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3 Tips To Help Find A Bad Credit Car Loan Right For You

A powerful 2 simple words that causes many of the financial situation in everyday lives. In Canada, bad credit is a very bad punishment for anybody because it causes a shortage line of credit available and the willingness of the lender to lend you money. To keep it simple, the higher the risk for the lender, the higher the interest the loan will be. If you would like to get the best bad credit car loans, trying to reduce their risk will help you get a better rates. Here are the 3 great tips to help you find a bad credit car loan right for you.

Bankruptcy

Declaring bankruptcy is a tough choice and your name will be black listed in all of the financial institution. The good thing is that you are also liberated from any of the financial obligation you previously made however it does not means you will have life-after-bankruptcy easy. During the first year of bankruptcy, 99% of the lender will not lend you money or provide any financial credit. So it is highly recommended that you start working on repairing your credit worthiness, saving for down payment and begin to shop for a car loan lender that will lend you the money beginning of the second year. Most importantly, make sure you have a stable job or fixed income to secure for a bad credit car loan.

Down-Payment:

Being able to put a deposit will greatly increase your chance of getting a bad credit car loan. Most lender will insist on a down-payment of at least 5%, by doing so, it will reduce the lender’s risk thus giving you a better chances of securing a bad credit car loan. The lender consider the down-payment as an important factor in providing you the car loan because:

  1. It will show to the lender that you have a high income due to the fact you are able to save money from it.
  2. Putting a down payment means you are effectively reducing the overall loan amount. Thus lower monthly payment, lower interest rate for you and as well as a lower risk for the lender.
If you are financially tight, try to work part time, or make some extra income for savings, it really help you get a car you need.

Income:

Without income, you wont be able to get a car loan. Most lender are willing to lend you a maximum of 30% of your income so that you have enough for rent and enough for food. So a full time job is required, without a job, you only solution is equity loan such as car title loan and home equity loan.

Credit Check

Credit rating is very important when consider getting a bad credit car loans, it is the passport to any line of credit in Canada. A good credit score will allow a higher line of credit at a lower interest rate. However that does not mean you cant get a car loan, you can start by paying up your debts, make small monthly payment and never miss a single payment will help you repair you credit in 2 years.

Good hunting!

Car Title Loans Specialist

Call us at 1-877-304-7344

1) Our payment are as low as $97 per month

2) During the loan, you get you keep your car

3) You can pay out your loan anytime without any

penalties

4) Your can borrow up to $25,000 depending on the value of your vehicle

5) You can choose a 1 year or 2 year term loan.