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Bad Credit Car Loan- Credit Repair

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Repairing bad credit or establish credit can be a difficult task when most lenders are not willing to give you a second chance or let you prove yourself credit worthy.
We Offer tips and advice on the different tactics to build and repair credit scores. Even with bankruptcy, we can help you get on the road of having excellent credit and allowing you to enjoy the benefits of low interest rates and the buying power to succeed in life. In this free consumer guide to bad credit repair, you will find out which lenders will approve you for credit cards, car loans for a new or used vehicle, mortgage loans, unsecured personal loans, and even a checking account.

How long will it take to get a good credit rating

Establishing or repairing bad credit can take some time and you must be patient. It may take up to a year if not more to fix or repair credit from bad to good. It all depends on how bad your current credit situation is. On the upside, your credit score will improve monthly as you pay your monthly payments on time, removing past due amounts and collection accounts.

Obtaining a Car Loan with Bad or No Credit

Your credit rating plays an important role when trying to obtain a car loan. Credit scores range from the lowest at 300 to the best of 850. Having a credit score over 700 will most likely get you approved for your new or used vehicle and will come with a favorable annual percentage rate.

For people with a credit rating below prime, some car dealerships have programs available that can get you financed even with a less than perfect credit score, past bankruptcy, bad credit or having no credit history at all. One downside to these subprime car lenders is they will come with a higher interest rate which will increase your monthly payment and the amount you will pay in total over the life of your loan. The other con of these types of loans is that you may be required to apply a larger down payment.

Tip: When searching for a car with bad credit, it is easier to obtain car financing for a new car than a used one. Also, if you decide to buy a car now under subprime financing terms, wait about 6 months after you have financed your vehicle, and then refinance the subprime car loan at more favorable terms.

For individuals with a terrible credit rating, there are car lots or dealerships that offer buy here pay here programs for used cars. We highly recommend to only using them as a last resort. These buy here pay here dealerships tend to charge an excessive amount of interest and/or like to mark the price of the car up to nearly double. This is how they are able to approve anybody for a car with no credit check. If you do use them, make sure you check the bluebook value of the vehicle before you sign any agreements or apply a down payment.


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Getting a Car with Bad Credit

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You have bad credit and banking after the dealer is wanting money down. To buy a car with bad credit, no down payment, you need to know some things.

First, there are only two reasons why a trader wants a down payment …

The most common reason is because it adds gain on sale. The other reason is less common because it is necessary to reduce the total amount financed for approval by the lender. Figuring out what the real motivation to push for cash is a little difficult to always depends on the dealer to get you approved.

Most people think that if you have bad credit, they have to use the financing offered through the car dealership. After all, the local bank will not give you the right loan? This is a common mistake that can cost thousands of dollars in finance charges outrageous.

Let me fill in a great little secret …

Car dealers mark the price of the car. Everyone knows that. Did you also set the interest rate? Yes, indeed. They maintain your credit application to lenders. The lender responds with a bid. Let’s say you approve a rate of 9%. You know what? The merchant, knowing that you know you have bad credit to try to convince them that they are approved at 12%. The difference of 3% becomes nothing more than the benefit that the finance manager is paid a commission by. I guess you pay for it … you. Your payments go up 10, 20, 30, 50 or even $ 100.00 per month, simply because the dealer set the interest rate.

The truth is this. You can buy a car with bad credit no down payment and lower interest rates simply by avoiding the full dealer finance department. If you know where to search and organize in advance for your financing (if done every day), then you can have the confidence to go into a dealership, choose the car of your choice on the basis of the amount the finance company that preapproved for and had the dealer a check. This puts the power to negotiate price in their favor.


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Get Approved

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Finding the car you want has never been easier. We specialize in finding the exact car you want at a price you want to pay with the lowest interest available with rates as low as 8.9%

Some people only think they have bad credit. But, it’s likely not as bad as you think. If it’s stopping you from getting the new car that you want then try this… We have set up a secure online credit car loan application that you can fill out immediately in the privacy of your own home or office. We don’t have to meet to get started. A local financial services professional in your area will work with you to secure the loan you want and get you the car you want.

If you need a car loan in Canada, We can help you!

Here’s a short list of some of the benefits of choosing us for your next used car:

    • Fix Bad Credit, Repair Your Bad Credit with Car Loan

    • Guaranteed To Save You Money and Interest

    • You Choose the Car You Want. We Will Find It For You!

    • We Work with Your Terms

    • 100% Guaranteed Financing


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Guaranteed Credit Cards

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Are you a new immigrant to Canada? A Foreign Student in Canada ?  Or just one of many Canadians without a credit card? Your only opportunity to successfully obtaining a credit card in Canada is by getting a Secured Credit Card. Almost no one is turned down! That’s right. If you’ve gone through the embarrassment of rejection by your local bank or credit union, and are afraid to try again, this is your best chance to enjoy all the benefits and responsibilities of a credit card, without fearing the application process. For starters, the application is completed online, without ever having to discuss your financial situation with another person. In fact, YOU set the credit limit based on your own ability to secure the credit card through a cash deposit. Isn’t that nice?

 

Below is a list of Banks and Credit Unions where you can apply for a Secured Credit card.

 

Capitol One Secured Card

 

With a secured card you’re given credit, just as you would with any credit card, but you’re also required to provide security funds before you can access your credit. These security funds could be as low as $75. Also, we report your payment information to the credit bureaus each month, giving you the ability to build your credit history. Capital One Guaranteed Secured MasterCard is a great way to build your credit history and start enjoying the benefits of a credit card. Rent a car, reserve a hotel room, and buy things online. It’s all possible when you have a Capital One Secured card.

 

The Home Trust Secured Visa

 

 Is a credit card that requires a security deposit for eligibility? Your credit limit is then set at the amount of the deposit. You can put down as little as $1,000, or as much as $10,000.

 

Vancity Savings Secured Visa

 

I’ve recently immigrated to Canada and don’t have a credit rating yet. How can I get one?

Consider applying for a Vancity Secured Visa card. With as little as $500, you can get a Secured Visa that will allow you to obtain credit. By putting some money in a term deposit, you guarantee your debt and we can extend you credit. After you’ve had the card for one year and have made all of your payments on time, we’ll release the guarantee and you can spend or save your money. You’ll also have an improved credit rating. To apply for a Vancity Secured Visa card, visit any Vancity branch.

 

 

Horizon Plus Secured MasterCard

 

Has opened the doors to virtually all Canadian residents wishing to have a credit card. Specifically designed for those people who do not qualify for traditional unsecured cards.

 

HSBC Secured Master Card

 

MasterCard® with a secured credit limit

Even though you have bad credit or no credit, you may still qualify for a major credit card. Here’s how it works: you put a certain amount of cash (say $1,000) in a frozen bank account for security, and the bank issues you a credit card with a similar credit limit. Talk to a customer service representative at your financial institution for more details.

 

 

Remember when applying for these credit cards you do not need a Social Insurance Number! Please also remember that offering up your social insurance number to financial institutions is not required by Canadian Law. The only people who should have your Social Insurance Number is your employer, Human Resources and Social Development Canada and Revenue Canada. This is a private number established for tax purposes only! Don’t give this number to any bank as it’s not required. You will notice when applying online when a financial institution asks for your SIN number it’s not mandatory because they know under Canadian law their not entitled to have it.

 

For more information about Car Leasing for New Immigrants or Foreign Students in Canada visit www.autosourcefinancial.com. Auto Source specializes in all makes leasing and Car, Truck and SUV loans for people with No Credit, Bad Credit in Canada.

 


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