Most Canadian lending institutions have very strict policies regarding who the type of vehicle needed for a bad credit used car loan. For example, many lenders have requirements as to how old the vehicle can be. New cars are considered to be current and one year old untitled vehicles. Used cars, although a much broader category, are generally limited by mileage or age, with some lenders refusing to extend credit for any vehicle over 8 years old (the cutoff can even be as short as 5 years). (more…)
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Posts Tagged ‘bad credit’
Will My Credit Keep Me From Buying A Car
Monday, August 23rd, 2010A good credit score is an advantage when applying for car credit. Your credit score tells lenders your risk level. Credit bureaus use your credit history report that shows if any late payments, repossessions, non payments, or any bankruptcies filed. The risk the lender would be taking by approving car credit to you is then determined.
Bad Credit Auto Loans with No Money Down
Friday, August 13th, 2010Every day you see articles on the internet that suggest that all bad credit car loan buyers can finance a vehicle with no money down. Nothing could be further from the truth. (more…)
Helping Mom Get an Auto Loan
Saturday, August 7th, 2010Can you remember the last time your parents asked you for help? We grow up our whole lives depending on our parents to help us with all of our problems. Once we are old enough to help them, the situation rarely presents itself. I finally had the chance to help my Mom a few weeks ago when she had mentioned to me that she was having trouble finding a dealership to finance her for a vehicle. (more…)
Auto Loans For Bad Credit
Thursday, August 5th, 2010There are a number of things to consider if you are a Canadian considering auto loans for bad credit to finance your next vehicle. Auto loans for bad credit have a number of basic requirements that must be met in order to qualify for one. (more…)
Applying For A Bad Credit Auto Loan
Thursday, July 15th, 2010Many things should be understood about applying for a bad credit auto loan, especially if you’ve had a regular car loan in the past and don’t understand the special finance process. (more…)
Buying a New Car with Bad Credit
Saturday, July 3rd, 2010I don’t know about you, but I get so excited when it is time to purchase or lease a new car. The best part of the whole process is searching online and picking the vehicles you are interested in the most.
I started this process recently. I got really excited to buy a new car and I thought I had found the vehicle that was perfect for me. In the past, I would choose a car and then shop around at different dealerships to see where I could get the best deal. I thought shopping around was my least favourite part of the process. I was wrong! (more…)
Canadian Vehicle Financing Do it Yourself
Friday, July 2nd, 2010Most Canadian banks, credit unions and even car dealerships offer vehicle financing. What interest rates they offer is another story. There can be drastic difference in the variance between each financing institution. The lowest rates are usually offered to consumers with a high beacon score, however, if your beacon score is somewhat lower you are not automatically ineligible for vehicle financing in Canada.
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