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Bad Credit Auto Loan

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Do not let bad credit stop you from taking an auto loan. Many loan companies can get your approved car loan even if no credit, bad credit or bankruptcy. The announcements of bad credit car loans almost promise that you can buy a car no matter what type of credit you have. Most of these listings are based on truth, but it is best to know your options and understand how the system works.

Even with bad credit can get a car loan through direct funding. The process is the same as for a good auto loan credit. The only difference is that borrowers with bad credit will have to make a larger down payment and your interest rate will be higher. Borrowers may be asked for a down payment of 20% to 50%, with interest rates from 5% to 26%. In general, borrowers with bad credit can expect to pay a 7% to 18% interest. Amortization of bad credit auto loans can range from 2-4 years as opposed to good credit borrowers whose car loans may extend to five or seven years. The advantage of these loans is that they can be used to rebuild your credit.

Bad credit car loans can be abused by some merchants who inflate car prices or interest rates for financing. For example, a dishonest merchant may charge $ 6,000 for a car that normally sells for $ 3,000. After making the payment, the concessionaire will finance the balance at a high interest rate, say 24-26%. The borrower is left to deal with an expensive car and a loan that is too high.

Finally, the borrower will end up defaulting on the loan and further ruining their credit. Or, you can end up paying two or three times the price of the car if it had purchased from a legitimate dealer. Before deciding to buy a car, be sure to investigate their true value to avoid paying more than they should.

In some cases the purchase of a car can be an advantage for the buyer, especially if the dealer is desperate to make a sale. The concessions may apply for a lower down payment or interest rate. This is particularly true for new vehicles financed by the arm of the automaker’s own funding. For newer cars, the repayment period may be longer too.

With the Internet, now easier to get a car loan bad credit. The Internet is a network of distributors where you can click on a site advertising car financing. You will be asked some information and it should be transmitted to a distributor who is willing to work with someone who has bad credit. You and the dealer can make a plan so you can get auto financing even with bad credit.

The Internet also allows multiple presentations of financial information to potential creditors. You will be asked to provide information in financial depth, which refers to a network of lending sources willing to fund your loan. You may end up with a few lenders that compete to offer the best rates and terms.

Almost anyone can obtain vehicle financing although people with bad credit and little or no down payment can be difficult to get car financing. Do not be discouraged if your first attempts at financing. If you persevere and improve your credit, you should be able to get an auto loan despite having bad credit or even bankruptcy


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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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No Credit Leasing Canada

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How to get a new car lease when the consumer has a less-than-perfect credit history, a low credit score, has a high debt-to-income ratio or No Credit at all!

The problem typically reveals itself when a consumer attempts to lease a car and the dealer pulls his credit information from Equifax or Trans Union, which is a numerical representation of the consumer’s entire credit history, and finds the score is too low for the best lease rates?

This kind of consumer is considered a “non-prime” borrower. Recent problems in the lending industry have made it more difficult now for non-prime borrowers to find loans and car leases.

Non-prime leasers may not be able to take advantage of special promotional lease deals offered by car makers. These deals have special low lease rates and are typically advertised as only being available to “well qualified” customers. To be “well qualified” means having a good credit score, a steady income, and no excessive debt.

People with no credit, bad credit will usually have an easier time leasing than buying.

The reason is that leasing is considered by Banks to be a higher risk than buying with a loan due to the fact that a down payment is often not required and that the outstanding amount owed on a lease nearly always exceeds the worth of the vehicle for most of the lease term, which is a result of low monthly payments.

If the leaser (“lessee”) defaults or misses payments, a lease company stands a greater chance of losing money if the car must be repossessed.

High debt loads can also be a problem. If a credit applicant’s outstanding debts are relatively high when compared to their income, lease companies may not be willing to let that person add more debt, which increases the probability that they will have problems paying in the future. Even with a good credit score, excessive debt can be a problem getting a lease.

To lease a car with a bad credit or no credit score may require that the customer pay a higher interest rate (lease money factor), make a larger down payment (cap cost reduction), or pay an up-front refundable security deposit — or all of the above.

Leasing customers who find themselves in trouble making payments should work with the lease company to get payment relief. The earlier you contact them, the better your chances of getting help.

Do anything to keep making payments and prevent repossession. Even voluntary lease repossession can seriously damage your credit rating for up to six years.

Lease credit requirements can vary between different dealers, banks and finance companies. Therefore, it pays to shop around for the best deals when you have poor or less-than-perfect credit.

In the current economy, it is more difficult to get approved for leases and loans with American car companies — Ford, General Motors, and Chrysler — than with foreign car makers, such as Toyota, Nissan, and Honda, Suzuki who still have plenty of cash to lend.

Auto Source Financial works with you directly to obtain a No credit, Bad Credit Lease in Canada. We have special lenders who over look past credit issues and lend on your ability to service the payment. This means it’s not about your past issues but more about your ability to make the payments.

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


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