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How Canada Drives With Bad Credit?

Credit Now
Credit Now
Support Staff

bad credit car loans approval

Unless you live in a city with reliable public transportation, having your own car may be a non-negotiable must-have. Without a budget for repair and maintenance, sometimes buying an old or used car may not always be the best option for you.

Do you have a bad credit score? This can make it extra difficult to get financing for the car you want. Having bad credit is going to cost you, but it is still possible to get a car loan with poor credit. It’s important to be prepared and know that you’ll likely be paying a higher interest rate if you have a bad credit history compared to someone with a decent or good credit.

So what do you do if you need a bad credit auto loan?

There are many reasons for having a poor credit score and having a bad credit doesn’t need to stop you from getting the car that you desire. If you have a bad credit, there are some extra steps you may need to take so secure a car loan. Without taking extra precautions, getting a bad credit car loan may burn a hole in your pocket – leaving you in a worse position than when you started.

Here we break down some of the factors involved in the art and science of bad credit car finance.

1. Be Sure of Your Credit

The foremost thing you need to do is to check your credit score. Is it really a poor credit score? There are many worried buyers who are unaware of their credit potential and believe it to be bad just because they were told by one person. While you may believe you have a bad credit because you overextended your loan or made some late repayments, it doesn’t necessarily mean that you may have a bad credit. So before making any decision based on assumptions, check your credit score and get a credit report snapshot. You can find a few websites online that will help you check your credit score for free.

2. Can you improve your credit?

In order to improve your credit score, you need to know what factors are involved in improving your credit. Once you check your credit report, it will give you an idea on how to improve it. Maybe you come across a mistake on your credit report and you fix that. Some of the factors that you should pay attention to include making payments on time and not using the full extent of your credit. The length of credit, types of credit, and number of hard inquiries also affect your credit score.

By paying off previous debt, clearing up report errors or considering old accounts, it may bump your credit score to the coveted threshold of 700 or higher. Perhaps a slight delay in your car purchase plans to fix a credit score may not be such a bad idea.

3. Find an appropriate dealer

If your credit score falls between a range of 500 or 600 and taking the time to improve your score is not an option, you can get a car through a dealer that specializes in bad credit car loans. These dealerships have experience handling low credit situations. Many dealerships have worked with several different lending institutions so finding an
option for a bad credit auto loan shouldn’t be too difficult. It may also be possible to secure a car loan through a bank that holds a good relationship with a particular dealer.

4. Get a Pre-Approval

If you’re having difficulty due to dire credit, opt to get a pre-approval from a credit union or bank. The pre-approval process will evaluate your expenses, income, credit report and score and determines if you qualify for a loan and the amount you can actually get in terms of the loan from the lender. Once you get that letter in your hand, you can go to any car dealership and buy a car with a better approval.

In a nutshell, if you reside in Canada and need a car loan with bad credit, then you should consider the above-mentioned measures. Always submit papers or fulfill other formalities early so that it may spare you some troubles later.

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