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Pro tips for getting a bad credit car loan in Georgetown

Pro tips for getting a bad credit car loan in Georgetown

We have put together some easy-to-follow tips when trying to get a car loan in Georgetown with bad credit. While the tips are simple, the onus will be on you to put in the necessary work.

The first thing you need to do is take a look at your credit report and see where you stand.

Your credit score is available online via TransUnion or Equifax. There is no cost to access your report.

Assessing your credit report

This may be your first time reviewing a credit report, so the information may seem confusing, there are lots of resources online to help you make sense of it.

While looking over your report, if your score is lower than 700, you should look for indications of missed payments.

Having a missed payment is the primary cause of low credit scores. This issue can be easily avoided if you sign up for pre-authorized payments.

Having verifiable income

After you have worked out your credit issues, the next item on your checklist is to prepare your income documents.

Lenders have become more conservative and since you have bad credit, your income must be stable if you hope to get your loan approved. Lenders will want to see your latest payslip/bank statements and if you are self-employed your latest income tax notices.

Lenders will not lend more than 40% of your gross income. This is why you need to bring along your income documents, so the lender is able to see what your total income is and base their lending decision on it.

Finding lenders offering bad credit car loans in Georgetown

You are not going to be able to find these lenders by looking online, they do not advertise online by design. These lenders focus on a very specific niche and each bad credit car loan goes through a very unique underwriting process that cannot be scaled for online advertising.

The only way you can get one of these bad credit car loans in Georgetown is by going through a local car dealership.

Not every dealership has access to these lenders, you will be able to spot the dealerships that specialize in bad credit loans by the way they advertise.

If you see a dealership advertising “no credit refused” or “second chance” financing, then those are good indicators that the dealership is a good prospect.

Why you should go through a local car dealership

The dealership will first review your credit and let you know what steps you will need to take to boost your credit score. This advice is based on real-world experience, so you should take it to heart.

This same dealership has cars that you can test drive and buy today. With the chronic shortage of new and used cars in the market, there are people out there who have to wait months to get a new car and they have great credit.

As you can see, there are many benefits linked to going to a local car dealership. Interest rates are rising and the availability of new and used cars has dropped considerably, so you need to be proactive and contact the dealership ASAP before you are priced out of the market.

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.

Categories: Auto Loan

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