Bad Credit Auto Financing
The good news is that auto loans for people with bad credit in Canada do exist. If you believe that you can’t find auto financing due to bankruptcy or other problems, then it is important to realize that there are lenders who work with borrowers that have bad credit histories. We have carefully assembled a network of lenders that specialize in bad credit auto financing. Through this process, Car Loans Canada has eliminated the hassle and the time usually associated with applying for a car loan.
You Too Can Find a Car Loan for Bad Credit
There are three big factors that can affect your credit ranking:
1) Late payments
Late payments of any kind are a killer and should be avoided if you want to keep a good credit score.
2) High debt to income ratio
Lenders get nervous if they see that you are carrying a lot of debt in contrast to your income.
3) Past bankruptcy
Any combination of these three factors can serve to make lenders nervous. These factors are compiled and translated into a credit score that is used by lenders to determine what kind of risk a prospective borrower may be.
High Risk Borrowers
High risk borrowers can work with lenders who specialize in just such situations. While many Canadian lenders charge more interest because the likelihood of default is higher with high risk borrowers, it is important to note that there are lenders who specialize in bad credit auto loans. These specialty lenders can offer very competitive rates.
The Down Payment
A higher down payment on auto loans for people with bad credit in Canada may be required. However, keep in mind that a lender who specializes in bad credit car loan may be able to work with you to reduce or eliminate the need for a down payment. Car Loans Canada has helped thousands of Canadians with bad credit obtain car loans with competitive rates and attractive terms. We have a strong and consistent record of success and look forward to helping you receive an approved car loan in the future.
The bottom line is that bad credit no longer prevents you from receiving a car loan in Canada. In fact, almost anyone can get approved! Today’s auto loan climate is competitive, and that means lenders want your business.
Apply today and you can be approved in less than 24 hours, and often even the same day.
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