Bad Credit Makes Loans Difficult
Getting car financing with bad credit in Brantford can be tough. Traditional lending institutions and car dealers can be unwilling to overlook past credit ratings when dealing with potential clients. Luckily for people with bad – or no – credit ratings, there are alternate lenders who will facilitate the purchase of a vehicle.
The lending process with one such specialty finance company, Auto Loan Services, begins with a brief online questionnaire. A finance representative then contacts the applicant and begins the process of arranging the best loan package at the lowest possible rate. At the minimum, the applicant must be at least 18 years old with a valid Ontario Driver’s License – or have a co-signer with one. The applicant must also have a minimum gross monthly income of $2000 per month.
The specialty finance company understands less-than-perfect credit ratings. Clients with past or present bankruptcies can also be matched with specialized lending partners. And it is not necessary to make a down payment on the vehicle – though of course it decreases the amount you need to borrow and so shorten the loan’s term and lowers payments.
A final benefit – in addition to being able to actually purchase a vehicle – is that you are now on the way to establishing a positive credit rating. A paid-off auto loan is your best credit advertisement.
Car Shopping with 5000 Vehicles to Choose From!
Once you have been approved for a loan, you can then go shopping for your car. Auto Loan Services has an inventory of over 5000 vehicles at a wide range of dealerships in the province. It’s possible to shop online for the vehicle that suits your needs – and have it delivered to your home.
The question arises – what is it you are looking for in a vehicle? Some of this you will have decided before the loan, because the kind of vehicle you want will have affected your financing. You likely know your price range and “type” – but with the number of vehicles available you could still find the choice overwhelming, if you don’t know your specific needs. Some things you should consider:
- What type of driving do you anticipate doing? Highway? City? Surfaced streets? Off road?
- Is the car primarily for family errands – or commuting?
- If the latter, how long is the commute and how important is fuel economy?
- Do you need all-wheel drive?
- How much cargo do you anticipate carrying, either for family or work use?
- Will the vehicle be used for ferrying children about?
- What are your garage or parking needs, both at home and work?
Keep your Vehicle Dreams Modest!
One of the great temptations is to buy more car than you can really afford. This is especially true if you are locking yourself into a longer term loan, because the payments will be lower. The longer your loan limit is, the greater the possibility that your car may end up being worth less than the actual loan – this is called “negative equity”.
With care – and a careful eye on your finances – even with bad credit you can get a car purchased in Brantford. And, as you pay off that loan, your credit rating will improve – yet another benefit of car ownership!