How to Get a Car Loan with Bad Credit
How to Get a Car Loan with Bad Credit
Posted on June 26, 2020
For many people, automobiles are an essential part of life. As such, most people also need a car loan because they do not have enough cash sitting around to pay for a car in full. However, people with bad credit often have a hard time getting car loans and may find it difficult to qualify for conventional financing from a bank of the dealership.
What is a Bad Credit Score?
Most people who have poor credit are already aware of what makes them a risky investment for banks--they have too much debt, they have too little credit history, they have made too many late payments, and more. However, it is quick and easy to determine a credit score through Equifax and Transunion--two of Canada's most known credit reporting agencies.
Prospective vehicle buyers with a credit score of around or above 650 will most likely qualify for a traditional car loan. However, a credit score below that threshold will most likely need a bad credit car loan.
Getting a Loan
Bad credit is not an uncommon problem, and bad credit car loans can be found in Vancouver and across Canada. Buyers with bad credit will not qualify for the best loan terms, such as the ones advertised for new cars with 0% financing. However, that does not mean they will not qualify for any car loan. Most bad credit car loans will have higher interest rates or slightly unfavourable loan terms.
Flexible Financing at Richmond Chrysler
At Richmond Chrysler, prospective buyers with good credit or bad credit can find car loans with flexibility and terms that fit their lifestyle and budget. Finding out what loans are available is easy--buyers simply go online and fill out a pre-approval form. This removes the guesswork of loan applications, and results do not take days or weeks. The Richmond Chrysler Finance Department will tell buyers exactly what their credit is, how much they can expect to borrow, and work to find a car that fits within their budget.
To do so, Richmond Chrysler offers a financing program that combines value, flexibility, and convenience. There are a multitude of options, such as multiple payment options (bi-weekly, weekly, semi-monthly, and monthly), shorter term elective financing, amortizations up to 96 months, and more. No matter the financial background of a buyer, Richmond Chrysler offers good credit, bad credit, and no credit car loans in Vancouver to make vehicles accessible to all.