Are you looking for a loan to buy a new car, but is your bad credit score standing in your way? Relax, you are not alone. There are so many Canadians who can’t own a car because they have bad credit.
Having bad credit, however, doesn't mean that you relinquish your dream of owning a car. There are many car dealerships who you can approach despite your poor credit history. You have to know where to look for them.
Finding bad credit car dealers
Before you catch hold of a bad credit car dealer, you need to understand that not all car dealers have credit lenders that work individually for your situation. You need to look for subprime lenders, who work only with special car dealerships.
Make sure you know your credit score so that the lender doesn’t take undue advantage of it. Many companies promise you a car on bad credit loans. Not all of them can be trusted because their schemes lack transparency. If your credit score is bad, you should look for a subprime lender who can help you navigate the complexities related to down payments and interests.
Before you select a subprime lender, you should be ready with the following standard set of specifics:
Proof of minimum pre-tax income of $1,500-$2,000 from a single source.
Utility bill to show proof of residency.
Evidence of a functional cell or landline number.
Five personal references.
A down payment of 10 percent of a vehicle’s selling price or $1,000, whichever is less.
Enter TakeTheDrive
TakeTheDrive is a company dedicated to providing Canadians with easy vehicle financing options. The company has a network of car dealerships who can help you buy a car even when you are in bad or no credit situation.
No matter what the reason behind your bad credit situation is, we are there to help you. We have the bandwidth to get your loan application approved by local centers, without you having to do anything. Whether you want to buy a car, a minivan, an SUV or a truck, we can get it financed for you without charging you a bomb. Apply online today and fulfill your dream to own a car.