Need a Car Fast? Car Financing Application – 24hr Approval
What do you do if your car gives out on you on the way to work, suddenly and unexpectedly? You need a safe, reliable mode of transportation and FAST!
Emergencies happen to everyone. The car financing process doesn’t have to take weeks or even days. You can finance the vehicle that you need and want in quickly and affordably with a few simple steps.
Pre-approval for an auto loan is not necessary when financing a car, but it is an important step in expediting the car buying process. Plus, knowing your financing options before car shopping lets you know what you can afford to spend. You can be approved for an auto loan in 24 hours or less, regardless of good or bad credit. Use these tips to easily navigate the financing process and to get back into a great set of wheels fast!
Applying for Loans with Good Credit
If you have established good credit, there are a variety of loan options that fit your budget, lifestyle, and financial goals. Those with good credit scores are often eligible for loans with shorter financing terms and loans with lower interest rates. There are several key factors to consider when you are evaluating auto loans.
First, keep in mind that lenders often offer incentives and special financing rates for qualified buyers. Your dealership may also offer incentives to finance your new car through them. Some lenders may offer as low as 0% APR or other enticing options for qualified buyers. Low Annual Percentage Rates (APR) are a good measure of a quality loan. A lower APR can save you money across a longer period of time, as you will pay less interest on the amount of money that you borrow to finance your vehicle. You can accurately calculate your monthly car payments by factoring in the total cost of the car along with the APR that you will pay across the term of your loan.
Next, take into consideration the term, or length of a loan. Loans can be as short as just a year or two. A shorter term loan means that you will pay back the loan in a quicker amount of time. Depending on your budget, a shorter term loan may appear to have higher monthly payments than a longer term loan, but if you factor in the APR that you will pay on your borrowed amount, you may actually save money on the long-term cost of your car because you will pay less in interest. Click here to apply for an auto loan now!
Applying for Loans with Bad Credit
Doing your research before applying for loans can make the process go smoothly with less delays. Take time to review your credit history on a site like Equifax or Transunion, which offer quick and free online credit history checks.
Those with bad credit or no credit likely will not qualify for promotional financing rates and offers; however, there are still a variety of Bad Credit Auto Loans that you can qualify for to finance your new or used vehicle. Shop around online to pick a financing option that works best for your budget and goals. You can finance a car in . Click here to get started!
One major factor to keep in mind when shopping for a Bad Credit Auto Loan is the APR (annual percentage rate) which is the amount of interest that you will pay to your lender on top of the cost of the car. A debt-rating agency noted that in some cases consumers are borrowing up to 135% of the value of a vehicle, a rate that will have an upside-down effect that builds negative equity in a car. Unfortunately, those with bad credit or no credit may qualify for loans with higher APRs. A good way to counter a higher APR is to limit the length of the term of the loan. This means that you pay the loan off faster. The downside is that you may end up paying higher monthly rates. You can reduce these high payments by trading-in an old car or by making a higher down payment towards the cost of your vehicle.
Many buyers will focus on monthly payments for budgeting the expenses of a car purchase. A good way to calculate how a loan will impact your long-term finances is to calculate the term of the loan and the APR as a part of the the total cost of the vehicle.
The average car loan in Canada is 8 years! Meaning that by the time you finish paying off your car you may be in the market for a newer one. Do your research to see which car loans you qualify for so that you can decide which terms and APR work best for the car that you want and so you can start building equity towards your financial goals.
Here are a few additional tips to ensure a seamless car financing and buying process. There is no reason to feel intimidated or overwhelmed by the car financing transaction. Take time to prepare and review your options so you can drive off the lot in the perfect new or used car that you want!
- Check your credit score before going into the dealership. Knowing your credit score helps you to understand which loans you qualify for, the loan terms to expect, and APR that you can expect for the credit history that you possess. This will help you to spot common Bad Credit Auto Loan scams.
- Check your financing options prior to shopping for vehicles. Pre-approval for car loans can help you keep realistic shopping goals in mind while you search for cars.
- Compare APR rates and loan terms on all loans that you qualify for. Pick the loan that will best fit your budget and lifestyle.
- DON’T focus solely on monthly car payments! This is a huge mistake that many borrowers make and it could end up costing thousands of dollars extra. Click for a free online tool to calculate your monthly car payments.
- DON’T let your credit score intimidate you. Even with bad credit or no credit you can qualify for loans to finance the vehicle that you want up to $50,000!
You ONLY need to meet THREE simple criteria to apply for a new or used car loan:
- You possess a valid driver’s license
- Are able to obtain car insurance
- Make at least $1,800 per month in income
If you meet these three criteria for acceptance, you can be approved for an auto loan in Pennsylvania in just minutes!
READY, SET, FINANCE!
Once you’ve done your research and foundational work to finance your car, it’s time to apply for loan options. You will need to answer a few simple questions about yourself and the type of car that you are looking to purchase, then you will be connected with the loans that meet your needs. Plus, Canada Car Loans connects you to the exact car that you want and a network of dealerships in [cf_geo return=”state” default=”Your State”] to purchase from. Transforming the car buying process into just a few simple steps.
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.