There are various vehicle financing companies and lenders that offer car loans to those having bad or damaged credit. It’s often easier to get a car loan with bad credit than getting a car loan with no credit history at all. Your chances of getting a bad credit car loan with Find My Auto are higher because we work with dealers who provide affordable bad credit car loans to individuals going through a broad range of financial circumstances.
What is a bad credit car loan?
Being irresponsible with credit and making late payments are some of the reasons why credit scores can drop. It can become difficult to repair the damage once you have bad credit. Ultimately, the situation can make it extremely difficult for you to secure a car loan or other credit products in the future.
When the economy improves and people make more money, lenders start accommodating consumers with not-so-promising credit profiles. While your credit score plays a key role in determining your interest rate, lenders take other factors into consideration. If you’re a Canadian citizen or permanent citizen of legal age in your province and have an income, your chances of qualifying for a bad credit car loan are fairly high.
Get ready to qualify for a bad credit car loan
Qualifying for a bad credit car loan means you will be able to finance a car of your choice while having a low credit score. A score lower than 500 means you currently have poor credit. You can have a fixed monthly interest rate which can be negotiated with the lender. It’s a fact that not every lender grants a bad credit car loan. Nevertheless, there are many who will. You shouldn’t take the rejection as granted. Find My Auto will help you connect with the right lender based on your situation and credit score. Make sure to sign a contract that features a fixed monthly rate.
Lenders who facilitate borrowers with bad credit can make life easier for you. You can expect to select from a broad assortment of new SUVs, cars, trucks, and vans, as well as used vehicles at different price points. Regardless of your preferred model or brand, you need to ensure your lender that you will be able to pay off the loan in full. As long as your lender is confident that you will make timely payments, nothing can stop you from getting a bad credit car loan.
At Find My Auto, our goal is to make car financing as seamless as possible. Whether you have bad credit or no credit history, we are here to help you get driving today. Just follow our simple process and fill out our application form or contact us for more information!