Although Winnipeg isn’t the largest city in Canada, there is still a lot of land to cover in Manitoba. Most of us, who live in Winnipeg, have a car and we rely on it day in and day out to get to work, pick up our kids and generally get around. With this growing reliance on our automobiles, when we decide that it’s time to get a new car, we’ll start looking at what we can afford and how we’re going to pay for it. Many of us have found the past few years quite challenging financially with the impact of the global recession having an impact on our disposable income. If you’ve found that you’ve had a hard time paying your bills on time or making your scheduled payments at all, you may have dropped yourself into a bad credit situation.
Most of the time, bad credit situations can be resolved by focusing our efforts on paying off our debts and restoring credit. However if all of a sudden you need to get a new car, you’ll be looking for bad credit car loan to secure that new vehicle.
The good news is that there are available auto loans in Winnipeg for people with bad credit. You’ll find many firms that are offering loans to help individuals in Winnipeg afford the cost of a new vehicle. Even in cases where you’ve been in a bankruptcy situation, you may still get approved for a bad credit car loan. Additionally, if you are approved you’ll be in a better position to start rebuilding your credit so you can get on the right track to get back to a favorable credit score.
3 ways to get a bad credit car loan in Winnipeg…
If you have found yourself in a bad credit situation and are looking to buy a new car in Winnipeg, there are a number of ways to get the funds you require. Here are 3 places you should check out as you shop around for a new car loan:
1) Existing financial institution
Although Winnipeg is Manitoba’s biggest city, it is still a very tight community. If you’ve lived in the city for quite some time, you should always look to your existing relationships. Your current financial advisor can help you find a loan that suits your needs. He or she will also provide you with information about what you can realistically afford as they will likely have a good idea of your overall financial situation. This method is particularly suited for people that want some flexibility on where they buy their car and want to stay within their means. Trust is also a big factor and you have a banking professional you can trust, this will help you tremendously as you work towards obtaining an affordable loan.
2) Other local lenders
If your bank can’t help you out with a car loan due to bad credit, there are a range of specialist lending institutions in the Winnipeg area. These firms have been growing in recent years with the rise in economic challenges across the country. For a car loan, it is recommended to find a local lender so you can begin developing a relationship with them and they can start to understand your financial background. These lenders are likely to charge more interest since your likelihood of default is higher but by getting a loan from them, you’ll likely be approved. This can help if you are at a crossroads and most of the avenues you’ve explored are coming up empty.
#3 – Car Dealers in Winnipeg
Finally, you can always decide to shop around at the actual dealerships. Most dealers in Winnipeg offer financing at the dealership. Many are affiliated with a loan firm but may be willing to extend credit to you when a bank may not. With this method, it’s recommended that you go into the discussion knowing your existing credit situation and also come prepared. Doing your research in advance, will help you avoid overpaying on your monthly payments. Remember that the lower your monthly payments are – - without paying too much interest in the long-term – will help you pay back your loan faster.
If you’ve found yourself in a bad credit situation, it is nice to know that there are lenders in Winnipeg willing to help you out. So, take the time to contact these three sources and good luck in buying the new car of your dreams.