3 Spots to Find Bad Credit Car Loans in Ottawa

3 Spots to Find Bad Credit Car Loans in Ottawa
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Despite our best efforts, many of us do in fact find that we struggle to maintain a good credit score and before we know it, our credit rating is so poor that we believe we will not be able to take out a necessary car loan.

As the Canadian auto industry has been experiencing somewhat of slump recently, many lenders have sought to lighten up on some of their loan policies. The purpose of this action, is to encourage the purchase of automobiles and rev up the industry.

There are a range of providers in Ottawa who do offer car loans for people with bad credit and being aware of where to look for these loan providers in your area, is a good place to start.

3 Spots to Find a Bad Credit Car Loan in Ottawa

1) Car Dealerships 

Many individuals in Ottawa who are in a bad credit situation, look to car dealerships for financing assistance when they’re buying a car.  For instance, Cummings Automobiles has been in the used car business for over 70 years and offers car loans to customers with bad credit. They are approved by the Credit Bureau and work based on a Guaranteed Credit Approval System. They serve customers who are new to Canada, those who have zero credit, and individuals who have gone through or are going through bankruptcy. Through the online or phone approval program, by entering some brief personal financial information, you can find out how much you will be approved for and then can move forward with this process.

2) Loan Brokers

Loan brokers, such as Auto Mall Loans (AML) provides car loans to individuals in the Ottawa area and finances all credit situation, including bad credit and even no credit. AML offers a variety of low mileage pre-owned vehicles that come with a detailed vehicle history. Credit applications are completed with assistance and ease, and approval for a car loan can be done in a short period of time.

The company will negotiate with the lender to help approve your car loan application and also help you work towards rebuilding your credit score. Some of the requirements for eligibility include, having a valid driver’s license, earning at least $400 per week, and also the ability to make a down payment. You can apply online from the website as well as making phone inquiries and discussing the approval process further.

3) Online Websites 

Online websites like carconnect.ca, serve the Ottawa area since 2006, the auto dealer Car Connect provides car loans to individuals with bad credit, who are otherwise not eligible through other lenders. You can access their site and gather the applicable information, you require. You can also take advantage of their online application as well as contacting them for further details through a toll-free number. Car Connect offers a variety of well-maintained and reliable vehicles and strive to offer their customers a good value package.

There are many additional car loan providers in the Ottawa region who are willing to offer financing to customers with bad credit. Despite certain level of skepticism, many lenders will grant approval based on a few requirements. Typically, looking at your current employment and sometimes based on a higher interest rate will help you secure a car loan. While, some car loan providers will ask for a downpayment, some will not and will help you out in good faith and believe you will pay back the loan when it is is due.

You can access the above mentioned sites as well as other car loan providers in your area, and ask for a quote. This will help you make the best decision for your situation and one that will not be too challenging to pay off overtime. While needing a car loan is perhaps a necessity for you, you also want to be aware of how you plan to make the payments as well as a plan to improve your credit score.

It is important to again to know where to look for a suitable car loan provider and not waste your time on ones that are adamant about not working with individuals with bad credit. The above mentioned 3 spots to find bad credit car loans in Ottawa will help guide you in the right direction.

Realistically, many people will find themselves in bad credit position at some time or another. However, many also require access to further loans for variety of expenses. Many car dealers are prepared to work with you and help you secure a car loan as well as helping you get on the path to raising your overall credit score.

 

  1. I think it is always best to start with your own bank or credit union when applying for an auto loan. Working with a lender that you have a history with can be beneficial.
    Unless of course, you have bad credit. Then you will have to find a lender that finances bad credit auto loans. You can do this two ways; first, you can find a dealership in your area that has a good reputation for working with buyers with bad credit; or you can apply on line with a reputable lender. Always do some research before you apply online to make sure you are working with a trustworthy company.

  2. Hi Sarah

    Thanks for your message – I completely agree with your comments. It’s always good to start with a trusted lender & then move to other options if need-be.

    Thanks for your thoughts, Miriam :)

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