880 Walkers Line, Burlington, ON, L7N 2G2, Canada

How to Find Low Credit Car Loans in Beamsville

How to Find Low Credit Car Loans in Beamsville

If you have bad credit but need a car, you are in luck. Our auto loans team have come up with an easy-to-follow approach to make your car buying experience a pleasant one and help you find some great low credit car loans in Beamsville.


How bad is bad?


When talking about credit, bad is a relative term depending on which lender you are speaking with.


One lender may consider a person with a 679 credit score to be subprime while another lender would gladly offer a car loan to that individual.


There are a few red flags that will make it almost impossible for an individual to secure low credit car loans in Beamsville.


If you are an undischarged bankrupt, then legally you cannot enter into any loan agreements with anyone. Your bankruptcy trustee is responsible for all of your financial affairs until you are officially discharged and receive a letter confirming this.


Some lenders will finance a loan for someone who was recently discharged from bankruptcy but you will need to find a dealership that works with this type of unique lender.


Another complicated situation is any person is in a consumer proposal. This is one level below bankruptcy, you are not legally permitted to take on any new debts while the proposal is active.


There will be lenders who claim to work with people who are in a consumer proposal but you should focus on repairing your finances first.


Provided you do not fall under these two categories, then you will be able to find a lender that will offer you a competitive Beamsville auto loan.


Importance of working with a reputable dealership


In the past, consumers were apprehensive about approaching car dealerships. They were under the impression that it was going to be a bad deal for them. Nothing could be further from the truth.


Most car dealerships want you to get a good deal and be happy with their service so you keep coming back to them. That’s definitely true for us anyway!


The top-notch dealerships take a customer-centric approach which means they approach each person individually instead of using a one-size-fits-all approach.


By taking the time to understand you and your specific financial situation, the dealership can help you secure the most competitive terms.


While you may be tempted to go test drive a car first and then try to finance it later, since you are facing some financial challenges, you should first work out what you can afford and then work from a position of confidence.


Getting a cosigner


If your credit challenges are extensive, you might consider having someone you trust to become a cosigner on your Beamsville car loan.


The co-signer promises to repay the loan should you not be able to pay it for any reason. The benefit of having the cosigner is they usually qualify for prime interest rates provided they have enough income to service the debt.


Being a co-signer is a serious financial undertaking so you need to carefully bring it up with the person you plan on asking and not get offended if they say no.


We have covered all of the steps you can take when trying to get an auto loan with bad credit.


The first and most important step is for you to start working on repairing your credit. Once your credit score is back above 680 then you will have no problems getting very competitive interest rates on your next car purchase.


Don’t worry if your score is lower, as we can still help you!


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


Thanks for reading. Be sure to connect with us on Facebook, Twitter, Instagram, or LinkedIn to stay up to date on our latest great articles!

Categories: Auto Loan

Tags: ,