How to Buy a Car With Crypto: Dealerships That Accept Crypto

How to Buy a Car With Crypto: Dealerships That Accept Crypto

Posted on August 4, 2022

With the news of Bitcoin dropping and crypto firms like 3 Arrows out of Singapore going into bankruptcy that using crypto is a bad idea.

While digital assets are taking a massive hit as we see an exodus of cheap money leaving the market for safer harbors, if you have Bitcoin or stable coins and live in Canada, you can turn those ones and zeroes into a down payment on a new car.

Turning your crypto into legal, cold hard cash

When you are applying for a car loan in Georgetown, lenders are going to ask you where you earn your money and if you have proof to substantiate those claims.

You can’t just show up to a dealership with a brown paper bag full of cash; no one does that.

What most crypto traders in Canada do, is use services like BitBuy to sell their crypto and get paid in cash via direct deposit.

BitBuy is a licensed company and reports to the CRA, so everything is above board. The funds you receive from trading crypto can be treated as income and also help you qualify for a car loan.

Credit score requirements for a Georgetown car loan in 2022

Central banks around the world have kept interest rates artificially low to stimulate growth.

This money was practically free and led to the formation of asset bubbles in real estate, automotive, and even digital assets like cryptocurrency.

With inflation out of control, central banks around the globe are joining forces and raising interest rates to slow inflation.

These higher rates are passed on to the consumer but lenders are also more reluctant to approve a loan if they are taking on additional costs/risks.

Prior to the Covid-19 and rising interest rates, you could get a car loan with a 600 credit score and no income verification.

Now, you will be hard pressed to get a decent car loan with a 660 credit score and a rock solid job.

If you haven’t been tracking your credit score, now would be a great time to start.

There are apps that give you free access; Credit Karma is a great example, and another is Koho.

Stay on top of your credit score; a low credit score increases your borrowing costs and may prevent you from renting certain apartments or applying for certain jobs.

Where to find the best car loans in Georgetown

The hands-down best place to access car loans in Canada, even if your credit or income is not solid, is through a local car dealership.

When you go through a local dealership, you will benefit from their in-house credit experts.

These credit experts will show you the steps that you must take in order to raise your credit score.

The dealership will leverage its extensive network of lenders throughout Canada until they find the lender that is going to provide you with the most competitive deal.

By working with local professionals, you have complete peace of mind knowing that you are getting the best deal possible.

We will use all our skill and experience to deliver the lowest possible Georgetown auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.