provide instant approval to car buyers who are employed for at least 3 months and currently earning $1,800 or more. Apply online at New Car Canada to know where you stand. They offer instant approval to anyone even with bad or no credit history

Consider Getting A Cosigner

While this option might not be for everyone, having a cosigner makes a huge difference. Even if you are applying for bad credit car loans Toronto, a cosigner can easily increase your chances of getting approved no matter how what your credit situation looks like. Why? It is because to the eyes of the lender, the overall risk is greatly reduced particularly in terms of getting a car loan default. Your cosigner is legally tied to the loan which means in an event that you are unable to keep up with the monthly payments, the cosigner will take on the remaining monthly obligations.
Other than increasing your chances of getting approved, having a cosigner allows you to haggle for a lesser car loan rate. This is particularly helpful, especially for bad credit car loans Toronto car buyers. The challenge lies in finding a willing cosigner due to the fact that they will be carrying a huge responsibility and financing a car is one of the most expensive purchases that a typical person can buy in a lifetime.

Showing You Are Financially Committed with bad credit car loans Toronto

Aside from credit, a lender wants to see a bad credit car loans Toronto applicant that is financially stable and committed. Nowadays, you can instantly secure an approval even with no credit (or bad credit) if you have a regular job and earning a decent gross monthly pay. Normally, online bad credit car loans Toronto companies require car buyers to be at least 3 months employed under the same company and with an income of $1,800 or more. Other essential requirements include proper driver’s license and car insurance coverage. As you already know, having car insurance is an absolute requirement for any driver in Canada is allowed to operate their vehicle. Learn more about bad credit car loans Toronto today!
Furthermore, bringing a hefty down payment to the table is a game changer. Not only will this lower your total principal debt, but will also show your lender that you are financially committed to the bad credit car loans Toronto. In the lender’s point of view, they will be taking a lesser risk of your lack of credit since they won’t be financing 100 percent of a depreciable car purchase. Unlike a housing loan, financing a car is risky since the vehicle loses value over time compared to appreciable assets like a house and lot. In addition, bringing a down payment also protects you from getting too much negative equity due to the combined effect of depreciation and relatively high-interest rates.

Asking The Right Questions

Car buyers with exceptional credit have it easier compared to those who can only qualify for bad credit car loans Toronto. However, regardless of the situation, you should not overlook the obvious so that you can get approved for the best possible offer available. That being said, ask your bad credit car loan Toronto dealer about the annual percentage rate involved, possible rebates or any promos that you might take advantage of. Moreover, during the negotiation process, don’t get seduced by the low monthly payment offers so easily. Those offers are set at that monthly rate because the loan term is often stretched out up to 6 or 7 years. When acquiring a bad credit car loans Toronto at that long duration, you will end up paying for a vehicle with a value that is almost depreciated before you can successfully pay off the loan. In technical terms, this is often referred to as accumulating negative equity – paying more for a car than it’s actual worth. That is why it is important to completely understand every aspect of a bad credit car loans Toronto option before sealing the deal.

Work With The Right Lender

Car financing is a business but there are other good and bad credit car loan Toronto lenders that are willing to extend their services just to get you the car you want at a price within your reach.
Car loans Toronto provider like New Car Canada offers reasonably priced bad credit car loans Toronto option with very minimal requirements. What’s more, our company works with hundreds of excellent car dealerships all over the country that can give you access to the best bargaining prices for any type of vehicle you want. Being an online company, you can get approved anywhere at anytime. Apply easily online and get approved using just your smartphone or computer.
Remember that even with a damaged credit, you still have other bad credit car loans Toronto options. Don’t settle for an option that has overkill rates, if you find that all options are not a good fit for you financially, then it is best to wait until your credit is at least good enough to let you acquire a more favorable car loans Toronto option.

Become Intimate With Your Credit Report

Don’t base your decision based on mere assumptions. If you think you have bad credit, it is better to request a copy of your credit report and personally evaluate on how severe your credit mistakes are. This way, you’ll know how to address them one by one and bump up your credit score much faster. Moreover, check for any erroneous data on your credit. Although credit scores are calculated using the most advanced software, errors are still very much possible. Becoming intimate with your credit report is very important especially in the auto finance market.

Instant Approval Even With Credit Issues with bad credit car loans Toronto

The demand for car loan options has been an all time high. With how competitive the car loan rates are compared before, even car buyers with damaged credit are more than eager to obtain an approval for a bad credit car loans Toronto option. However, many Canadians still fall victim to overpriced bad credit car loans Toronto due to lack of information and proper research.
Fortunately, New Car Canada is here to make affordable car financing options more available to aspiring car buyers especially for those who can only get bad credit car loans Toronto option. Our company specializes in bad credit car loans Toronto and has helped thousands of Canadians overcome bad credit. We work with various car dealerships all throughout Canada in order to give our clients the best bargaining prices available. No matter how bad your credit looks, we guarantee an instant and hassle-free approval. Once you have been approved, we immediately look for the car you want within your given monthly budget. We tap the nearest car dealership in your area so it is easier and more convenient for you.
In the past, we have even approved applicants with a history of bankruptcy, car repossession, ongoing collection and consumer proposal loans. As long as you are regularly employed and earning a minimum of $1,800 per month, we guarantee a smooth approval. Take advantage of our FREE online application today and get pre-approved for a bad credit car loans Toronto option up to $40,000 – no cosigner required.

Avoiding An Extended Car Loan Term

Consumers are now more eager to earn a new vehicle and would tend to settle for an extended car loan term just so they can afford the monthly amortization. The bad thing about this is that many Canadians are now upside down on their loan especially those who can only get approved for bad credit car loans Toronto. Take note that the longer you pay off your loan, the more negative equity will be accumulated on your loan which basically means, you will be paying more on interest rather than the value of the car itself. If you can’t afford the monthly rate of the loan you are taking, it’s either the bad credit car loans Toronto you have is too expensive or the car you chose is.
As much as possible, keep your loan term at most within 5 years or 60 months. More importantly, make sure to place a 20 percent down payment or more to protect yourself from the initial loss of value if you are acquiring a brand new vehicle.

Reading The Fine Print

Everything is all set and ready to go, the only thing needed is your signature. And the last thing you want is to end up signing a car loan option that is not what you originally agreed upon with your lender. With that, you need to fully read and understand the terms of your car loan. Ask your lender questions if you find something that you are not sure with.

Financing Tips For Bad Credit Car Buyers

Financing a car with bad credit is quite common nowadays, however, many Canadians still miss out on incredible bad credit car loans Toronto offers. To ensure that you won’t get on the same path, remember these simple yet effective tips that will help you get behind the car you want at a price within your budget.
Check your credit beforehand and address a few credit issues as much as possible. Catching up on missed payments and diligently paying future payments on time will help improve your credit fast. Moreover, this would also reflect on your report and will give your lender the impression that you are now a more responsible borrower.
Shop and compare rates online from various lenders within a 2 week period. There are a lot of bad credit car loans Toronto providers that offer competitive rates with very lenient requirements, unlike traditional car loan companies. More importantly, this would also ensure that you are getting the best bad credit car loans Toronto option available in the market.
Lastly, keep your auto loan term short and pay at least 20 percent money down. Remember that you are financing a car at a subprime rate thus, the annual interest rates involved will be definitely higher and placing a down payment will lighten your overall loss to interest payments. Experts say to never exceed more than 5 years of the loan in order to avoid getting upside down on your loan. In addition to that, you may also have to lower your expectations when it comes to the vehicle that you can afford. What’s important is that you get the car you need and can pay for it comfortably on time. Once your credit has improved, you can then easily buy the car of your dreams but now, with a prime car loan rate.


If you are living in Greater Toronto and is planning to purchase a car, New Car Canada is your best option now. Act now and fill out the short application form to apply! Get the opportunity to drive a brand new car without the hassle! Apply Now!