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Low Credit Car Loans in Dundas - Things to Know

Low Credit Car Loans in Dundas - Things to Know

If you want to buy a new car but have poor credit, there are options available to you, and we are going to show you how to capitalize on this opportunity.


Our Dundas auto loans team has been busy creating simple tips we can all use to secure a competitive deal on a bad credit car loan.


Making sense out of your credit score


You will need to look over your latest credit score from Credit Karma, Mogo, or any other free credit score app.


If your score is over 680 then you are considered to have great credit but if you are under 620 you are considered to have poor credit, which makes getting a Dundas auto loan more challenging.


Some lenders provide sub-prime auto loans but they do not advertise online so the only way you will be able to get a loan from them is by getting help from a car dealership that caters to customers with credit challenges.


If you’re not sure whether the dealership in your area does provide these services, just reach out and ask. Or just come visit a Car Nation Canada dealership, we help everyone!


Fixing your credit score


While searching for a car dealership to help you get a Dundas car loan, you can take some proactive measures now to help raise your credit score.  If your credit score is really low, like below 650, there may be unpaid collections on your credit report.


What you should do is reach out to these creditors and negotiate a settlement with them. You could pay them in full but before doing that, ask the creditor to remove the collection from your credit report, do not take the creditor at their word but ask for it in writing.


If you do receive a written commitment from the creditor then you will need to keep your end of the bargain and send the payment. It may take 30 days before the collection is removed from your credit report so be prepared to wait.


If you plan on buying a car before then, you need to bring the receipt and written confirmation from the creditor to your dealership. The lender will want proof that the collection was paid and the receipt coupled with the written confirmation should satisfy them.


Documenting your income


Along with fixing your credit, you should print copies of your payslips and income tax assessments. Self-employed individuals would not necessarily have payslips, so bring along your bank statements for the last 2 years.


This may seem like a lot of paperwork but you need to demonstrate your willingness to repay the debt and the means to do it. Even if you had perfect credit, you would still need to provide the income documents.


If you tried to get a Dundas car loan on your own, without a doubt you will end up making the wrong decision. This is why you have to get your financial ducks in a row and then seek out a reputable local dealership that can help you navigate the complex world of subprime auto loans.


After fixing your credit and paying your bills on time, you should be able to refinance your current car loan to something more competitive, just stick to the plan.


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


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Categories: Auto Loan

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