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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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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 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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Getting a Car Loan in Canada

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 Poor credit car loans are not only for people who have declared bankruptcy. If you have no credit history, are a student, or have a lower than ideal credit score, you may be a perfect candidate for this type of auto financing. You just need to know How to Get a No Credit Car Loan in order to take advantage of the opportunity. This article will tell you how to do that. The first thing you should do is get a copy of your credit report and credit score. This is information that you should know before dealing with any lender. It gives you a chance to examine your credit history and correct any mistakes. If your reports show that you have a credit score above 550, then you stand a really chance of securing car financing. With your information in hand, you can proceed with applying for your car loan. Auto Source Financial is the Best online lender who can help you with the process.  The benefit of using an online application is that it as easy as filling out a form, and the instant response system typically gets you an answer in approximately an hour. Here are a few tips to help you get off on the right foot.


Dos of How to Get a Bad Credit Auto Finance.

– Be able to supply proof that your monthly income is $1,850 or more – Be eligible and capable of getting auto insurance and have a valid drivers licence – Have a guaranteed income/full time job with tax deductions- Have a working phone and be able to prove your residency. It really is that easy. There is a possibility that you may need to send or fax your supporting documentation.

 While no credit car loans are for people in all types of credit situations, there some people that just will not qualify. If your only income is from seasonal or temporary employment, you are in the military and stationed outside the country, or you are not able to provide proof of your income, you may not be a candidate for this kind of car financing. Every Application is Different as Auto Source Finance also provides loans for Immigrants and foreign student new to Canada.

Bad credit auto finance loans can help anyone. They are a great way for students to get their first experience in the world of finances. With no credit history, young drivers can start building their score and earning themselves a good credit rating. Auto Source Financial will help a student to determine how much is wise for them to spend on a vehicle loan. 

For a free credit report from equifax canada simply apply online to Auto Source Financial and a Finance Specialist will contact you on the best plan of action.





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Guaranteed Car Loan Canada

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Trying to get a Vehicle loan in Canada can be a difficult task if you don’t have credit?

After working in the Prime and Non-Prime lending field I have come across all types of credit issues. People with Bad Credit or No Credit seeking car loans in Canada have always been offered limited options with High Interest. Auto Source Financial seems to be the best solution for the New Credit or Bad Credit Car Loan Buyer.


 One of Canada’s best indirect consumer finance companies, ASF is a leading provider of automotive purchase financing and consumer instalment loans. Founded in 1991, ASF has proven itself as a reliable source of credit to customers and an invaluable business partner to automobile dealers and retail vendors nationwide.


Bad Credit Second Chance Program


ASF offers Bad Credit car loan Buyers a second chance program. Should you be approved through ASF after 10 months of on time car payments ASF will lower your financing fee to 8.9 % for a New Vehicle.


The best way to take advantage of ASF’s second chance program is in the beginning find a vehicle that fits your budget. Try to find a vehicle that is 1 to 2 years old that still has remaining factory warranty. By choosing a vehicle of this type you shouldn’t have to purchase a used car warranty as the Vehicle has the remaining balance of the Factory warranty. This will save you a little more money as used car warranties come at a price.


Drive the Pre Owned vehicle for the probation period with the knowledge that with in 10-12 months you will have a Brand New Car at Prime Bank Interest. Also be sure to maintain your temporary vehicle keeping it clean for return Value.


Upon Completion of your 10 – 12 month probation period ASF will contact you, at which time you can return your old vehicle and get a Brand New Vehicle usually at the same payment you’re presently making at 8.9% Interest.


No Credit Program for Foreign Workers and Students


If you are a New Immigrant to Canada, Foreign Student trying to get Credit for a Vehicle in Canada you have little to no options as without Permanent Residency status No Commercial Lender can or will give you a New Car Loan


ASF offers No Credit car loan Buyers the opportunity to Purchase a Brand New Vehicle with No Credit at all! They work with Foreign Students, New Immigrants and Citizens who have never established credit in Canada.

Auto Source will assess your needs and get you driving a New Vehicle of your choice usually within 24 hours at Prime Interest rates starting from 8.9%


Call Direct:  604-603-8796



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