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BAD CREDIT CAR LOANS TORONTO

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BAD CREDIT CAR LOANS TORONTO

Are you looking for bad credit car loans Toronto or used car loans for bad credit? Are you one of the good people who want to get a used car loan and have bad credit problems? Bad credit is more common than you think! The good news is, more and more used car loan lenders are now targeting good people with bad credit!


Even if you have bad credit, you can still qualify for an auto loan and it's become easier now due to the wonders of the internet! We offer special used car loans for people with bad credit. You can apply online for your used car loan, and not have to put up with the unneeded stress of trying to get car loan through the dealership!


Here's how good people buy a used car with bad credit...

Set up special financing before even stepping onto the used car dealership! You can get "per-approvals" from many used car loan lenders that we have access. We have access to many used car loan lenders such as, RBC, National Bank of Canada, Desjardins Auto Finance, Trend Financial, Eden Park Auto Finance & etc. This way you know when you walk onto the first used car dealership exactly how much you can spend, and how much your monthly payments will be! The used car loan lenders have approved you for the car loan and you only need to pick the used car that you like from our dealership!



In order to qualify for a bad credit car loan, lenders look at some specific things. They will want to see if you have sufficient income to cover your current bills, the used car loan payment you are about to commit to, as well as the costs of maintaining and insuring your new used car. Most lenders also prefer that you've held your current job for about 6 months, and that you've had a consistent home address.


 It sounds a bit simplistic, but don't take on any more of a used car payment than you can afford! Use this opportunity to rebuild your credit and get back on track. It's a fresh start!


Like with any other buying situation, it is best to compare rates among different lenders. We try our hardest to get a car loan with the best rate possible with your situation. Be careful not to apply at too many places though, as too many credit inquiries will have a negative effect on your credit score and the chances that you don't get approve for the used car loan will get higher.


Also we can help you if you have No Credit or if you are a newcomer to Canada. We have special car loans for people with no credit and newcomer car loan. If this is your case, call us today and we will give you more information for Newcomer car loans or No credit car loans.


Since you are on this page, DON'T WORRY about your bad credit situation.

Let us to get a used car loan for you.

Click on below link to get your Pre-approval today!



 


Strategies to Renew Your Hope of Getting Bad Credit Car Loans

Facing constant rejection because of your bad credit history? Do you believe that low interest rates are just reserved for people with good credit? Do you think buying a car is just a distant dream for you?

Well, this piece of information can provide you relief and substantially increase your chances of getting an affordable auto loan. Last month Reuters ran published an article titled, "Car lenders ease credit standards and terms to spur loans". It mentions that lenders consider car loans safe in comparison to mortgage and credit card loans. Also, lenders are now offering lenient credit terms due to weak credit demand. One of the credit bureaus, mentioned that percentage of used car loans offered to sub-prime borrowers increased by 11.4% this quarter compared to last year. This means people with bad credit can even buy a new car without any trouble.

So, getting bad credit car loans has become possible today. There is no better time to buy the car of your choice. But, are you still unsure of getting an affordable car loan? If you are still in doubts, make use of these strategies and not only get instant approval on your bad credit car loan but also avail the lowest possible rates.

Preparation Is the Key

Buying a car is major decision because you spend your life-savings on it. It is a commitment of making regular payments. You just cannot go to a dealer without thorough research. So, before purchasing a car or applying for an auto loan, here are few important things that demand your attention.

Clean-Up Your Finances First

Whenever you want to buy a car, do not just rush into the decision. You must sign the dotted line only after you are sure of what you are getting into. There have been instances where lenders have duped innocuous borrowers on the pretext of bad credit score.

It is always important to study your credit report before visiting the lender's office. You can get a free annual copy of your credit report from www.equifax.ca. Study all the entries and dispute for any unwarranted transactions and errors. It is a known fact that credit bureaus commit mistakes while calculating your credit scores. You can improve your credit by removing all the errors. Also, start making payments on your debts. Even if you can pay-off a few of your debts, it will have a positive impact on your credit score. Doing all this requires time and that's why you must comprehensively plan your car purchase and avoid a hasty decision.

Down Payment to Down Your Rates

The initial upfront amount that you pay for buying a car can be a useful way of reducing interest rates. Making a substantial down payment of ten to twenty percent can lower your loan amount and thus, the lender's risk. Also, the lender will be assured of your financial stability. This will definitely bring down your car loan cost.

Co-Signer - A Comforting Thought For the Lender

When you have someone to co-sign your car loan contract, the lender is assured of his money. This is so because he can get it from the co-signer if you miss out on payments. Finding a co-signer is a bit tough but if you can manage one, it would work wonders for your car loan.

If you just cannot find a co-signer, you can avail auto loans without co-signer which come with slightly higher interest rates. Nonetheless, it is important that you exhaust all your options before opting for no co-signer car loans.

Online Bad Credit Car Loans - A Better Option

An online bad credit car loan offers you the option of getting an auto loan without leaving the comfort of your house. You can apply by logging in to your computer. Online car financing companies are a perfect choice because banks do not entertain people with poor credit. To avail money from a credit union, you need to be its member. When you apply for a car loan from an online auto financing company, you have the option of comparing several auto loan quotes. This is not possible when you avail dealership financing.

Also, online auto financing companies work with several sub-prime lenders which make it easier for them to process your auto loan application. This drastically improves your chances of getting a low interest bad credit auto loan.

How to Choose Your Bad Credit Car Loans?

Choosing a bad credit car loan is easy if you carefully read the vehicle loan contract. It is essential that you do not just focus on low interest rates, but instead look at the bigger picture. Calculate Annual Percentage Ratio (APR) which will tell you the interest rate for a whole year instead of the usual monthly rate. It also considers fees like loan origination fees and other miscellaneous expenses which will give you a better idea of the cost of car loan.

Check for any pre-payment penalty because it can significantly increase your expenses if you decide to pay-off your loan early. Ensure that the lender is a reputed name in the auto financing industry.

A little bit of caution can take you a long way in securing the best auto loan option. Bad credit is never an issue if you know how to tackle it. These strategies and important cues will help you get easy approval on your car loan application.

Remember bad credit is just your history; it is in your hands to write your future. Go out there and turn your car dream into reality!

www.topbillinauto.ca firmly believes that bad credit history should never become an obstacle in buying a car. We offer bad credit car loans at competitive rates to buy new as well as used cars. Contact us today and forget all about your poor credit score!

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