It is not as difficult as you think to get bad credit car loans in Canada. There comes a time in your life as a Canadian where you are in desperate need of a car, have bad credit but still need a loan to finance this car. The car could be a tool to get you to work and home, in this instance it may be necessary to take out a bad credit auto loan.
Let’s say your bad credit record stands in the way of you landing that new sales rep job as the company recruiting requires you to have your own reliable vehicle. Another great reason for purchasing a car on credit, now is the time for you to source bad credit car loans in Canada where your bad credit rating won’t stand in the way of you getting what you need, an auto loan.
Canadian Auto Loan Lenders & Companies Who Will Help
You just need to know where to look and in no time you’ll find car loan companies that specialize in securing financing even if you have a bad credit score. These companies will put you in touch with a local bad credit auto loan lender in Canada, who will negotiate payments you can afford, while providing you with the option of choosing from their huge inventory of used and new vehicles. This they will do regardless of your financial standing. It does not matter if you are in foreclosure, had your previous vehicle repossessed, or faced bankruptcy before, they will serve your needs and provide you with the amount you need for your new vehicle.
Some questions you will want to ask your Auto Lender lender will be:
- What is my annual APR
- Is it more than %20 per year – If so you should be able to negotiate the car’s price lower by $2,000 on a $10,000 loan
- If it’s higher than %10 APR do you require a co-signer – If you require a co-signer and the interest rate is higher, you should negotiate the interest rate lower
- Lenders may finance up to $16500 per bad credit auto loan through our recommended links
- Terms of any 0% APR Promotions
Difference between Fixed and Variable Interest Rates
Let’s run over some of the interest rate option in deptch.
Fixed interest rate loans
- Fixed interest rates are the most desirable choice when you seek to make the same payment every month
- You know how much will come out of your savings account each month
- You like the idea of security on the price
- You prefer not to see price fluctuations on your loan weather it be less or more
- You have a long term loan – likely you will benefit in this case
- Apply Here
Variable interest rate loans
- These are for customers who want to take the risk of lower payments in the near term, for the possibility of rising interest rates in the future
- You benefit largely if interest rates fluctuate lower, however if they rise you will be paying more
- You have a short term loan – it will likely benefit you in this case
- Apply Here
Some of these companies do have special requirements where you need to earn at least $1,700 a month or have a co-signer. It might be in your best interest to opt for companies like these. They are in a better position to assist you in getting the best possible interest rates and terms. Also be aware of the laws, take a look at this Government of Canada legal document which goes over illegal rates of interest and things lenders cannot do to you. Be aware of your rights. Don’t end up being one of the horror stories from lenders who perform poor customer service such as TDcanadatrust.com at about becoming the victim of malicious activity.
Finally if you’re looking to apply for a bad credit car loan with a Canadian lender a loan you can apply online here.
Online Bad Credit Car Loans in Canada
It is truly amazing what you can accomplish these days online, as a citizen in Canada. Even if you happen to have a bad credit rating, your still able to recover from this misfortune circumstance. There are online bad credit car loan companies in Canada who will have your auto loan approved within 2 days. You can also see that you are dealing with a trusted company by the secure online payment system they are using, refer to the URL and be sure it says HTTPS when sending payments. They will only use your information to secure your application using 128 Bit encryption software. Not only that, bad credit loan companies will also serve you with regards to helping you rebuild your credit record, which in turn may help you to buy a new house or pay for your child’s education. Every time you make a payment and successfully pay your loan off, it’s reported to companies like Equifax or Transunion. It is well worth pursuing these avenues to restore your credit score.