Some Essential Fundamentals to Know
- About Us
- Visa Application
- Get Approved Today
Owning a car is not a luxury but an everyday necessity for most people. For Canadian citizens public transit, taxis or hired vehicles (Uber) might be options to travel but most people want to have their own car for convenience. Nevertheless, many cannot afford to purchase a new car or even a used one due to high payments. Therefore, financial institutions and banks offer financial assistance to these people to get a car loan. But approval for a car loan might be difficult if you have a bad credit profile. There are options available to secure a car loan despite the poor credit report of the interested buyer in Canada. Many private lenders, creditors, banks and other traditional financial institutions are offering car loans to those to people eager to purchase a car despite their bad credit record.
In Bad Credit Car Loans lenders treat the low credit scores differently. These loans are made specifically for consumers with low credit scores. Not all lenders will grant car loans to someone with bad credit score but there are certain car financers that will work with the loan applicant. This is negotiable. First though you should have some idea about the process of credit score ratings in Canada that are used to determine your eligibility to get approved for a car loan.
There are five major factors to determine a loan applicant’s worthiness and to calculate the credit score accordingly. Equifax and Trans Union in Canada are the two major credit bureaus that maintain a central record of all your credit transactions.
A credit score ranges between 600-900. A good credit score in Canada determines the amount of loan interest rate, smaller down payment and longer repayment period. But, a score lower than 500 is deemed as a bad credit score for a consumer.
You should not give up your search for a car loan even if you have a low score. If you are shopping around for a lender for Bad Credit Car Loans, Canada Auto Experts offer do their best for you.
Make your venture easy with the auto financing experts working with Canada Auto Experts. They will help you to get the best deal.
You can submit your queries and application online. You will certainly get your own car with our financial assistance.