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Where to Buy a Car if You Have Bad Credit

Where to Buy a Car if You Have Bad Credit

car in canadaWhat kind of car is your dream car? A great truck to haul gear, a nice van to tote your family, or a sporty car to cruise around town.?There are many options to buy a car in Virginia. But what if you have bad credit?

The thing is, bad credit happens to good people. A simple stroke of bad luck can impact your financial situation in ways that you could never have imagined. This is more common than anyone thinks. In fact, 1 out of 3 Canadians has bad credit. Good thing, even after a few financial mishaps on your credit report, you can still drive a new or pre-owned car. Click to see your options NOW!

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Quick 3-Step Process

New Car Canada offers buyers an easy to use process to secure financing on a car, truck, van or SUV. The process is simple!

  • Simply pick the type of vehicle that you want.

What sort of transportation suits your needs, regardless of your credit history. You can pick from a range of vehicles for every budget. We offer car, van, SUV and truck options that are specific to you. You can even pick the make and model that you’ve always wanted. You choose from nearly two-dozen car manufacturers and numerous dealerships that offer the vehicle you are looking for. Pick the option that suits both your needs and your budget. Take into consideration what your monthly income is, and how much you spend for monthly expenses. From these calculations, you can decide how much you can reasonably afford to spend on a monthly car payment. You can see available cars by clicking here.

  • Answer a few questions about yourself.

If you have a job, you are one step closer to securing a great new or used vehicle. Proof of employment is a one way to secure a financing option help cover the cost of your vehicle. You will also need to provide answers to a few additional questions about yourself, your job, your location, and your income to more accurately describe to lenders your financial situation. 

  • See financing options tailored for you

Review the auto loan options presented to you. Some considerations to make when evaluating which loan to pick are annual percentage rate (APR) and term (length) of the loan. You can use a free online tool that will help you better crunch numbers to calculate your total cost. Both of these aspects are incredibly important to factor in, with regards to getting the best deal for you. The APR is a fee that is calculated into your monthly loan payment on top of the invoice price of the car.  The APR that you will be offered is contingent on your credit score. Unfortunately, having a poor credit score may qualify you for loans with higher APR because lenders see borrowers with bad credit as a higher risk. You can finance a car from $5,000 up to $55,000! Even better, if you’re over the age of 25 you can secure an auto loan for $0 down in Virginia.

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Find a dealer

New Car Canada can help you find a dealer that offers the make and model of car that you want. In fact, you can specify the car that you are interested in and we will help you navigate the car search process, and help find you financing opportunities for your vehicle purchase. There are dozens of dealers who are waiting to help put you on the road in the car of your choice in Virginia.

Secure Financing

Pick your best loan and drive off the lot in a new or used car today! Securing financing for your new or used car divides the amount that you owe into small payments made across a span of months. For people with damaged credit, financing a car is a good way to rebuild your financial history, taking into account that you make your monthly payments on time every month until the loan has been repaid.

Select the APR that suits you. A financing option with the lowest APR that you can find is the best option for you. A lower APR equals less money that you will pay for your car, because that interest is factored in based on the amount that you borrow. If you think just a couple of percentage points won’t make a big difference, then you are mistaken. Once you factor in the length of the loan you could be paying anywhere from several hundred to several thousand in additional interest fees.  

Pick how long you would like your loan to stretch. You can pick the length of time that you would like to pay off a loan, it could be for as few as six months to as long as several years. Carefully consider how long it will take to pay off the loan that you choose, or you may pay more for the vehicle than you bargained for. Consider this, a loan for $15,000 at a 15% interest rate for 48 months would actually end up costing you $20,083.08 once you are done paying it off. Your monthly car payments would be around $417 each month. Now consider the same $15,000 loan at a 15% interest rate, but divided out across 60 months. The difference is even greater! While your monthly car payments actually appear to be significantly lower each month at around $356, you will actually pay a grand total of $21,411 for the complete auto loan.  And these figures don’t even take into account taxes and other fees added to the cost of a car. Read more about the risks of long-term car loans.

What you need to qualify for financing a car with bad credit. Financing a car with bad credit is easy to do. If you meet three criteria, you are eligible to apply for bad credit car loans today. Click here to see which loans are available for you.

  • You have a driver’s license
  • You are insurable
  • You have a stable monthly income

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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 BaySudbury, 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.

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