There can’t be a better time to buy a car in Canada, even if your credit score is hardly ideal. The auto industry is registering big numbers, thanks to financial options that are being afforded to customers, giving them more bang for their buck.
While a regular income, a good credit score, great loan and credit history all matter in purchasing a vehicle, it’s not difficult to find bad credit car loans that can help you get the car of your dreams.
One can attribute this to the direction in which the Canadian auto industry has moved in: to make purchasing just about any car as affordable as possible.
While obtaining bad credit car loans easily might sound too good to be true, it’s only fair if one asks if there’s a catch. Simply put, there isn’t. The risk you incur is just as much as those with excellent credit too.
Yet it goes without saying that there are requirements that must be met in order to purchase that new vehicle you’ve wanted for some time now.
No, not a long list of do’s and dont’s. Just 3 simple requirements such as:
1: A valid license
2: A monthly income of $1800
That’s about it! Nothing less, nothing more. It doesn’t matter if you’ve had to deal with collections from prior loans, filed for bankruptcy in the past, made late payments or even completely new to Canada. There’s definitely a car dealer who will have the right vehicle that you’ve wanted.
Now that we’re done with the preliminary requirements, one might also want to know how they can go about applying for bad credit car loans with the least amount of hassle.
Filling out applications at websites such as New Car Canada might just do the trick since the service itself is completely free of cost. Most importantly, you won’t have to pay or sign anything, related to the vehicle, until you’ve qualified for one of these bad credit car loans.
As for the types of vehicles that are on offer, this includes minivans, SUVs, trucks or normal cars too from a variety of popular auto companies in Canada and that range between $5000 to $55,000 in overall costs.
And if you are wondering as to what your chances are: with an approval rate of 90% and above, there’s no doubt that whether you have good, bad or even no credit, there’s always a vehicle from a trustworthy dealership waiting to hand you the keys.
As mentioned earlier, this is an ideal time for Canadians to apply for bad credit car loans even if you might think otherwise.